The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-08-03
WALL STREET HAS
INTERVAL OF REST,
Feature of Weeks Trading Was
Termination of Urgent and
Disquieting Liquidation.
OPPORTUNITY TO STRENGTHEN.
Stock Market Will Fortify Itself
Now Against Future Dangers
if 1t Is Wise-Untimely
Announcement.
REPUBLIC SPECIAL

REPUBLIC SPECIAL
New York, Aug. ION steep roads in
various sections of the country the honest
aericulturtsts Of the neighborhood, who
work out their poll taxes under tho super
vision Of the town commissioners or over
seers OF highways, have constructed little
transverse pillows of earth, which afford
resting places for heavily laden teams pass
ing up or down the hills. In the vernacular,
these are known as "Thank-you-narms"
ana many a man has had occasion to be
thoughtful enough Of their existence.
In the long downward journey which dates
from last September. the Wall street dray,
piled high with water casks and sundry
other burdensome articles, has on repeated
occasions gained such impetus as threatened
to crush the animals straining to hold back
the load or force their stampede In each
instance, however, just as disaster seemed
imminent and nervous drivers and trembling
horses alike almost had lost hope. one Of
these little hillocks has ever been at hand.
A hrmer bracing of the feet and extra grip
and an almost superhuman straining at the
relns and the swaying vehicle has been
brought to rest In one Of these little hayena
The stock market, which may Justly be
compared with an overfrcighted vehicle,
has had long and tortuous Journey sdnce II
to reach the level stretch OF country. It IL
rneasurably nearer to the end and II has
carried down the fearful load thus far With
out losing very much Of value on the trip
Some Of the casks have sprung leak on
the way and there is less dead weight in
water to carry. The future burden should
be somewhat lighter than the past. Each
"Thank-you-marm" which has been
reached has afforded an opportunity for
rest. for Strengthening harness and making
repairs. There is hope that the remainder
of the trip may be completed safely. but It
is not yet at an end
WORST FEARS WERE NOT
REALIZED LAST WEEK
All things considered. the stock market of
the week gave very good account of Il.
self. When the apprehension and forebod-
ings OF week ago are recalled the outcome
Of the interval in business casualties is but
trihing. 1t is the unknown that Wall street
Tears the most. and 1t was the unexpected
which happened.
Instead Of many failures involving houses
two. one. in New York and one in Boston,
and neither Of these. from Wall street
point of view. were considerable.
Instead of panic. as Wall street under
stands that term, there was recovery in
prices. after the initial break. II the prom
Borne oa at the ena Se wee ees r fS
prices sagged away. there is no cause for
disappointment except in the speculative ele-
No one In his right senses, at this time,
can look for. a long-sustained advancing
market Liquidation Of the urgent and dis.
matter Of the greatest Importance.
present. wan street ~ y wise VIII use the
strongest position possible. The present is
no time to take chances Of a speculative
outcome which is highly uncertain, and the
preaching business and inasstrisi eontr &c
Wall street later viii viii find full reflection IN
the trades and industries Is the practically
ss IN the oRn0c q ai the leading author
that commerce and industry viii be able to
street has done. and that the contraction
Will result In nothing more serious than In
applying necessary check upon overtrad-
ing ana In preventing overproduction.
ROCK ISLANDS ANNOUNCEMENT
CAUSED MUCH SURPRISE.
This Is not time for individuals or cor
porations to put out new obligations, and
this fact is thoroughly recognized in all
conservative quarters. That the officials Of
the Chicago. Rock Island and Pacific Rail.
road, under these circumstances. should ee-
proper to announce their Intention 10 Create sne
refunding mortgage indebtedness Of $780,
0oc, 900 Is exceedingly strange However,
the st. Louis and San Francisco road, the
larly let It become known that refundine
mortgage of Q50000,000 has been conteun.
plated also In that quarter. -,
1t is far cry from the creation OF q mort
gage to the exchange or sale Of the bonis
particularly Of such issues az those contem.
plated by the Rock Island and Frisco corr
porations. Since the companies have no I'M.
pcrtant issues which they can refund AZ 4
very early date, about the only immediate
influence Of the announcement, II would
seem. would be to render Rock Island issues
a little less desirable than they even now
are to the general public. The power to al.
mortgage after mortgage on the underlying
properties. regardless Of authority alreAd5
possessed Of further issues Of bonds nov en-
The scheme Of ths Rock Island csnpsny