The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-02-09
Effort of Traders to Awaken Wall
Street Makes Little
Progress.
DRIFTING POLICY PREVAILS.
Discriminating Public COnfronts
the Dispensers of Securities and
All Stocks Are Not Likely to
Improve Generally.
REPT

REPUBLIC SPECIAL.
New York, Feb. S.-The professional trad
ing element in Wall street made rather
persistent efforts during the last week to
shake the security market out of its con-
dition of lethargy. but without much sue
cess.
Prices in the main made for the better.
and there was a slight increase in activity.
but it was rather clearly shown before the
end of the interval of trading that the pub
lie played very little part in influencing the
Improvement and that the market WAS
scarcely yet able either to hold its own
against realizing sales or move without the
aid of artificial stimulation.
This condition was Illustrated in the deal
ings OF Thursday and Friday. Under the
innucnce of the favorable decision in the
Hodge suit the trading element on Thurs
day created a marked demonstration in
United States Steel stocks and the total
dealings Of the day ran up to about 100000
shares.
These dealings were reduced by nearly
one-half during the following day. partly
upon the discovery that inside interests
had been heavy sellers of the steel stocks
on the advance and that the public had
made no response to what Wall street re-
garded as a highly favorable development.
1t has of course not escaped the shrewd
observation of Wall street. that. with many
highly favorable factors present in under
lying conditions. manipulators and syndi-
cate abnkers alike seem inclined to let
the market pursue its own course. extend
ing some slight support to prevent or
discourage reaction. but making. with the
exception of the past week. little effort to
revive activity.
Since last September the experiences of
the conspicuous manipulators in attempting
to start the market afresh have been any
L.. 49,. -- - The r,san
time the leaders Of both the Eastern and
Western bull contingent appear disinclined
to take any initiative while their immediate
following are still nursing the wounds and
bruises of the recent conflict.
Wall street wonders why. with so many
favorable features in the underlying situa-
apathetic and ignores apparently the fact
that none OF its former conspicuous iead-
ers are at present active and that prevail
ing prices nave already discounted a great
deal of the existing prosperity.
Doubt as to the continuance of preSallns
conditions of industrial prosperity would be
removed. temporarily, at least. II the men
who really make the market-the investing
p~ublic-were fully assured as to the outcome
of the crops.
of value upon this all-importsnt matter.
hut within a few weeks now some informa-
ton Of real value will be obtained of the
winter-sown crops in the Southwest.
These start far better this season than
last, and the country has a bounteous past
harvest to reckon from, not a crop disaster.
as was the case a year ago.
A twelvemon.h back ard all Wall street
was apprehensive that the drought of the
summer OF 1901. which had continued
through the winter months. would work an
other disaster TO winter wheat and possibly
to corn. But the losses were less severe IN
most Of the States than had been appre-
hended. and present promises are far
brighter.
Unless~the signs fail It is a discriminating
public with which Wall street has to deal.
and with the multitude OF securities await
ing purchasers and the prevailing high
prices Of most securities. it Is not likely that
all stocks can share equally In improve
ment.