The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-06-29
Tabor Situation. Particularly in
New York, Takes a Turn
for the Worse.
COTTON CORNER INJURIOUS.
Does Incalculahle Harm TO the
Textile Industry, While Staple
Is Doomed to Fic-
titious Figure.
REPUBLIC SPECIAL

REPUBLIC SPECIAL,
New York. June 2s.-Deveiopments OF ths
week in the financial. commercial and agri,
cultural world were not sharply enough de-
fined TO foreshadow the future clearly Some
features of a distinctly favorable character
presented themselves for consideration
Chief among them was the highly satisfac
tory outcome Of the Pennsylvania stocl
subscription. Despite the heavy payment
involved. the money market failed to de-
relop its expected furry. and the banks al
the weeks ending made a somewhat better
showing than had been anticipated.
Railroad traffic returns, while not uniform.
showed up satisfactorily in the main. and a
number OF industrial cor etions, despiset
and rejected as class. showed in highly
gratifying reports that discrimination might
properly be permitted 10 have some play
even in this quarter.
Uncertainty. however. is still the domi-
Rating influence in all markets. Crop and
weather advices have been of conflicting
character. weighing rather more upon the
uEiavorable than the favorable side OF the
y equation. which, together with technical
condition and speculative influences, result
I'd in sharp and disquieting advances in
cereals.
LABOR SITUATION.
The labor situation. particularly in New
York. took turn for the worse. Signs Of
business reaction multiplied. Information
in the general industrial situation, at least
prCnounceoly in special lines, influenced di-
recuy by high cost of labor and material.
strikes or speculative adventures in staple
products. This is particularly true of Inc
great textile industry and the innufnerable
trades directly or indirectly Influenced by
the building material strike and lockout
The best thing which can be said of the
hat
listing conditions. II ii is permitted to pur-
Sue Its natural course-and there is little
doubt Of this. for this is 1903. not 1902, and
Wall street has learned some things OF
value by bitter experience in the interval
IL viii continue the process for some in
definite period. Stocks will have their lit
tie upward or downward movements. as the
case may be. Que to purely professional and
manipuiatlve operations.
The great swing OF the market. however.
In either direction will not be set in motion
by any Of the cheap Misunderstanding devices
Of the past. That rests with the determine
tion Of the problems bound up I'm The out
come of the harvests. the monetary situa-
ton. the attitude of labor and the extent
OF the injury wrought TO credit and in
iustry through inurdinate overcaptaliza-
ton on the one hand and unreasonable
speculative advances on the other. When
these matters are determined to the satis-
faction of the public. confidence VIII bp re-
stored and Wall street may look for BET
lie: day..
SPECULATIVE DEBAUCH
What renders the successful outcome OF
the Pennsylvania stock subscription tho
matter of first Importance among the de-
yelopments of the week is the encourage
ment which It gives 10 financial interests
that when properties are intrinsicaiiy sound
and relatively cheap they do not lack for
supporters.
After all. Wall street is a strange place
place of contradictions. After four years
or more of speculative debaucb the likes of
which no country ever saw. it has grown
furiously angry over another speculative
, debsuch in cotton. II is inclined to anger,
also over signs of a similar speculative de-
bauch in corn and wheat
In Wall street. as elsewhere. II depends
entirely upon whose OK IS gored," and the
only thing which concerns the street regard
ing other speculative meneuyers Is that they
are detrimental TO stock prices. Bankers
things" banks which loaned to the limit on
stocks which were little better than green
goods" and who fostered the wild move
ment in stocks point with scorp and de-
nounce in supplementary language the
men who are injuring the textile industry
and the bankers who are furnishing the
facilities with which the bulls in cotton are
carrying on their campaign.
One would think almost that the manu-
OF properties and the employers Of manip-
ulators had worked no injury 10 the coun-
try by their evil schemes.
COTTON CORNER
The speculative corner in cotton is just
as bad as 81 can be. II is working serious
derangernent 10 A great industry. both here
and abroad. II is closing mills and throwing