The St. Louis Republic., 1903-07-20
pushed aside to make room for the investor
and the discriminating purchaser.
PASSING OF PROMOTER.

PASSING OF PROMOTER
The 'boomer' has had his day for the
| present and ii is believed that he has es-
! capped with less loot than at one time
seemed possible but ne has done great in
jury, which does not even yet seem to
, have been repaired. though efforts in that
direction make steady progress.
Wall street has accomplished the seeming
ly impossible in bearing up so marvelously
well. up TO the present time, against all
the vicissitudes which have beset the specu-
lative market. 1t would indeed be pleasant
if In addition to the fact that there has
been no default of railroad corporation
and no financial disaster. it could be as
serted with equal definiteness and truth
that the process of readjustment is COM
plete, that 1t had been accomplished with
out loss or that 1t will terminate in a man
ner as satisfactory has been the record
up to the present time. That however. IS
an impossbility
The failure Of prices to hold their i'm
provenent when liquidation halts discloses
lack of public confidence, without which
there can be no sustained upward move
ment Each man of his own knowledge
knows of cruel losses sustained and which
have fallen upon the just and the unjust
alike. AS to the future. it contains many
uncertainties. the outcome of which Is u
problem, solved only by him who can fore
tell the course of the money market with
relation to commercial borrowers
What Wall street has accomplished by
| the sustained and extensive LIQUIDATION (and
! this constitutes the most hopeful feature
of the situation in its bearing upon the
security market is, that a level has been
reached for certain issues which proves at
tractive to investment buyers.
This is not saying that these same issues
might not go lower il the necessity again
arises among overburdened promoters to
protect loans or unsa tisfactory ventures by
the sale of good stocks. Such con-
tingency, however. does not alter the fact
that on several occasions, and by repeated
expressions the point has been made clear,
some good stocks scraped very near the
bottom and that men with ready cash
stand prepared to buy them on each and
every decline
At the same time the readiness with
which important interests will participate
in attractive offerings such as the Penn
sylvania stock underwriting SYNDICATE or
the Hooking Valley. Burlington or Union
Pacific per cent loans is clear enough
| indication that money is available for
highly attractive undertakings
WALL STREET SURPRISED.
wan street has evinced surprise even
Indignation. that certain railroad CORPORA
uohs should have come into the market at
the present time as borrowers of money
bflity of Wall street to realize what mas
been going on under its nose Tor years 1t
Is far better finance since the necessity to
obtain money TO continue improvements
has arisen. in the present conli,:cn Of the
bond market to raise it by short-term notes
rather than to sell a long time hont at a
price which would prove ruinouS and In
furious TO credit.
In the prevailing range OF prices Wall
street has discounted a great deal of Dad
news and no one recalling the achievements
OF recent months will hesitate in saying
mat great deal of what is bad was of
wall streets own creation. Fortunately
the crops are more promising. and the con-
traction in general business seems thus
lar to be due more 20 conservatism than
to causes arising in the fundamental eitua-
ion. II reaction comes there however
Wall street has alreaG,. anticipated some
OF II. The money market is still the ul-
certain quantity which confUses th. out
look: Resources at present 2r. no. sui!i-
cient to afford facilities for speculative
movement for the advance. Recoveries
will follow intervals of depression due to
technical n'arket conditions, overs,old stocks
and the like. but the readiustment of ac-
counts does not yet appear to be complete.