The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-12-28
SECURITY. MARKET
At A STANDST|LL,
No Appreciable Change in Tend
encies of Wall Street During
Christmas Week.
EFFECT OF THE "WAR NEWS"
Movement in Cotton and Wheat
Partly Due to Probability of
Conflict Between Russia
and Japan.
REPUBLIC SPECIAL

REPUBLIC SPECIAL
New York. Dec. G.-While the specula-
i've security market, considered In its en-
tirety. made little or no progress during
the week. 1t certainly lost no ground
Skeptcal market observers maintain that
the entire movement was manipulative
and artificial, but, on the other hand, they
were unable to point to any liquidation
that was disquieting or other than Of
professional character
Prices for the standard railway shares
and such issues as enjoy wide distribution
closed about where they opened. About
the only thing made clear by the incon-
that the general public had no part in
them, either as buyer or seller
The opinion expressed in this column a
week ago that the continued agitation
abroad OF the question of possible hos
tfties between Russia and Japan must
result In some local market influence was
amply verified during the week. but it can
not be said that such influence was ex-
erted otherwise than in curtailing bust
ness activity. That such should be the
result is perfectly logical, for In such
matters as foreign complications New
York takes its cue directly from London,
and hesitancy rather than price decline
has been the chief influence thus far on
foreign markets Of the Russo-Japanese
situation.
With all the discussion as to the posi-
oiiities of war INDUCED In during the last
Few days, the movement of securities and
staple commodities gave no positive indi-
callon OF now actual hostilitles would af-
feet markets. Stocks hesitated, but prices
were not depressed. That steadiness WAS
due doubtless more to the absence of
public interest in the market and the
continued manipulation. however than
anything else and furnished TO index.
COTTON AND WHEAT.
Cotton broke violently. but recovered,
and. after wild movement. closed higher
for the week. Wheat advanced sharply
While some OF these movements doubtless
talk on SPECTATORS long or short OF cou.-
modfueS, both markets are so mighty spec
uIattve at present that neither the early
break in cotton nor the sustained advance
In wheat could really be regarded as in
dicating phases of war market
such market, as is well known, Is
marked by declines in stocks and cotton
and and ADVANCES ,S , in cereals and food prod
stock issues, actual or expected and the
added caution of investors; cotton, because
OF diminished exports Of the staple, and
grain and food products in consequence of
increased demand by beiligerents the clos
ing of ports by blockade and other dis
turbances to commerce.
The consensus Of conservative opinion In
banking circles appears TO be that war Is
inevitable and that the best that can be
hoped for is simply Difference of Its out
break. But on the other questions in
volved there Is no unantmity of view, eX-
cept that the ultimate outcome would
prove Russian victory.
With the same data before them, one
group holds that war in the far East
would greatly stimulate all domestic mar
kets, even to the securities, through re-
viying activity in certain staple markets
struction of material wealth. is a doubtful
factor at best and not an oversize foun-
dalton upon which TO base hopes Of con-
tinued prosperity.
The long-languishing British and South
African markets are the most recent case
ment that the cessation of war In South
Africa and the resumption of the gold out
put In the Rand were to stimulate all
markets OF the world? The war has long
since ceased, the Rand output is reaching
substantial figures. but the $500, coo, 900
England Regeneration is slow in South
Africa. which was going to buy such
quantities OF mining machinery. steel rails
and bridges. As for the London security
market the ink Is scarcely yet dry on an
agreement to sustain by pool the price
OF South African mining shares and other
securities, while price depreciation else
where Is enormous.
It Is difficult to avoid the conclusion
that, whatever war does to stimulate
| prices at the outset, one has to pay the
price in the end.