The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-08-08
IS THE WORST OYER
This the Leading Question in Wall
Street--Great Nervous Ten
sion General.
Many Stocks Too Low-Effect of
Schwab's Resignation From
u. S. Steel.

Special to The Journal.
New York, Aug. s.-The Financial Age Of
declines in the stock market, accompanied
by failures and all the feverish conditions
that have been SO apparent of late, has
has really been passed or if conditions that
have prevailed for the past few months are
to continue indefinitely. It is safe to assert
would leave but few heads in the financial
district unstreaked with gray. Unlike the
effect OF the first announcement OF suspen-
sions Of stock exchange houses, there was
cent failures were announced. The feeling
was general that the situation had not been
they were merely forerunners Of embarrass-
ments Of more serious nature. This pessi-
MYSTIC view was even shared by many VINO,
two weeks ago, were convinced that the finan-
cial atmosphere had been greatly cleared. The
renewal Of forced liquidation, following as 1t
did the recovery of the preceding week, had a
peculiarly depressing effect upon speculative
sentiment
That stocks are selling at ridiculously low
figures, their present earning capacity and
their past market values alone con-
local banker recently expressed 1t, What is
the use Of buying gilt-edged securities at
at a lower er fgure?"A This sentiment has had
much to do with the decline OF the past year.
Bargain hunters have acknowledged that
held off looking for lower level but upon
the establishment of a lower level they have
again refrained from purchasing because sur
face indications pointed to still further de-
cline And so it has been for months-al-
most total absence of public investment
buying and merely quiet and well disguised
absorption by the more powerful interests.
RAILROAD EARNINGS.
There is still no letup in the excellent re-
turns of railway earnings, which, in the opin-
ion of many experts. are among the surest
barometers OF the country's prosperity For
gained $4,000; Buffalo, Rochester Pitts
burg $1,000; Texas Pacific, $415OO Southern
Railway $40, 400; Louisville & Nashville, sS27, ;
Chattanooga & St Louis. s2OO: and Chicago
Great Western, s22.70o. OF the great eastern
trunk lines the New York Central reported an
are significant because they are made on the
record breaking traffic Of last year. They
indicate that there Is no retrograde movement
the nation, despite the depression in Wall
street 1t may be that the latter is more
far-seeing than the country at large, but
elsewhere is optimistic to an extreme degree
while the financial center is gazing ahead
with foreboding of evil.
sCHwAB's RESIGNATION.
The resignation of Mr.. schwab from the
presidency of the United States Steel corpora
tion and the election of Mr.. Corey to fill the
vacancy had an unfavorable influence on the
shares Of that large industrial organization
tho why this should have been the case is
difficult to understand. Mr.. schwabs resig-
nation has been expected and predicted fol-
more than year and it was generally known
that for a long time he had been incapaciated
by Ill health from performing the arduous
duties required of such an important posi-
ton: Mr.. Corey had, indeed, been the active
head of the Steel corporation during that
period and Is acknowledged to be thoroy
capable of handling the reins of office laid
down by his predecessor, Without rejecting
in the slightest degree upon the executive
ability Of the latter, 1t seems reasonable tc
presume that the in interests of the company
will not suffer by having at its head man
whose health will permit him to devote his
full time and energies to the advancement
OF it's interests a... "a