The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-12-07
Manipulation That Must FrecedC
Return of Public to Spccul;i-
tive Fields Has Begun.
ACTIVITY GREATLY INCREASED.
dealings Were Specialized. How
ever. ana Confined 10 Limit, I!
'iloup OF oykS-Esrai
Test Is YET Ia CONF.

! Er"UG Biz SrE:,lNI.
New Vol. bee. G.-Expe:ieuecd a.
s2ryer> in Wall street had feT.. il ary. it.
iii~ioiss concerning the security market -,
the week. Activity Increased about 100 rer
cent over the small aggregate h,ls:nrs.f Of
III" r-ccrdin;. Shor; week In, dealings
We're specialized, rather t!i,n general. AMI
wee confined chief 10 a limited group
uf stocks
Prices scored neny ro,abie rec"veries,
and did - in the face "f some ai.e!s"
news developments. including highly
unsatisfactory money market In fa,'t
ons of the notable features OF the week
Was that improv, mout WAS unattended
b. any noteworthy change i'll conditions
beari!l:: upon ;nr general situation. OK
upon any specific property.
Some little buying, - :, better character
than Of late coming chiefly fr"m abroah,
Wa reported. ANA duubtirsS a limited
speculative. !ceirr WI. drawn into the
mar k"t. This seems evident. in Jew OF
the constitutional character IF thu selling;
on Friday. wien the work II iukins;
profits and distributing shares was in
progress.
Throughout the entirc week. however.
tn nachtrery OF the market wa. pain
fuiiN tpplf. nj. AID opinion ut the close
Ma pi3clltitilN uti.nlmDuS that the street
~" observed the workings ont IF Il c!ev
criy planned aud w.ii-execut.d dcmUnstra-
ti.n against lii" short interest.
technical niari:ct con'..tious. arising
from an or"rsold portion nj certain stocks.
affords complete explanation of every
phase of the movement.
Nj advancing. or recovering. markets
start IN with manipulation Th, public
will not al Itself take the initiative The
first stag leading Ia Improvement after
LIQUIDATION Slows down or ceases alto
hears whose urgent repurchases consti-
tute AN admira III. lever to put a market
ur.
But it requires something more than a
prices. and something vastly greater than
snort covering To create Il bull market.
REAL TEST YET To COME.
The real test Of The present n, movement
nj Wall streets problem depends. not
continued manipulation but upon certain
fundamentll considerations involved in
the business and industrial position and
tendencies. the question Of public doubt
or confidence. the monetary situation and
the like
the theory 81 December boom or bulge
and no; without some good reasons which
are peculiarly applicable to the present
situation. The January disbursements ara
for certain Investment PURCHASES which
investments find reflection throughout the
entire range nf securities. investment and
speculative alike.
Fully influential az these. however.
is the desire of the great investing insti-
tutions, insurance corporations. trust COM
panies. savings banks and the like. to see
securities appreciate just prior to the
period uf their annual reports. While 1t
is not to b.: inferred that these institu-
tons concur At speculative movements at
The years end. they would be- other than
human il they did not welcome anything
which would cradle them mark UP the
inventory values of stocks and bonds on
hand. In consequence little or no oppo-
si;ion to advancing prices comes from that
source al this season of the year. 1t is
rather :he time of money pools and
faith cures.