The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-08-02
APPREHENSIONS FELT.

usual consequences to follow period Of
drastic liquidation, such as the renewed
liquidation on any advance Of accounts al
lowed to carry over the period of acute
more favorable opportunity to market them.
There is some dread also of the possible re-
dictionary effect Of the long fall in securi-
dustrial situation. The fall in values has
not resulted In any enormous shrinkags in
the available basis for credits, and the pos.
credits In commercial lines as a later Sc
quence. Vice President A. Barton OF the
Ghass Benz n
and comment in Wall street. uttered dis
tinct warning Of the danger Of oyerexten-
sion of credits at this time in commercial
note Of conserva tism is still dominant in the
financial world. and the uniformly
ness eondtions from es all auartsrs have not
announcement Of the purchase Of control Of
and rss H r. for sns Esf Ell
-of commissions and absorpoons OF railway
OPERATORS THEORY.
There has been theory among a certain
class Of stock-market operators that the
present fall in stock Is the result Of q con-
party sa IT, with the purpose Of buying In vsri-
GUS railroad properties. even including New
York Central and Pennsylvania, on adj
have given ready credence to all sorts Of
rumors of passing Of control Their argu-
ment seems plausible that the Community
much better advantase at the present e Level 81
Of prices for securities than at the extrava-
CANT valuations at which the great mergers
leaves out Of account the great facility
with which the new securities, for this
mergers were disposed of to an eagerly
for the underwriting by syndicates Il new
securities in the present" conditions of the
stock and money markets. The money mar
week, and rates for six months loans have
been shaded below per cent. The market
at those rates has been largely nominal.
anxiety to place loans at the prevailing
rates while the demand for funds has
grown ;langutd. Loans made on stocks at
ance for shrinkage, and are more secure
than loans on the inflated basis OF last
CASE IS DIFFERENT.
The case Of stocks which are discredited
by fears; of bankruptcy is different and the
source OF weakness in other stocks seemed
autumn money requirement IS the problem
of first Importance in the situation, as it
has been for many months II has been
action by the Colombian Government upon
the Panama Canal treaty would throw any
den:and upon the exchange market for pay
ment over into next year. News in progress
In the consideration of the treaty has been
watched, therefore, with interest, as 1t Is
Itself somewhat hampered in operating for
relief of the money market In case the Pam
anna Canal requirement shall appear immi-
pent. News OF the crops Is followed from
day to day. and doubts over the good con-
dition of corn and spring wheat had some
depressing effect upon grain carriers. The
cotton corner. Is a. detriment to stocks. The
formation Of the steel-biilet pool helped
iron and steed stocks but the lack Of stabil-
fly in other finished lines In that trade was
an Offset. Railroad operating officials re-
ported q high level Of trahic, especially In
general merchandise. and confident predic-
tons for Its continuance.
The bond market showed some breadth
and the usual active issues moved irregu-
larry in sympathy with stocks Amongst
dormant investment issues. with preceding
trarsactions dating some time back, trans
fers were effected only at wide concessions.
United States 3s have declined / and the
old Is ~ per cent on call during the week.