Arizona republican., 1903-09-22

for standard securities. But the great
point is that they no longer become
paric-stricken when a panic overtakes
the strictly gambling element on the
exchange.
AS to the cause of the existing de-
preston, that eminent railroad man.
Mr.. James J. Hill. did a public service
when he coined the term "undigested
securities" The spectators and ma
nipulators are not prosperous, because
there are too many undigested securi-
ties on hand-too many of the shares
so persistently pressed upon public at
tention are composed of large per-
centage of wind and water.
In philosophical analysis of the sit
uation last week, the New York Finan-
cier said:
wall street is taking a course of fast
cure just at present. From a million
shares day trading has dropped to a
paltry one or two hundred thousand.
and there is not enough interest in the
current market to attract passing at
tention. No one looks for revival of
speculation until after the crops are
safely out of the way. Even then there
is no assurance that the street will
boom. Wall street, in short is suffer
ing the consequences of its own eX-
ceSses. Indigestion is still leading
symptom. But the public is forgetful.
1t can be depended upon 10 enter the
market again, probably not with the
enthusiasm displayed some months ago,
but with a considerable degree OF con-
f1dence, misplaced or otherwise
Whether it can stomach new load of
undigested securities is doubtful. The
last dose proved very bitter, and the
effects have not worn off. In the mean
time the street is putting up with half
rations. or rather none at all. The
transition from feast to famine Is not
pleasant, but it must be endured.
We are hearing very little at present
from the financial magnates who so
glibly explained away, only few short
months ago, the imaginary nightmares
that a few doubtful but conservative
persons professed TO see every time they
turned their eyes toward Wall street.
II was rank heresy then to assert for q
moment that such a thing as overcapi
taliza ton existed. Now assertions of
this character meet with no reproof. In
fact some very uncomfortab BILE questions
are being asked of Wall street by peo-
pie whose experience therein has been
most unsatisfactory. For instance
curiosity exists as TO why some rail-
roads which are paying dividends are
borrowing millions in the market for
pressing needs. and why. also, indus
trial companies with dividends to dis
tribute are forced to pay as high as Is
per cent for loans to supply working
capital. A natural doubt exists as to
the intrinsic value of a stock which
pays 4 per cent annual dividends and
vet sells at a paltry figure of 81 and
under. In brief, the speculative public
Is slowly awakening to the fact that il
has been beautifully hoaxed by market
leaders and share vendors. 1t has been
stripped clean, and perforce must stay
out of the game. while the few who
have escaped financial destruction are
afraid to enter, just now at least. Hence
the market lags and brokers are feeling
the consequences. 1t will be recalled
that only a short time since the stock
exchange was filled with righteous in
dignation and breathed dire threats
against certain members who were
guilty of the crime of circulating bear
ish reports calculating to injure the
standing of members. Still, we have
not as yet heard of steps being taken
to punish those who so freely circulated
bullish reports which certainly injured
the financial standing of the public.
The inference is that p. bull. no matter
how he may lie. is a blessing. while
the bear, honest though he may be. is
a menace and a nuisance