The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1904-03-07
Wall Street ManipulatOrs Are
Unable to Pierce Through and
Take Their Bearings.
APATHY NORMAL CONDITION.
Unfavorable Crop Reports, De-
cline in Railway Earnings and
Threatened Coal Strike
Depress Market.
REPuRLIC SPECIAL.

REPUBLIC SPECIAL.
New York, March 6-The developments
of the week in Wall street contributed
nothing toward the solution of the great
problems which perplex the future and In
no instance were these broad enough TO
permit an observer TO peer through the
cumulous masses piled high everywhere.
which obscure the financial outlook. Wall
street continued In a fog and was unable
to take bearings.
In the decline which took place in the
cereal and some other staple markets.
there was something which looked like a
return to more normal conditions and to
common sense. The Paris settlement also
passed off better than most persons had
been led to expect. In the latter quarter.
however, Judging from the nervousness of
foreign markets which developed anew at
the weeks end. an element OF unsettlement
and disquietude still fingers. Probably
liquidation has not yet fully run its course.
D~ISQUIETING FACTORS.
Elsewhere conditions remained substan-
TALLY unchanged, except in cases where
passing developments served rather to ac-
centuate than relieve existing uncertainty,
Such features were made up chiefly of the
budget of highly unfavorable gross and
net railway earnings for January, the pre-
liminary crop and weather bulletins de-
failing the unsatisfactory conditions under
which the winter-sown crops are germ
mating. and finally the highly unsatisfac-
tory termination at Indianapolis of the
conference between the soft-coal operators
and delegates of the United Mine Workers
of America. wall street could we'll have
spared these further features from its
catalogue OF difficulties.
What the stock market did in conse-
quence of the uncertain situation is proper
ly what the market should have don
Speculative stocks and investment issues
alike remained as bodies at rest. Doubt
have had them. Wall street likes &C.
ton. Up or down. 1t makes little differ
ence. which, so long as there Is a move
ment has a natural antipathy TO inertia,
due to which petty undertakings are in
augurated on the exchange floor in closely
value-issues easy to manipulate. These
serve the purpose of amusing or divert
ing the player. They deceive no one and
1t may be added that under existing cir
cumstances. such ma~neuvering Is not like
ly TO be crowned with any very conspicu-
Gus success for some time to come.
APATHY NORMAL.
That apathy is a normal condition of the
market. which. after an unparalleled de-
cline, has many uncertainties yet to face.
IS too obvious to require comment. Last
summer, when prices were going down
with a rush. scores of persons in Wall
street were unable to assign any cause
for the enforced liquidation. Now many
of them-most Of the traders-cannot
comprehend why prices do not slump all
to pieces as the adverse news develops.
If they turn back the pages OF Wall
street hisory a few months, they will; ap-
preciate that the market was d~iscounting
much bad news that has since developed.
Not all that has since happened was COM
pretended and probably not all the pos
sibilities are as yet discounted in the pres
ent range OF prices.
Much, however, was accomplished and
developments have since shown that the
liquidation was fortuitous.
1t has brought this to a point where II
can await-in some vexatIon of spirit to
be sure. but with a certain degree of
celmness-a determination Of its indus
trial. agricultural, financial n political
problems.