The St. Louis Republic., 1904-09-26
Prices Develop Reactionarv Ten
dencies. Then Better issues
Recover Sharply.
PUBLIC CONTINUES CAUTIOUS.
Advances SEEM Largely the :::sr
suit Of Manipulation. in Which
Substantial Business Men
Have Little Part.


REF UBrIC SPECIAL
New York. Sept 2i.-Pronounced irreS-
ulsrity in the stock market OF the week
was doubtless a fairly good barometer Of
the public mind.
Upon numerous occasions prices devel-
oped a decided reactionary tendency. but
recov-ries were sharp in the better-cIass
issues and sufficiently numerous through
out the entire list TO confuse the iuds-
rnsnt Of close Observers
Upon the declines il was noted tnaS
prices hardened and the floating supply
OF stock was reported BY practically all
brokers' bulls and bears alike. 10 b. sx-
ceedingly limited.
ExpcHents OF the theory that reaction
was due found less confirmation of this
view in price movements than In business
contraction. but here again definite con-
ciusions were impossible. for. while less
active. the market proceeded in more or
DERBY fashion than in recent weeks and
seemed TO receive its Inspiration from
higher authorities than pIunsing stock
iobbers.
There is certainly ground FOR encourage
nlent in Wall street that properties rail-
roads and Industrials as well. have borne
Up 50 satisfactorily during the interval OF
dspr.sSion-ths interval of test The out
come may NOT be conclusive. in all cases.
and in some certainly II appears from the
reports OF trade conditions that the strain
vii! be longer applied than elsewhere
Nevertheless. as practically every cautious
man expressed doubt as TO how the enor-
NOUS rev railroad capitalization and tho
huge Industrial enterprises would stand
business depression the results Of that
experiment thus far must be accounted
maintained far better than might have
been expected. and no serious interest de-.
faults have occurred. while. In view o.
the enormous capirSlizations Of Industrial
corporations. the estoppase and scaling o.
DIVIDENDS have not reached in numbers o.
importance. serious as these have been IN
specific instances. the proportions WHICH
had been apprehended-
FEARS NOT REALIZED.
Many men-mosc men. IL seemed at ons
ume-apparentlyf feared some great break
down IN credit. such as swept the country
in 1s13 or 1896. but there has been no wide.
reports o. revival Of industry multiply and
confidence and cheerfulness give place To
extreme caution and pessimism. does II
appear as II there would be- In fact, the
impression gains in force. even among
those who looked for some fearful retr1ou-
ton upon the heads OF those who led the
selves in the capitalistic revel. that they
will escape with such punishment as
has already been meted out That the
enorraiiy Of the o1enses fully justified.
there can be little doubt, but since tnno-
cent victims. albeit dupes, were 50 In
exorably tied up with the offending pro-
moters. and would have suffered FOR tho
company in which they were found, II is
perhaps as well that Justice was tempefed
with mercy.
To revert. after this digression, 10 tho
theme touched upon in the opening SEN
tences. IL seems reasonably clear that no
man can determine whether the autumnA
riee in the market has spent its force and
eliminated. or whether the lessened ac-
tfyity and hesitancy merely mark halt
in the upward trend. without determining
at the same time the temper OF the pub
lie toward Wall street
II is NOT sufYicient alone that INDUSTRY
should be reviving. harvests abundant land
upon that point there l. doubt. or money
cheap ard plentiful They are essential
factors II sustaining q market movement.
hut they go for little or nansht unless
coupled with confidence. II u the pfac-
,ically unanimous opinion In Wall street
that the public Is not In the market, ana
that 1, has been tempted to participate
cnIy meageriy. and then chiefly In ecAlptnt9
operations since the 10 TO 30 point advance
In prices set in. Tie situation seems to
be one In which manipulated advances
have taken place. based upon business re-
vtval, in which the business men them
selves have had little share or part