The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1905-09-04
OUTLOOK BRIGHT
despite. SLUMP i. ! \
Analysis 81 Situation On On8 l>'te'''
York Market at Opening
of8Wcek 3al
REAL CAUSES Of DECLINE IN z:
Excess Of Speculation and Q Over ,'e1'
burdening Of Credit Are Are s.
to Blaine. 81
REAL CAUSES Or. DECLINE i !! { !:

(specIal to The -Dlspatch.)

NEW YORK, Sept. $50 farias tho tho
Fundamentals of the situation, are con7y
cernec nothing Of II really {un fayorabl y
nature developed during tho week IN Wall
street. Prices underwent sharp reac-
ton, and signs were not wanting mt tT Ile
close Of the week that the decline mllsih n!
20 stiil further, but THIS process would pe
rather IN ths 1ai was G 81
Dlsappontmcnt over the meayre response
made by the public to the Russo, JaIatncsvv
peace agreement' ana an t raars q Wick pro-
Tfessional Wall Street assigned for INC p,
slump IN prices No one t W,lt % 20 inii hcse
to seriously diSpnte tnr iaet 'n open liz
awes sn a to certain existing
Conditions which rendered en.hussas 81:
Of pyefsa not eTeate
e t|Gn h ass wf Portsmoath
p pssi w sp Wth N iii IN prr6SbsSy
iowed. Perhaps the reaction would have
been a. life more severe. but NJ one f bcr
pronounce upon ina MAJ E confatned within
Itself the seeds Of It's own undoing.
The Real Cause.
The effort to explain the decline. as , due
solely TO the bear party Is childish. me
market had paved The way ay ior tn as p pmi
s[aeIIse, enc clement which had lined 4,
into the rough places by 1suhorllnatlGpn on
ana aniRglao sboy simply racatn'e e add
Insult Insult 10 injury, the chief spokesman OF
the group makes the. cheerful announces e
thai The Is healthy and sorr he
he he's . preeable Tor those who blindly follow
cd tie speculative leaders on, the advance
Vet received no warnings OF the dnngssr'
10 have their wounds snlvcd with words
now that they have experienced losses. y,
street IN th It's s sans OF tho bur-
den Of the blame for the decline on the
treaty OF peace between Russia and japan
Z, Itself. Nothing could be more loon hn i
peace It is safe to- say that the M g, wives -
and the mothers OF Russia and Japan a .I
expressing no disappointment =, oyer o unb
agreement It's results are, not to be
MEASURED by the advance and declines en-
gneered by either gawRberts g, me eon
has locaslly on securities ii takes for I'm;
| movement OF the whole Industrial and
| financial world In the end.
The Money Market.
AS to the money market, at the pres.
| cnt time, 1T Is rather curious that inc
grounds upon winch Its future hrmnes:
| Is now predicted, are very largely a set q
copdtlons which Wall Street has regara
excessive burdening OF credit due to thu
| marking up of securities to unprecedentet
heights Still these were in many IN
stances justified by bankers and spec a Ia
tors. oY Inc magnificent crops and eSp pi.,1,
Ing agricultural and commercial activity
l If one thing was more certain than an
/ other, 1t was that Of Its great crops an.
/ Its uuckened commercial life, thnt al
active employment OF capltal WOW" S'li y
! necessary.
It is true that the money market has q
| yet made no sign of acute strlngency
but unless bank fixtures are falsiiled an
all experience fails, the situation ns dls
closed by the banking. returns. render
| impossible for an active and advancin
market to continue coincident with -
increasing agricultural and commercia
demand for money. TO correct the sit
i uation. the markets proceed along IN
II dalton in the security market.
I Future Bright.
with Russian and Japanese loans an
the the present and Immediate market ha
little to do. The matters that 1t ha
chiefly, to consider are domestic and I'm
mediate. 1t Is we'll to recall In this cor
ncc'lon that not single fun 1,a Inn1,n
4, in the security market Of the week, IN
crops are most promising, bank cleal
nnces expanded, railway earnings az
sustained, 1t Is not matters such as ines
which may force reaction further y va
simply the excess of speculation. tho nc
vance OF prices to too high n level tf
overburdcning Of credit. In llqnlaatio
is safety and the correction OF these 81
rors. The Industrial future Is certain
bright. as
Some Turtle.
! . . . d 10 z E,