The St. Louis Republic., 1905-12-11
DAYS
N WALL STREET
Much lrregularity in Price
Changes Money Situation Is
Strained - Speculation Along
Narrow Channels.
REPTRILC SPECIAL

REPURILC SPECIAL.
New York. Dec. lO-These certainly are
psch.maktne days In Wall street. Much
at the end Of the interval speculative So
cu.itiee. With hut very feH exceptions.
showed advances. some OF them sub tan
ti.l. some no'e~"rthy and even spectaeu-
Industrial specialties touched the highest
point in recent years. II not In their entire
Iiir"sd shares. iha"usS subs,sntiai rccov.
cry or material advances. were elevated
to very nearly the highest point Of re-
ord. III fact. numerous hixh-record pr.c.s
were obtained.
Eliminating the bond division Of the
market. where investment iSsueS showed
numerous declines. and one judging from
market fluctuations alone would inter
financial sky. Yet. an men know that
the interval itself. both at home and
abroad. was one Of the most disturbed.
Moreover. .hs disturbances in many par
iiculars were not sentimental or ephem-
erai. such A. frequently arise fr"n,
character. fAS worst Of them s,iH con-
tinue.
Il r. scarcely necessary to say that con-
dttiCns aFe not normal when In the face
aiverse :svs.opnsnss .p pics :: .1xanSs S
In IT. workings. Circumstances may arise
that modify or stay for q time Its opera
ttOns. but In the end II will work through.
Under conditions as they now prevail II Il
utter waste Of time Z" treat Of the Secur-
Try market from any other standpoint than
that Of x."at kIH'b..nx game.
II Is the tip o! the tout. hint Of the ad-
vs:tisin. tiI.st.r. both inspired by some OF
the numerous pools and ciiQues. and thes..
supplied with the necessary funds by the
tie business. ]: seems still to he rather
narrow speculation. confined mainly To a
conc crt:atcd group. and conducted by
comparatively few houses.
Little or no attention was paid to an
other spasm III the money market. which
carried call funds up 10 .: yer cent. and
short-,in. money 10 and PER cent.
while the announcement ~ a deficiency in
speculation INTO i bs!! movement upon
the craz;.r theory that n"w the syecuia-
tive Institutions had created q situation
81 disturbing that at las: the Treasury
Department would be- forced To CIV"
I-I"n a par and akin with thcse features
~.s the disclosure that nixh financing *
an ancient railroad property had been
~ scandalous as Z" force TWO roads tn.
Cincinnati Hamilton and Dayton ard the
rerc Marquette. int" the hancAs "f re-
csive3s.
Th.r. Il no disposition hero nov or eyer
10 iYrcYr tn. favorable features % fks.
Un,.~riyin4 situation. TIE highly pgosi-'-
a,,s condition Of she country. the sustained
a~styi;y of teIstNeSs. fhs conservative toH"
Of The Presidents annual message {" con
gYsas the remarkably favO-abi. ressr, cf
the Union Pacific Rat.!Oa6-all these ar"
admitted. ard :ortUEa;" indeed T. tn. con-
mU:i;y tkA; the fundamental situation ~
80 strong
II IL a sustaining force % great potency.
Rut admitting all this. there never was
tim. ye: that n splendid business con!I
no: b. ruined by reckless !His!nAaaSe nen'
and an vveys:TAiOing of credit. ami the
sre~.iest way 20 bring 6isast.. either 30
u prosperous business or To PROSPEROUS
country Il through ,no:dirA:e reckless
speculation
Whethe. or no, Secretary Shaw CONES
to the rri!~f OF the money market - a
matter sha: Wyghs speedily b. determined
surely no one will blame him n ocmm.r-
ella, interests ar. likely 30 suffer from The
ss.a.ninx % credit s.y the s:s'cu'affv- ei"-
.n.nr sill, the Secretary - we'll aware
from wka; quarter the cry for RELIEF
comes an! who " is that placed N" money
market IN !ts pr"ssn; Position. Rsli~! or
no .eites from the Secretary. the money
situation remains strained.
The Russian situation - still a sos:.n.. %
6isssrSAnce an! may 6sv>loc into =
greater one s.iii. and the scaa :Ajs IN cso.
y~rAt;on circles cos:in,ye. bu, with . :a!:
chance now that District Attorney Je-
rom. may take Ac.:c. tSoIS;leas ~.
public would :s.i greater confidence oyer
the protection - oo,;,o. a.!ons and she pre-
v.a;ion os abuses In :he future u few