Richmond daily palladium. [volume] (Richmond, Ind.) 1905-1906, 1906-03-05
BREEDS Spirit
OF PESSIla|SM
INVESTIGATION NOW ON IN
NEW YORK THREATENS
WALL STREET.
SPECTATORS TAKE Flight
Morocco Dispute Between France and
Germany Is a Cloud on Financial
Situation.
palladium Specially


New York, March 4.-The specu-
lative situation fails to show any i'm
provement. There has been a motto
able dwindling of numbers in the
bull ranks, and a waning courage on
the part of those who have been con-
spicuous on that side of the market.
The impression that the top wave in
the securities market has been reach
ed, for some time to come at least, is
steadily growing, and from day to
day it becomes increasingly evident
that the technical situation has been
materially weakened by liquidation
quietly affected when the market was
at its best in December and January.
AS prices decline there is a singular
absence of inside support, even from
the prominent leaders or insiders
the bull side of the market As a
matter of fact, many Of these gen.
tlemen are convinced that the market
must seek a lower level before any
substantial inducements can be found
for investment or for the conducting
of a fresh bull campaign.
At the moment the market is suf-
fering somewhat from absenteeism
a large number of wealthy operators
taking the respite from business re-
sponsibilities which is becoming SO
customary at the end of the winter
The absentee list, moreover, has been
considerably swelled by the quiet dis
appearance of numerous individuals
who wish to avoid testifying before
the various investigating committees
which are not confined to New Yoork
alone, but are at work in Washing
ton and other political centers The
investigation fever has had not lit
tie to do with the present reaction in
Wall Street. It has not only caused
a good deal Of personal anxiety
among many Of the responsible heads
Of corporations, whose doings would
not stand the glare of sensational
publicity; but it has also made more
difficult the promotion of new finan-
cial operations and is breeding a
spirit of pessimism and personal an
imosities in the financial district
which more or less threatens the spir-
it of harmony that has prevailed
during the last three or four years
New lines of cleavage are being
formed and antagonisms created
which sooner or later must show
themselves in market operations. II
is unnecessary to cite the friction and
luminosity which have been created by
the insurance investigation, none OF
which was anticipated in the remot
est degree a year ago. Nobody fore
saw the consequence of disputes
which began in the Equitable last
summer; and, while the results event
ually are certain to be beneficial tc
the public and will unquestionably
raise managerial standards, still the
intervening period of agitation ani
readjustment is a disturbing one; i'm
pairing confidence temporarily ant
necessarily having an adverse effect
in higher financial circles. Fortu
nately, our large corporations will il
future be conducted along more rigit
lines and the mesallianees between
our big corporations and unscrupu
lous politicians should become more
difficult of accomplishment and less
likely to be repeated. Already oul
large insurance companies, upor
which great bankers have frequent,
largely depended in their syndicate
operations, have withdrawn for goot
from all transactions of that charac
ter. In future these great syndi
Gates will have to look direct to indi
. vidual purchasers for their market
and will lack the support OF thes'
great organizations whis has Away
been highly important in times O.
stres. The effect will probably be tt
make such syndicates more careful
. in their future commitments; ;
change that will prove beneficial, an,
which has fortunately taken place
during a favorable period. The re
suit is funds are not returning Will
their accustomed freedom. Yer,
shortly the demands incidental Il
April settlements will be enforced
and the money market is III no sens
Ipreparad