The St. Louis Republic., 1906-01-01
TRADITIONS BROKEN
BYUMUSUAL MARKET.
Operators Unable tn Explain Ris.
ing Prices Along With Adv1n-
cling Money Rates-New Forces
Partially Responsible.
REPCEILC SFEGrAI.

HEPUEILc SPfaTAI.
New York. lee. Si.-Nali streets bust
ness week was In every way remar9ebIe.
straints. or was forced bodily thtOo10
them. and tl. week came I" IN end In =
Wild "ui5urst ~ glory
measured by prices sustained and RfaceS
cniancc'i-!n some instances to e0Dty IN
.nOrmOUs cxtcpt-on~ would conclu0o that
all lad been clear sailing at the XeerS
knows to the contrary.
Tho closing week ~ Wall stgoseQ bust
statistics 60 the weakest hank Seslssea s.
a generation. That the statistics 6!d n0e
misrepresent the situation n clea13y
enough shown by the ma x!mmn q ~ ~
interval. ~ per cent on Tuesday. L v9e
cen, on "wednesday. Is pr cent -
Thursday and q per cent on Ff10ay
I;u: The new, factors and tho n0W 1crce0
Ia tho market were not only abSe % WSen.
xsan.i such evidences of arute SeS1m9eoeV
a. these. but In the face Of e veee ~
,io,,s give the lie to the expcS!enceo ~
especially to carry the last 0efenSo -
conservatism by assault.
UNUSUAL. STRENGTH SHOWN
This is certainly food for reeect1eo -
suc., a wonderful exhibition of cays1een
as Was given in the security market ~
week. II certainly disclosed that up %
tn. present time the ncw forces o. @cS0so
Sttu0tvO1
an absolutely mistaken grip upo9 nosA
the money and tho speculative naSke6
Without a union Of the two. the SeeaSS
,ns spys,sn, .s'S ."a "Ss S.ss BE"
achieved. There can De n" "" eS'''''
about this. ....s -
dent Of the future. and assured!y IN the
brilliant indu trial situation "f tn0 -
s,Y i;w,e there is the. basis for their Abed.
Ing confidence In the future
&c Nc vns,f nR00DnK
ves,,.r that r,,shes wildly into . Snecosa~
tive marke. AT a time NJ 9reat 'Hst0n.e
and assursdy shc c0nssderationS tnAS ~
p-!lcd tremendous buying oEeraaIons ~
,im.. OF acute monetary strtnsency. WY
money above l'ss v<r cent. arc nos socm
rs appeal Z" investors.
Neither do they appeal {" specomaess
,,rics, they have some assurances % afe
h,,"ycd by some belief that FUNDS are 81
viii b~ ample {" provide for then enos
'''''' 'I1. FI'TURE IN THE DARK
Naturally. when markets for n lCa9 pe!s
o.s OF time have given evidences oe On ~
normal condition. ignoring 'no30 mH1
adverse 'ieveiopdneniS "h.n s,,,'s s.sS~ ~
,,,fi.s finally, seriously adverse 0evec
men,s. defyiny the safe rules %. ecosts
oy.:,hr"wing tradf'i"ns ..,.,~ anu nrIr.
ausIori,s. one hssi.a;"s in eNpres1ne op'"
ioms az To IT'S course in the future.
.s the ultimate outcome shero ~
o,,est.un. Bu; now near nv han0
v ~. -
:. I".,,., that non" can determine.
4. =. cru..I very close 10 cui9ufnotsoo -
M. outset % the week. u asaus1O ~
,,c..,s Iu.re remote Mt tn" WeSAS euS
,,.rr,,e ia. tremendous Iare scS 10' IT,
speculation % .~in~ eheao
,siny. .xr.ricnced Nall street men WcVso
~ ,h.., th. seIf-cviIrn, Unr"ausy g
,,cy.,cn; which presented as uS tusV
AN ..l-.nc. In prices - m""!
...,.c.,, would defeat its own Object.
Tb.,. always a,pssrr spin"thln6 unuess
,,.J 4, /, person paying more fcs IN ~.
1T. ;tau 4. necessary. or sirAiHsn9 ~
c,.di. 10 buy /, whether cheap "s 0Soss
rIsK SEEMS TOO GREAT.
,,.r,hsut would surely curtAW tnS
lin. az cr.c., granted L" 49,.
.us,,.v.d .u.h lack ~ business y0
-, n sn. customer !nsist00 tnax
= .,,c, an operation lie ~"uM SetteWX
~ ~, a ,ro.i' ,h~ merchant or snS
b,ukcr would Insist thst tnS s's1 ""
TOO great. .,,c, %, ssvo a
si.u,,,cn L. cn. ,,,in.: ," borrow ~ u
o,,a rates To carry out .
,p'urs- Is sr.1th': q. a.. -S>,,v
- 20 Iock for sorue i"'axstion ~
,.nr- =, :o4 several factors cyntfso0sS
.ov,,J this such IN" d's,rintHion
.i,yi.i.n,is. and interest. IN" r",
.!u,~ ,st.tnr.i ir f"r "ini"" dreAs
pI.r,oS.e. and -. hk" .-.a V,,~
81 ftr a. %cv York .s conc',h 49,
at,I,. s,,iuEensv that rreNairt shI 81,
!. ,lk.!x l., rcn'in"r. H. inon'iro. U.
,,g,',eftnr .,.x-.. should hav" N" ..tuSt
,.st,I. 81 ab.;ylCigc funHs i''H'
uoiu;s and from t1r"b" ,., .> -
wh..h.r IL. relaxation, WEI c,''n1 -
S,o..iIy as Wall street seems 20 Un.'
s:,a viii be as 'f~.3lS cr"c'lfe ~ 800
ing yates. an! eliminating 80
.-..,.r stock speculation fhsn haS ses
-. T. /, f,oil.rn OF ~. future.