The Minneapolis journal., 1904-12-24
Special to The Journal.

special TO In6 journal.
New York, Dec. 24.-The Lawson excitement
appears to have pretty we'll run its course at
least so far stock values are concerned. he
upshot OF the whole affair seems to be that
very large number Of SPECTATORS who thought
they were wise' on the market were caught
without sufficient protection and were neatly
wiped out. The trap laid with great skill
and did not in any way resemble those previously
laid to catch the unwary. And here is the secret
OF the success of the greatest "system' that the
world has ever seen it follows the same
plan twice.
The return Of interest in the higher-priced
standard railroad issues is generally welcomed be-
cause s1gnifying confidence ON the part of the
banking community in the legitimacy of higher
range or values. New York Central set the
pace on Tuesday with advance of 21a points
! The CHANGERS followed. Northern Securities
reached new high record. This last fact may
have furnished basis for some of the buyinc
of the granger stocks. ..~'
Wall streets eye is now fixed on the Hartman
suit. 1t is hard to take any other view than
that the Northern Securities company is expect
ed to win. If it does not, the usual experience
In such cases suggests that there would be
sharp decline in the shares Of that company be-
caues its assets would be still further tied up and
there is no telling just when an outcome will be
reached.
New Railroad Bonds.
The continued appearance of new railroad
ponds, With rumors that two more large issues
VIII be brought out in the course of ten days,
together with several advances in the price of
Will be Forthcoming early next month, directs at
tentfon to an interesting phase of the business
situation. The issue of new bonds for improve
ments and Tor other purposes besides funding of
foating debts shows the existence of confidence
on the part of corporate managements that in
creased expenditures justified by the trade
outlook. Unless business shows unmist akable
signs of expansion, leading railroads adopt the
policy of caution and retrenchment. That a num-
Der OF companies are putting out large bond
issues for improvements and that more are con-
tinuing to do so is significant sign. 1t means
, SO Tar as human Judgment foreshadow, that
we are to see period of much prosperity during
the coming year, which will require increased IA
cilities for the railroads to cope with.
Old-Time Fights.
many "reminiscences among the older traders.
Forty years ago personal encounters between
brokers were not at all rare The Major Selover
incident occurred in 1877 The major was carry
ing comparati vely large line Of Western Union
stock On margin when Jay Gould began ham
mering the stock. The price broke about 10
points. The major, like Colonel Greene, lost his
temper. Several days later they met in Wall
street. Having found his prey the major was
for a moment at loss as to what to do. There
was, In those days, ten-foot deep area about
the office building on the spot, surrounded by
an iron fence. The major picked up jay Gould.
lifted him over the iron fence, and dropped him
into the area. Gould picked himself up. and
not waiting to brush his clothes, rushed to his
office and gave orders to sell Western Union until
1t had declined another 10 points. The stock
suffered violent break, and the rest of Major
Selover's stock was thrown on the market.
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