The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-11-05
KEENE And GATES
ARE BIG WINNERS
BOTH MAKING MILLIONS IN WALL
STREET.
The Trend Still Upward-Fun fundamental
Conditions Believed to Be Favorable
The West Sends Good Report
Gold Exports Not Likely to Disturb
the Stock Market-Election Pros
poets and the Russian-Japan Loan
Outlook. .. r.. H..
Special to The Journal.

New York Nov Sit is said on the floor Of
the Stock Exchange that both James r. keene
and John w. Gates sold practically their entire
holdings last week, and the reactions which
have since occurred in the market are believed
to be partly attributable to their efforts Ac-
cording to floor traders, Keene began buying |
back on Tuesday the stocks which he sold out
at much higher prices last week. The stories
recently published that Keene made $6,o0O,00O
and Gates 600 out of the advance IL the
market are, of course, ridiculous 1t is true,
however, that both of these operators made
handsome profits. Gates openly turned bullish
on the market when prices were quoted around
the lowest level last June, and, according to Cos
sip in brokerage circles, he has made something
over 100000 during the last four months.
Rumors continue to be circulated that the
American Sugar Refining company will cut
melon of some kind in the near future. Ac-
cordng to broker who is in close touch with
the management of the company, there Is IN
the treasury, in cash and quick assets, surplus
equivalent to % per cent on the stock. If these
figures even approximately correct, 1t Is
highly probable that the company will declare
stock dividend in the near future. For many
years the company paid regular dividends of
from 10 to ~ per cent year. Some years ago
the dividend was reduced to per cent for the
purpose Of accommodating large surplus. This
surplus has been expended in such a way that
the earnings have increased largely.
| The Market Trend.
| The stock market is likely to move with irreg-
ularfty for some time. If the strongest imam
cia interests is generally believed, sold their
| holdings last week. 1t will be to their interest
| to hold prices around the present level, or even
! force the market lower, until they have accumu-
| lated another line of stocks. The accumulation
or the unloading of large line OF stocks gener-
ally takes over week at the least. 1t is, ac-
cordingly, unlikely that the upward movement
of prices will be resumed Immediately. Re-
gardng the ultimate movement Of prices, how
| ever, not the slightest doubt exists In the best
informed quarters. 1t is the opinion Of the
leading banking interests that 1908 will be a
year of genuine business activity and prosperity,
| and that eventually much higher prices will be
established. When outsiders were scrambltng
over each other last week to buy stock around
the highest prices, the large interests, who had
| the confidence to purchase st. Paul below $50
when, apparently, one else wanted 1t, quietly
sold out their holdings around ITS. The Waldorf
clique looks for strong and higher markets, with
occasional sharp reactions. In other words, thu
big specula tors consider the market a good
one-for themselves.
| It is pointed out that there Is no change IL
the fundamental conditions upon which most o.
the extensive trading of late has been based
Neither are conditions controlling the position
and affairs of individuals and corporations
changed in the least There is no disposition
to oppose the general sentiment with respect t.
the market on any particular day. 1t is full!
realized that powerful groups of individuals hav
been operating a large scale in this market
and one except the members of particula
group knows how much stock that group has &C
cumulated, or what position it holds with respec
| to the market.
- West Is Prosperous.
:, Numerous favorable reports regarding cond1
, lions in the west have been received since tn
, close Of business last Saturday. member o
one Of the largest mercantile firms in the north
= west is at the Waldorf and he says that bus
ness, not only in his line. but in all lines,
8 very satisfactory in the northwest. He add
that with the election of President Roosevelt
> which he confidently looks for there will be
! still larger increase In all lines of business.
Il Current indications point toward gold export
in large volume in the course Of the next fv
+. weeks but this outlook will not cause uneasines
, in banking circles, altho 1t may bring abor
J. higher rates for money. Higher rates for fund.-
d however, will attract currency to this centt
o from the west. -.,
); 1t is greatly to be doubted whether the Frene
: desire to raise gold has any direct connectio
q with the episode in the North sea- 1t is rattle
: | from the necessity at no distant date of fnal
y cling another Russian loan. Japan, also,
bound to raise more money. The last issue
, German government securities failed to sho
| even the underwriters a profit and the Germs
=. money market. in spite Of expressions of syl
< pathy does not look kindly toward financing tt
: Russian government to any additional exten
- Moreover, it looks as If Port Arthur could n
?, hold out for more than few days. The fall
this city Is almost certain to force q declil
in Russian imperial bonds, which the bankers
Paris are bound to resist strenuously as pc
T. sible s. s. Schroff