The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-10-08
TICKER CHAT And
WALL ST. GOSSIP
WHEN WILL THE BULL MARKET
CULMINATE?
A Runaway Week in st. Paul and Other
Leaders Conservative Brokers Are
Becoming More Cautious About Ad-
vising Purchases-Profes sionals Get
ting Control eekly Journal Sum-
mary from the Street.

New York, Oct S.-An experienced observer
Of stock market conditions ut the moment says
that, while conservative interests recognize the
fact that quotations of the greater number or
securities are selling at level which adequately
measures investment worth, they are not Wiling
to admit that prices will not 60 higher, mas
much as they know that speculative movements lo
generally are carried to extremes. The bear
movement which began in September, 19O2, car
red quotations far under the level warranted
by the conditions responsible for the develop
ment of the downward movement and III the
present market follows precedent prices will
record further improvement before the bull move
ment collapses. 1t may be, however, that the
unwillingness of the public to engage actively
in speculative operations will be an effective In
huence in restraining bull manipulation, altho
the bull element apparently is convinced of Its
ability to bring about higher quotations. 1rrespec-
tive of public interest. s.< ..- =
Some observers believe that the, advance will
continue for week or more, while others look
for sharp turn toward lower prices at any
moment. 1t is reasonable to suppose that big
holders have taken advantage of the great ap-
probation to distribute stocks which they were
compelled to buy for their own protection in the
decline of year ago, while it is also reason
able to believe that the people VIVA have bought
these securities are much weaker financially than
the sellers. The market certainly has reached
a position which should encourage great caution
on the part of the operators who are enthusiastic
bulls, altho it has not developed into a specula-
| tion that suggests repetition of the serious
declines that took place in the bear feast OF
| 1903 y -. s..-... !. .-. 4. .g -. e
- A consideration of prime Importance is that
the industrial conditions of the country are
undergoing genuine Improvement 1t Is the
consensus of opinion that 1905 will be a yeal
of the most genuine prosperity. With the
brighter outlook in the industrial world, it was
inevitable that the stock market should advance
to level where prices were in adjustment witt
| the increased earning power Of railroads and in
dustrials. The continued strength of United
States Steel preferred, and the remarkable cas-,
with which the stock is advanced can onl.
mean one thing, and that Is that enormous
blocks Of the stock have been absorbed and take,
out of the market. ~. ....- . r.. .
St. Paul, Runaway. 81.
The wild and reckless manipulation of st. Pau
stock, instead of inspiring confidence is likel.
| to place check-o outside buying. The mar
i ket during the last few days has given ever
indication Of being manipulated in the mos
dagrant mannefs The very natural result ha
been to shake the confidence of conservativ
brokers in the upward movement of prices. L
this respect notable change has occurred 1
sentiment. month ago the most conservativ
brokers in the street were advising their cut
toners to purchase stocks. Evidence Of an ur
mistakable character had accumulated; the GRO
outlook, Notwithstanding the shortage in wheat
was encouraging, and the action Of the marke
showed that investors and large financial inte
ests were absorbing stocks a large scale
AS result, the most conservative fnanciers
j.. the financial district advised the purchase
stocks.
During the last few days, however the cha
} acter of the trading has undergone a radios
change. All the earmarks of the market sho
that the trading has become Of highly pr
fessional character.
! While the uptown party at the Waldorf, as
5 whole, expects prices to go still higher son
members of it think that the advance Is beir
made to rapidly ando that the market shou
have reaction of several points to put it in
. healthy condition. 70
John 81. Crawford, general freight agent Of IL
Delaware & Lackawanna railroad, has returnt
a to New York after an absence Of three weeI
! spent in the west. All Indications, he say
point to, a good fall business for the railroads
The best sign of prosperity in the west
said Mr.. Crawford, may be witnessed in ii
: scarcity Of equipment which many of the roa,
: are complaining Of. TheScrops in Nebrask
Iowa and Kansas are heavy and optimism pr
, walls. s. s. scbrofr