The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-11-26

e 2 = n . 4
New York, Nov. 2e.-With the selection
of Arthur E. Newbold as member OF the hrm
par tners in great Morgan banking houses.
Messrs. Stotesbury, Paul. Robinson and New
bold constitute the Philadelphia end Of the firm,
Of which Mr.. Stotesbury Is the head. ]. P.
Morgan is the head at New York, and the
partners associated with him are Messrs. Steele,
Perkins and Hamilton. Sir Clinton Dawkins
is the head Of the London end, the frm name
being j. S. Morgan & Co. Mr.. Harjes is the
resident head in Paris, the firm name Delng
Morgan, Harjes & Co: The partners IN one
house partners in each of the others. 1t
would be impossible to estimate the profits OF
| this great banking firm. 1t is estimated that
| the New York house alone has earned an an
nual profit of $5,O00,O0O for the last ten years
| During the boom years of 1900 and 1907, 1t Is
believed that the profits amounted to as high
as $4,000, 900 or 100000 year.
| In connection with the advance in call money
to per cent, the highest rate touched since
! last January, it was said that the brokers of
Russell Sage were calling loans. This aged
tinancier has anywhere from $15 ,OO0, 000 to $25,
! OOO, 900 loaned on call thruout the year, and
easily , could force call money up per
! almost a week the stock market has looked
tired. Sometimes q dozen stocks would be strong
together, but good proht-taking held the list
down and the average of the list about STEADY
day after day. Some spectators OF very heavy
! caliber made up their minds that the Inevitable
10 per cent reaction was at hand and prepared
| for it. * T.
Sentiment Conservative.
. Sentiment in commission house circles is de-
cidedly conservative. Out Of ten OF the lead
ing houses, seven are advising their customers
to take profits. The other three houses expect
to see higher prices before the close OF the
year, but are advising their customers to wall
for reaction before buying. The head of one
of the very largest brokerage firms In Wal
street, who advised his friends to purchase
stocks last June, when the entire hnanc1a
IA ted, so@ to- cir1icf
and who had been bullish on the market ever
since, made this statement yesterday 5"Al
things considered, and apart from certain
specialties, 1 strongly advise proft-taking
values of stocks, allowing for prospective
results is discounted. Now. as we cannot hope
to strike this exact point 1 now advise taking
profits. reaction may come at any moment
and it is certain to come within the next few
: weeks. The person who sells now may lost
several points additional profit which he nigh
have made had he held on several days longer
but, on the other hand, he will avoid the dan
ger seeing sharp and swift reaction ane
having the stocks left on his hands. Those who
sell stocks now will have plenty Of opportunity
of buying them back lower - ..-
p. Banks Selling Stocks.
The heavy decrease reported in loans fol
the last two weeks has been something of {
puzzle to Wall street. The most reasonable ex
PLANTATION, and the one most generally al
their obligations to the trust companies. 4
different explanation was advanced Yesterday
by broker whose information usually is &C
curate. According to this broker, the heavy
decrease in loans reported during the last tive
. weeks Is due to heavy selling of securities ny
the banks. Last spring, when the stock marke
was in state of stagnation, the loans of tn
banks showed steady increase. This In
crease, which was something of a mystery a
the time, is now generally understood to liaY
been due to heavy purchases Of securities b!
the banks. These purchases carried on thu
books of the banks loans-hence the in
crease in loans when the public was not II
the market The theory of this broker rs tina
the banks which purchased over $50, 900 o
. securities last spring., have been selling thei
holdings extensively during the last two weeks
and hence the decrease In loans in the fac
of strong and active stock market. The ques
ton has been asked in Wall street this wee
as to whether not foreign investors hay
added very largely to their holdings of Ameri
> can stocks on the advance in the market Ac
cording to the testimony of arbitrage firm
there has been considerable buying by Germa
investors, but this is said to have been offse
by the selling by English investors The ne
> increase in the foreign holdings of American Sc
curites is said to be not very large, if indee
s there has been any increase at all. 49,,
e T.. Big Boom in Iron. - r..
Advices from Pittsburg, the home of tn
It steel industry, say that there are not car
n enough in the district to handle current Offer
r ings Of coke, coal, steel and iron. The raj
5 roads centering at Pittsburg must, have co.
d more cars in use than they have now to pre-
p vent a congestion OF freight. Pittsburg a6
q vices also say that the increase in the net carr
ings of the United States Steel corporation fo
g the quarter, is the difference, in round numbers
8 between $19,000,O 900 and $2s,0OO,oO0. The oris
&c inal prospectus of United States Steel corpor,
/ ton based its hopes earning $685. 900
r quarter. S .e IL 4. h'..'..,-
A The sentiment in favor Of the Rock islam
" issues is increasing rapidly and there is c,
| cellent reason for believing that there will I
n big buying, particularly of the common stool
l. during the next two weeks. It may be take
l. as a fact that this stock is scheduled for mue
a higher prices.
&c There has been considerable absorption
d General Electric recently by persons who Al
is thoroly familiar with the status of the pro
s. erty. This buying is understood to be due
$ the likelihood Of the stock being PLACID upt
ID 10 per cent dividend basis in the near. f
8, ture Earnings are large, and the outlook f
1T 1905 most promising. The company would fiji
2 no difficulty in maintaining 10 per cent div
- dend rate.
"a IS. s. sCHRoFF.
10 s5r@ METAL MARKETS.
A. New York, Nov. 26.-Copper was higher
~ London, with spot quoted at G67 Is 3D. Local
- the spot was firm, but with material chang
- Lake is held at $14.S7h @1512h; electrolyt
S14. 75m15: casting at 1450M14. Ia Snelf