The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-10-08
THE MONEY TREND.
IN WALL STREET
Higher Rates an Influence for
Greater Conservatism in
Speculation.

if NeW YorF, Oct. 7.-THEs BEARS BEARS
MADE determined efforts this week to;
depress the stock market but were only
partly successful. Stocks offered Oh.
reactions were readily taken by import !
ant interests and put away in safes,
These interests do not favor a period Of
depression at this time for various rea-
sons. The money situation during the
week has been disturbed not only by
preparations for $75,OO0,000 interest,"
and dividend disbursements, but also by
Pennsylvania bords involving $37,OOO,-
900. Altho gold has been arriving from
the other side, the imports have by no
means offset the continued drain from
the interior for moving the crops. The
bank statement is no longer an index to
the real situation, it being subject to
manipulation by the big financial inter
ests thru the opportunity for shifting
loans to trust companies, but the re-
ported surplus Of 81 ,440 ,025 should,
nevertheless, make for a feeling Of con-
servatism. -,
CROP MOVING TIME may be tided
over without any stringency, but a re-
sumption of pool operations might con
ceivably be attended with unsettlement
of the general situation, involving even.
our business prosperity. It is true that
the continent is better fixed finan-
cially than for years, owing to accumu-
lation against expected Russian loans,
but any large demand upon that quar-
ter would meet resistance, as indicated
| by the advance in the Bank Of England
rate. In few weeks, however, cotton
and grain bills. rejecting an increase in
shipments, will be In the market in
| heavy volume, causing natural flow of
the yellow metal to these shores, SO that
ultimately Europe must relax it's hold
on gold reserves. ~.,se. 49,
WITH HIGH RATES ruling for
money, had pressure been put upon the
various pools, heavy liquidation might
easily have been caused. In marked
contrast to the lineup in the like money
situation in 1902, however, the large
Wall street interests now hold the bulk
Of the stocks, and, therefore, have
much more at stake in maintaining
prices at the present level. They are
apparently satisfied that with extreme
confidence existing in the country be-
industrial conditions, opportunity will
be afforded later on to unload Recent
events in the railroad world, moreover
show that big interests are DESTROYS Of
maintaining prices in order to facili
tate the sale Of bonds. an ->. 4
THE SPECULATIVE OUTLOOK fol
the immediate future does not suggest
rapidly rising values; indeed, it is no
unlikely that quotations will work low
er, but unless there should be some rad
ically adverse change in the condition
governing money and business, the bull
side of the market ought to be the NOR
profitable for The long pull. The opin
ion is almost universally held in tn
| rfc:. o. + ho
money will not be as important fac
tor in the stock market in the near fu
ture as has beehtt expected. While. j
is generally Thought, that call none:
may be or Z per cent for little time
, no higher rates are looked for. :,
WHENEVER :dUNION ! PACIFIC
} makes squirt, '"long' stock come
out from inside sources and the advanc
1 ing are quoted as bullish,, on Souther1
/ Pacific, the last report from this sourc
: being that the stock will touch par thi
l. year. Needless to say this sentimen
u does not find Endorsement in offcia
= quarters. The impression prevails tina
t Union Pacific will soon be made tn
| market leader. =
8 THE RAMSEY CIRCULAR did no
0 Wall street, altho sentiment is not e:
pecially favorable to the Goulds. Ger
eral opinion is inclined to the view tina
e the latter, however, have their fence
? well taken care of and will win out 8
7 the annual meeting. The Wabas
l. stocks showed no marked activity d.
y spite the application for an injunctio
y by Ramsey to prevent voting Of tt
. debentures by the Gould interests. .
| TRADERS ARE WORRYING abo,
y what congress and the president ma
+ do, but the Morgan brokers especial
~ believe that nothing #of a dangerol
nature will be done in Washingto
Railroad men are now willing to Sc
something in the way Of rate reform
J. The campaign of education has gor
d on for more than a year tand, the publ
n now views the matter somewhat MOI
e from the railroad standpoint, and it
e believed a compromise beneficial to a
n concerned will be the result.
Stanley Schrof.