The Minneapolis journal., 1905-11-19
TREASURY ANDT
MONEY MARKET
Wall Street Watches Secretary
Shaw-News Of the
Exchange. ~-%
Special to The journal.

Special to The Journal.
New York, Nov. lS.-Rumor that
Secretary Shaw would deposit money
in the western banks if requested, was
heard here with satisfaction, as in the
natural course of events this would How
to New York, and thus be available
for the stock market. The report from
Washington that the treasury would
ping into reserves by the national banks
was more enthusiastically received by
spectators than in bankers circles.
Conservative banking officials do not
hesitate to affirm that, outside of Wall
street. the situation is sound and that
the mercantile community is not asking
government assistance. Of course too
serious a slump in Wall street might
have a reflex effect upon general busi-
ness; but conditions thus far have not
reached such a stage. In view of the
heavy lending of foreign money, as
reflected in the decline Of sterling, the
outlook favors much better bank state
ments from now on. A large amount
of money has also been put out on
loans by the interior banks and Cana
ola. which will transfer the burden
from the clearing house institutions.
Reading and American Smelling 4
Refining have scored phenomenal ad-
vances since the first Of the year. Even
if. as claimed, earning capacity of these
properties warrants prevailing prices,
none but the novice in Wall street be-
]ieves that, with any extended public
following, they would have resisted the
downward trend. Union Pacific, with
an earning power fully as large as
that of Reading, and paying l per cent
more in dividends, sells 10 points lower.
Baltimore g. Ohio, which also distrib-
utes 5 per cent and owns a large block
of Reading, is quoted 30 points lower.
In the same way comparisons might be
made between American Smelling COM
mon and United States Steel preferred,
the latter netting per cent more, yet
selling 40 points lower. Anomalies like
these would be rectiied in a market
such as is being experienced were it
not for opposition of the bull cliques
who control the ma jor part of the float
Ing supply. However, even rich pools
have their limitations, and the money
stringency may eventually enforce
liquidation on their part.
Hearst's spectre is not worrying con-
servatlve Wall street men. The pos
sibility that Hearst may be seated in
the mayors chair troubles spectators
who have light margins and encour.
ages the professional element to work
for lower prices, but the leaders, the
men who are the largest holders. and
who have the biggest bank accounts
are not alarmed over the situation
They know that even if Hearst should
be seated, it would be impossible fol
him to carry out radical measures
against vested rights, and. moreover
they are convinced that the Municipal
attempt anything of the kind. for the
reason that he is largely interested in
Investments himself. Wall street is
not worrying over Tammany Hall s rec
flag. goblin. It did good service in
eliminating a number Of undesirable
accounts from the market, but the
chances are that it has about spent
its force.
Exports Of breadstufs look large, fol
they are more than double those of {
year ago. The comparison is made
however, with period which laste(
for almost two years, when, on accoun
of high prices, Europe bought no whea
in the United States. During October
1904, the exports Of cotton were more
ports of all breadstuffs. For the yea
to date the export of breadstuffs. a
compared with cotton, is as 4 to 10
Nevertheless, for October last, the ex
ports Of cotton fell off over 25 pc
cent. This is the item which makes
Earlier in the season there were. heav7
exports of cotton, so heavy, indeed; tha
according to all published statements
the stocks Of cotton on hand in Eng
land and On the continent are muc
larger than they were a year ago.
Wall street is sick of Lawson's 8 pre-
nunciamentos. They say there can b
peal. 1t is too far-fetched to appea
for, wholesale examination of bank
and trust companies. It is generall
believed that Lawson s advertisement
was made public with the hope of get
ting back considerable amounts 0
stock which, it is claimed, he has sol
for a short account. A prominent ir
positively that Lawson is short o
American Smelling & Refining. TIL
appearance of the advertisement di
not cause any apprehension anon
Spectators.
Tennessee Goals move, it is genel
ally conceded, was a drive agains
What M is +hS believed 9ge{ to BE- BE- short inte1
comes from good sources that the tran:
actions reported on the tape wer
chiefly of a manipulative characte
Careful inquiry fails to elicit any il
formation Indicative of a renewal of NJ
gotiations to consolidate the souther
Iron companies. 1t is understood tha
President Maben of the Sloss-Sheffiel
company is expected to come to Ne
York shortly, but it cannot be learne
that he is coming in response to an
request to negotiate for a sale Of uh
controlling interest Of his company.
Confidence in the market is tisplaye
by men who have been active :ope
ators all thru the past fifteen month
They are not disposed to sell the
holdings at the present time, exce1
possibly a few thousand shares j
which they trade in and out for quic
turns. They believe that after til
a II @~1S~ g.