The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-06-10
Special to The Journal.

Special to The Journal.
New York. June 1O-In the stock market
great interest always centers around Amalga-
mated Copper, probably for the that
Il. H. Rogers is its particular sponsor. Back
Of him looms up all the power of the Standard
Oil crowd" Amalgamated Copper, therefore,
at times rules speculation, and any marked
strength or weakness in that stock is sure to
affect the entire list. After six years of exist
ence Amalgamated has so far taken its stock
holders, and incidentally the public, into the con-
fdence OF Its management as to issue its first
annual report, including condensed balance
sheet. This measure Of publicity, however,
throws very little light upon the operations and
present condition of the company for lack of def
nteness.
The whole street was interested in the report,
brokers carefully perused every line of it, then
shook their heads and declared that Amalga-
mated was still a ''blind pool" In every sense
of the word.
According to the reasoning that prevails in
some quarters, the expected retirement of Il. H.
Hartman from the active management of Union
Pacific operation is bull card on the Har-
| riman stocks. Thus far the best obtainable In
formation in regard to that gentleman's inten-
ton is that he will relinquish to his well-chosen
subordinates more and more Of the details of
| railroad management, but will remain as here
| tofore the connecting link between the proper
ties and the large financial interests which have
made their great development possible. His
retirement from the operating side of the busi-
| ness, which seems to be the limit of pending
changes, is expected to promote harmony In
Union Pacifcs relations with its competitors.
No one believes that he is not to remain as
| the imam higher up to whom company presi-
| dents will be responsible for results.
The Market Tendency.
On the whole, the tendency Of the stock mar
ket seems to be toward hardening. A number Of
the largest speculative leaders are quoted as
saying with great positiveness that in view Of
the numerous present complications they can af-
ford to take no definite position until the outcome
OF OF the crops is assured. While this may be So
things can always arise in Wall street to change
| the aspect OF the market completely in twenty
| four hours Moreover, when almost everyone
makes up his mind that there Is nothing to do
but walt for the crops month or so hence, it
happens four cases out Of FIVE that there Is
reason for change of mind almost Immediately.
The probabilities not for a dull summer,
altho it must be admitted that the attendance Of
spectators in brokers' Offices is very slim just
now. .#es
| The Waldorf-A clique are inclined to be-
leve that prices will be materially higher in the
near future. The opinion is pretty freely ex-
pressed that the market is likely to cut away
from the Equitable matter. One Of the most
favorable features at the moment in the minds
of close observers Is the improvement that has
developed within the last few days with respect
| to some Of the underlying products in the iron
and steel trade. For several weeks the demand
for both coke and pig iron has been lively
/ Hight. Very recently, however, more general
inquiry and better demand have sprung up for
coke. 1t Is understood, also, that the bitumnOus
coal trade is showing distinct signs Of improve.
ment. There is good reason for believing that
before long the reports received regarding the
iron and steel trade as whole will be consider
ably more favorable than they have been for 8
month or SO. Traders say that the stock trans
fer tax is already having its effect in narrow.
ing the market for active stocks.
Good Indications.
. With May railroad earnings showing an In
lcrease of per cent and bank clearings gain OF
46 per cent over the previous year, there are few
indicat lions of early setback in the general
prosperity Of this country. Prospects of radical
rate legislation are diminishing while. any tariff
readjust ment which might pass congress would
not be along lines disastrous to business. So fal
Las the monetary situation is concerned, the
country has been seldom in better condition
Owing to heavy government expenditures the
money withdrawn from depository banks is re
turning into circulation. With the same plethora
Of idle funds abroad, barring unexpected de-
velopments in the far eastern situation, indica
lions favor continued low rates for money until
the crop-moving period, with no marked strin
gency likely even then.
i s.. S. Schroff.