The sun., 1905-08-20

sS0ssfy ~ 1AEa X srlassr. !. 7
rAs wisconsin csntrai shasss ar,, being
accumulated for . purpose which may have
some relation to the expsotsd. lsAss Of the
Hill ore lands to the Steel Corporation. On
moderate purchases yesterday thess shares
advanced to new high records. The common
10 eoh. The common sold 40 low - 20 In
the spring. while the preferred sold at Is
early In the year. For the week both issues
gained about points. The Wisconsin Cen
trsl. In addition to connecting Chicago with
st. Paul and Minneapolis. taps the Lake
Superior iron mines. n runs northward
from Its Chica 60 MINI "a polls line. one fork
Of the Y going 10 lronwood and Bessemer
and the other 70 Ashland, on Lake Superior.
where II has its own ore docks. These docks
were recently rebuilt. There 70 now under
construction . iso mile extension westward
from this northern line to Superior and
Duluth. the leading ore porte on the lake.
Iron ore contributes very large shsrs Of the
tonnage Of the road. The company itself
10 . considerable owner Of ore iands, from
which tho ore 10 mined on royalties. The
very largo advance In Great Northern stock.
based on the oompany's ownership Of lands
estimated to contain 500. 900 900 tons Of iron
ore has apparently had some reflection In
Wisconsin Central issues. Whether the ao-
cumulation Of Wisconsin Central has been By
HUI interssts or By people who believe that
the property would be useful to the Great
Northern In the development OF its ore lands
remains to be seen. 1t 10 said that the stock
is being accumulated by Q syndicate the
three most prominent members OF which
are capitalist largely interested In the
Wisconsin Central, . railway man with 1srge
interests In connecting road and . New
York banker.
This market says the head Of oonser-
vatlve commission house. has all the ear
marks Of big bull market In process Of
development All the preoedents lead to
the belief that speculation 10 going to
broaden out In the autumn. with big Influx
Of public buying. Now We have only pro-
fessional market. the chief feature OF whloh
is the unmtstakable bullishness Of important
interests and the accumulation Of stocks by
Wall Street. l never knew . condition Of
this kind that WAS not followed by public
speculation for the rise. I should not be sur
prlsed. TO see during the next six months
one Of the greatest outbursts OF public spec
ulation We have ever had. Tho prioe level
will not stop 1t. think the history OF specu-
lation will show that high level OF prloes
Ia more likely to attract public buying Of
stocks than q low level. Whom stocks are
selling at bargain prices the public naturally
thinks there must be something wrong With
the financial situation. aud 1t will not take
q bullsh position. 1t is always the Wall
Street interests that put their money into
securities when they are low. for they know
the values that are In our securities. The
public doesn't become convinced that these
values are there until after the heavy aoou-
mutation by Wall Street interests has forced
prices to higher levels. The higher prices
20 the more certain does the public become
OF tho character Of the country's prosperity.
lrxk 30 IN Rlt -
Steel preferred is q striking example. When
1t was selling on a ~ or II per cent. basis.
tho public would not touch 1t. The heavy
accumulation was by Wall Street interests
Now that the stock Is going from to Q
per cent. basis. 1t is coming to look more
attractive to the public.
With large public interest In the market
the sharp reaction on Friday would probably
have been followed by q further decline
yesterday. But now the commission houses
have very few margin calls TO send out, and
q decline OF l or per cent. brings out
very few stocks. The trading element was
disappointed In yesterdays market. 1t
expected poor bank statement and thought
TO cover short sales very easily before the
close of the session. But the moment effort
was made to recover stocks II was found that
the market was really bnre of stocks. Missouri
Pacific. which sold down TO l0o In the f1rst
hour, recovered very sharply on transactions
Of a few hundred shares, and closed at io7k.
an sdvance Of full point for the day. Union
Pacific, after saggtng to 1851. advanced to
ise after the publication Of the bank state
ment, showing . slight gain for the day.
st. Paul, on small trading. closed point
higher than on Friday. The trading throu gh-
out the list was merely nominal, and there
was no PRESSURE to sell stocks. The bank state
ment showed the expected loss In reserves.
but so long - money over the end Of the
year is quoted around 10 Der. cent. the con-
traction OF reserves incident to the move
mcnt Of the Western crops will have little
effect on speculative sentiment. II there
10 to be hurry in call money II will be ex-
pected In the course Of four or hve weeks.
The three States expect to harvest moro
than 10000 900 bushels Of nax.
market in National Lead think that there IL
an effort to keep the price OF the stock down.
One of the most active brokers In the stock
ia one who has handled a great deal OF the
Reading manipulation. just before the close
yesterday he was offering / 900 shares OF Lead
at 4aT. When broker went In to buy 100
shares for commission house the broker who
was offering the thousand shares withdrew his
offer and sold the hundred shares at An. I'm
mediateiy after he offered 900 shares at ~.
The last sale for the day was 100 shares at
I4h. Tho stock was then closed ASI-H.
Lackswan SOLD at 40 on Tuesday. The
best bid at the close on Friday was 42o. Yes
tercay the bid was raised to As5. The stock
was offered at is0. The fluctuations In this
stock must be dlsconcerting 10 those who have
bought 1t on tipping burea u Information.
It il q matter of large interest what 10 to
be the attitude Of . certain powerful specu-
lative clique on any further advance from
this level. The stocks in which this CLIQUE
is most largely interested are Union Pacific
and Amalg amated Copper. So far as can be
seen tho members OF the clique have Ia ken
no part In the rise In Union Pacific since 1t
crossed $50. Last winter they dominated
the market In it. They made large reductions
IN their speculative holdings Of Union Pacific
after It crossed l3o in the winter. and they
were able to recover their stock on the de-
cline to ils While they are bullifh on the
-.,.rot ovtjonk thew not active In