The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-08-05
Special to The journal.

Special to The Journal.
New York, Aug. Notwithstanding the fact
that the stock market is sbnormally high efforts
are being made to boost prices to still higher
figures The result may be a sudden drop in
which good many people will lose their cash.
The cause Of the present strong undertone of the
market is the excellent outlook for the grain
crops; disaster Of any kind will cause re-
Versal of the situation. Almost no one is buy
ing stocks on belief that the market will cul
inmate in day or two. One class of buyers
sell out within an hour or two, but the others
are expecting that the proper time to sell will
not come before the end Of August and may
come many months later. Two-thirds Of the sup
ply of stocks is coming from those who are
selling one stock in order to buy some other
which for the time being looks more promising
There seems to be practically no short selling
The buyer Of some one stock frequently sells
out, gets into another, sells that out, gets into
third, perhaps fourth or fifth, sells them
out and gets back again into the first stock,
having made a profit in every one. AS rule,
there would have been more profit had such a
buyer chung to his first purchase The tempta-
ton. to trade quickly is strong one, and as 1t
multiplies commissions, Wall street will never
object to it.. -
1t is true that there exist many capitalists,
many professional operators of long experience of
wealth and good Judgment who think the mar
ket too high, but they are all ready to concede
with the rest that it is nevertheless going higher
It has doubt acquired momentum which can
not be checked without the Intervention of a
catastropher Solar the market Is on balance pro
! fessional. 1t has improved greatly, for two
were professional. Possibly now the public is
! contributing 80 per cent Of the dealings. If
the crops should turn out all right, one cas-
lily perceive that the public might contribute over
| so per cent Of the dealings, in which case there
| would be runaway prices far in excess Of the
| heights reached In the spring of 1901. Practi
cally the only Danger is that to the spring wheat
and the corn crops. The black rust scare gave
! the market quite, little shock; it is now
question whether the black rust will amount tt
anything serious. .r
Professional Selling.
While more or less profit taking the part o.
the professional element is expected. the uptown
| cliques Of spectators look for substantial ad
! vances from this level. They seem to be conf
dent that the large holders of securities will
, rot sell them at present prices. Members of tn
board who have been on the floor Of the ex
change recently, and close observers of the tape
say that all the standard stocks are extreme
ly scarce. Reactions from time to time ar
expected, but the prevailing opinion Is that tn
market will continue to advance for some tim
| to come. While there has been a feeling tina
! several of the railroad issues are selling higl
enough, and SO high that they are prac
tically out Of the speculative list, still tn
transactions recently in these securities wou
| seem to indicate that they are wanted by inter
ests familiar with the properties which th
securities ss represent It Is believed tina h,'
this class OF stocks Is being Dough
not for the rate Of interest which they yield O
present prices, but 70 developments and extr
distributions. which will make them appear sti
more valuable than at the present time. Their
is still strong tendency to buy the low-price
issues both for speculation and investment.
81 The Vanderbilt Stocks.
Brokers who have watched the recent action
Of the Vanderbilt stocks said that they presente
all the outward indications Of clever plan t
af{o In fhoD1 Tho rxQ
begun with Nickel Plate which bid u
sharply. They pointed out that there could b
no better way of persuading the room to blu
New York Central than by first buying tn
shares Of subsidiary company and giving tn
impression that a readjustment Of corporate G
traffic relations among the several branches Q
the system was about to take place. The repo1
current is that the Nickel Plate is to receiv
traffic from connecting road In which the Var
derbilts have purchased a big interest, bu
which heretofore has delivered it's traffic to tn
Wabash and the Grand Trunk. The recent buy
ing Of Nickel Plate is attributed to hous
which frequently acts for capitalists affiliate
with the Vanderbilts
The Vanderbilt roads are to spend $780, O0O
600 and the Pennsylvania 500, 900 on i'm
| provements during the current fiscal year. Fri
has begun the expenditure of $4,000, 900 on tel
minals; the Western Pacific Is laying out $50
900, 900 on the completion of that road, tn
Southern Pacific is making outlay Of $25, 600
heavy sums for improvements. President Elliot
1 of the Northern Pacific says that contracts hav
been let for building about sixty miles of tn
line which the Hartman and Northern Pacih
interests agreed last spring to build Jointly i
the Clearwater district. t--.--- .. .--.-.
Thomas W. Lawson is credited with sellin
over 10000 sharesof Amalgamated Copper TIL
week The copper market is firm and adva1
cing and Lawson's object Is not clear. Th
stock has been we'll supported.
s. s. schroff