The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-12-24
BULLS STILL RULE
IN WALL STREET
Despite Some Minor Reverses.
They Hold the Market
Well in Hand.
Special to The journal.


New York, Dec. 23.-Because of the
rapid advance which many securities
have had and the belief that there has
been pretty liberal distribution of
stocks to investors, it is known that
several prominent interests in the mar
ket have been looking for some DAYS for
break of from five to ten points in
the active list. This came on the an
nouncement of the Chicago bank fail
ures, but the actual position Of affairs in
the market has not been changed. The
bulls still have speculation well in hand
and will not give up control on account
OF a few failures, important tho they
| may be. The market has been put to
several severe tests during the past six
weeks and it's wonderful strength has
been the most notable feature. Unless
something Of a decidedly adverse char
acter arises, the trading is likely to con-
tinue on large scale. If the conserva-
| tive interests who have been holding
| aloof from the market become active
! buyers, it is pointed out that there can
be only one side to the market.
While the attention Of the speculative
! pools who dominate the situation is
largely concentrated in limited group
Of industrials, greater disposition was
shown to take railroad issues in hand.
This move was cleverly designed to inn
press those commission houses which
have been critically inclined because
the railroads were not market leaders.
Undoubtedly the advance in Union Pa
cifc contributed much more to the in.
crease in outside participation than did
| similar movements in stocks like Ameri-
can Smelter, National Lead and Tennes-
see Coal & Iron. Amalgamated Copper
also, because Of it's checkered career
and the persistent opposition of a bear
contingent, was well calculated to slim
ulate some enthusiasm when it crossed
par.
The copper situation is most interest
ing at the present time and while in
some quarters it is said that the high
price for the metal is purely artificial
and due to the efforts of the insiders to
advance the quotations of the copper
shares, it is asserted in trade circles
that the upward movement in the price
Of the metal has been due entirely to
natural conditions in the copper bust
ness. There is an active demand for
the metal thruout the world, and con-
sumers are bidding freely for large lots
for future delivery on a basis Of 1872
cents, which is under the figure at which
some actual sales were made last week.
High grade copper for immediate de.
livery has been quoted at 10 and 20
cents pound. Growing activity in the
country's general industries has di-
rect bearing on the price Of copper, and
the fact that there has been such a
tremendous growth in the output of pig
iron also bears close relationship to the
operations in copper. a--a
; The general course of speculation con-
tinues to reflect the presence in the mar
ket Of powerful financial interests
whose operations are being conducted
on an enormous scale on the theory that
41,sc ,f,.xy
bring about further appreciation in all
securities, notwithstanding the posi-
bility Of a continuation of the present
, money market conditions. The current
: inference that the movement will &C
farther is based upon the theory that
: the speculative mania is only beginning
, to seize upon the rank and file. The
5 speculative plungers who heretofore
have been practically the entire mar
8 the daily transactions, choose to disre
l gard all conservative warnings, theil
I motto apparently being, CATER us, the
$ deluge'' It goes without saying that
l they confidently expect to unload Their
r burden, tho past experience would sug
Q gest the uncertainty Of success in this
!. regard. In 1901 and 1902 just sucl
o wild spectacular markets were expert
enced, there being apparently no limit
to the level of prices.
Once the pE3lic, however, attracted
by the reports Of the ease with which
e. money was being made in Wall street
D focked to the brokers' offices, the crasi
/ came Some shrewd observers look tt
t see the campaign continued until easy
e money prevails--in other words, unit
= the January disbursements have mad.
:. themselves felt. Others believe that thu
danger signal will be 100000 share
0 DAYS. Of late 100000 share days hav.
3 been common. The time loans which
1 the big spectators made some time ag'
9 fall due in large part early next year
5 and unless the Russian situation I'm
proves, disagreeable consequences ma,
arise when they are renewed. Boti
France and Germany are evidentl,
worried over their immense holdings O
l. Russian bonds, las is reflected by thei
a drain of gold from the Bank of Eng
l. land. which lost $4,SOO,OOO last week
Il Russia has been compelled to SEM
/, Sc. 100000 gold to Berlin, to anticipate
d January interest, and incidentally quie
J. fears that a default might take place
! Wall street is still talking about tn
g sensational drop in Amalgamated Cop
V ner which was followed by an equal,
3 sensational recovery. The bucket shop
J. were given the credit for the erratl
trend. it being inferred that they mus
s. have accumulated a large long follow
ing in this stock which was getting bun
densome. 1t is estimated that tn
Il bucket shops of the country account 10
~ more transactions than all the stocl
- - exchanges combined.
e ''N Stanley Schroff.