The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-02-25
Special to The Journal,

Special to The Journal.
New York, Feb. 25.-Much gossip is heard of
the organization Of powerful bear pool. One
story had it that Lawson, Field, We'll, De Witt
and a number of other professional opera tors
had Joined hands to make aggressive bear
campaign. If such a pool has been formed it
has done nothing up to the present time. All
OF the leading members Of the western CLIQUE
Vanderbilt Is in Rome, William Rockefeller Is
in Europe James Stillman is In Florida, George
Gould Is preparing to make, western trip
]. P. Morgan will go to Europe next month for
an extended trip, while George F. Baker will
next week leave for trip to the south.
Members of the Waldorf Astoria party who
are in the city have the same confident opinion
regarding the market that they have had for
some time. They say that they nothing in
general conditions to change their views re-
garding the course Of the market. The I'M
preston seems to be that the bulk Of the trad
ing will be in the low priced issues. Commits
sion houses. are conservatively bullish.
Naturally the unusual activity in Union Pa
cifcsearly in the week led to the circulati ton
of all manner Of rumors. The trading IN the
stock was so furious that 1t was thought a
contest was going on for control of the COM
pany. The possibility of a corner In the stock
thoroly~ frightened the shorts, and there was .
the control of Onion Pac
quickly recognized as absurd. Nothing developed
to indicate that the enormous activity OF Union
Pacific anything except pure speculatlon.
The idea that the heaviest buying came 1rohl
banking interests closely identified with the
company ridiculed in weI-informed quarters.
The insiders in the company are known 10 nave
accumulated large lines Of Union Pacific without
any fourishing Of trumpets when the STOCK was
selling from 80 to 30 points below It's present
price These interests are hardly likely to
wait until the stock has advanced within few
points Of the highest price at which IT mas ever
sold and then rush into the market anu scramDle
over each other in an effort to purchase: The
most reasonable explanation for the rise IN
Union Pacific Is the large earnings of the prop
erty and the general understanding that the
dividend rate will shortly be increased to either
6 per cent.
The activity of Southern Pacific appeared to
be simply a movement in sympathy with Union
Pacific. It is pretty we'll understood that the
basis, but unless the dividend to be declared
is larger than generally understood, 1t would
seem that the present price Of the stock about
discounts this development. Specialties like
Corn Products. Virginia. Carolina Chemical and
National Lead were buoyant and showed un-
usual activity. There is, Of course, little Or
no outside interest in any of these stocks.
Bull Tip on Steel.
For nearly week the tip has been circulated
every morning that Steel common would shortly
enjoy a sharp advance. According to one story
a pool has been formed to advance the price
to above 40. Such stories are always plentiful
every 100 such tips usually worthless Re-
garding the genuineness of the prosperity the
steel and iron industry is now enjoying, now
ever, there cannot be the slightest question;
Pig iron, which is the basis Of the steel and
iron industry, is. now being produced and con
suIned a notwithstanding rate The net earn
ings st the United States Steel corporation dur
ing the current quarter are expected to amount
to anywhere from $2a, 200. 900 to $50. 900, 600.
The strength in tie foreign markets, 1ndlea-
lions in London and Paris Of a belief on the
part, Of the leading f1nsnciers that the war in
the far east will soon be brought to close,
and easier money rates in foreign centers. are
considered Of great significance by careful FOL.
lowers of the general financial situation, and
have put the bears to rout for the time being.
Money in New York, however, will soon move
Interior put there appears little probability that
the advance in quotat lions for loans will hold
for any extended length Of time, or that IN the
period Of sitter rates the bear element on the
stock exchange will be able to bring about any
important decline in values $. S. schrof.