The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-04-29
new Y0RK'S BONDS
HARDER TO SELL
SYNDICATE STILL CARRYING
.$1e,ooo,ooo OF PREVIOUS ISSUE.
Wall Street Not Quite Sure About the
Hartman Position-Gat Reported
to Have Made Up in Stocks a Good
Part of His Losses in the Wheat
Corner ~ The Monetary Situation
Highly Favorable-G Gossip Of the
Street for the Week.

Special to Tho Journal.
New York, April 2e.-Much comment has
been aroused by the fact that the bids for the
recent New York city bond issue Of $4,000 900
have fallen of more than per cent. 1t Is
said that the bond market has latterly been
well stocked, if not overstocked, with securities
Of this class, especially with the city stock
of New York, and in the face Of this neither
dealers nor investors could reasonably be
pected to offer 102.40, as they did at the last
sale-the price in consequence falling to 100.7l2
for the bulk Of this last issue. Incidentally 1T
may be remarked that the syndicate which took
the majority Of the previous high premium issue
has still on its hands about SIG 0000 900 of these
city bonds, the plain inference being that 1T
terms of its purchase; in other words, premium
of $40 on the hundred dollars was too high.
Furthermore, the marked activity IN the bond
market in recent months discloses that first
class per cent bonds are in fairly good supply
Mt prices which net the owner better interest
returns than the New York sh The credit
Of New York is as gilt-edged as ever, but she
hasn't a mortgage on all the good money, N
sight.
wall street did not quite know whether to be
treasured or to take fresh alarm over the posi-
the ambitions Of q. II. Hartman had been
formed among other high railroad fnanciers
The Hartman stocks, and in an only slightly
less degree the stocks Of other railroads con
cerned in the western railroad situation, were
closely watched. but afforded little indication on
which construction Of any kind might be
placed. Union Pacific was bought freely by
brokers' generally credited with representing
Hartman. but as they have been among the
heaviest sellers in recent past, their bust
ness this week had little direct bearing on the
questions at issue. Pending more definite indi-
cations brokers were inclined to believe that
while pressure might have been brought to bear
upon Hartman to curb his instinct Of domina-
ton it was wholly unlikely that any serious
break had occurred between him and the Stan
dard Oil party, without whose assistance, 1t
is believed he would be unable to maintain his
position. 1t is currently reported that the
Moore Bros. sold 100000 shares of Union Pa
cifc stock at private sale to the Hartman in
terests. .4.-..,y. ,E
The Waldorf Crowd.
There is still considerable uncertainty in the
minds of the Waldorf Astoria clique with re-
spect to the immediate future Of the market.
It seems to be generally expected that there
will be further liquidation and further short
selling. No can be found who Is bearish
on business and monetary conditions. IL 10
pointed out, however, that the developments OF
the last ten days are not conducive to general
confidence, and that these conditions may pro
duce still further unrest with respect to the
stock market. One man who has been regarded
as a prominent factor in the market for some
years expresses his opinion briefly by saying that
he is bearish on the position Of the market and
NOT on general conditions One feature of the
market which has attracted attention ana caused
ton of all stocks offered. 1t Is believed that
these securities have been taken by powerful
| financial interests who expect OF course, to
| realize handsome profits on them. 1t is believed
also that these men expect to get these prohts
within comparatively short time.
! Apprehension that the Milwaukee bank episode
might bring in its wake trail OF consequences
such as followed the Harper defalcation In
Cincinnati was dispelled by the unreserved man
ner in which the Chicago banks extended sup
port to the financial institutions of the Wiscon-
! sin metropolis. "a. .-~..... 80. n.
Stories that John W. Gates has lost millions
| must be taken with reserve. Gates has GER
tainly lost money in grain. but he has made
| up most Of the loss in stocks. Foreseeing his
difficulties in grain he went heavily short Of
| stocks and came out about even.. Gates is q
''slick article" and speculation is his bust
ness. There were signs as long ago as the
| middle Of last week that the corner in May
wheat had been abandoned.
| =, Hill Hartman Deal.
| Rumors have been current that an under.
| standing has been reached between the hostile
1 Harriman-Hill factions, which, however find
| little credit in the best quarters. 1t hardly
seems probable, however, that the large inter
| either party calculated to cause disturbance In
| the financial world, tho the Hill interests GER
| tainly appear to have the upper hand at the
! present moment. -n. 49,
The money situation continues satisfactory tc
! everybody excepting the banking community
| which is not making the same profits as during
the previous business boom, when rates ranged
materially higher. OF course, it may be tha
business requirements will reduce the available
rates But for the next few months 1t is gen
l orally believed that merchants have made ar
rangements for the necessary requirements.
Il - IS. s. Schroff