The Minneapolis journal., 1905-11-12
! WALL ST, WEATHERS
A STORMY WEEK
Tight Money, Foreign Troubles
and a Disturbing ..
Election
Sneoial to The Journal,

Special to The Journal.
New York, Nov. IL, 19O5.-The stock market
has been in rather ragged condition this
week owing to the election, the mixed foreign
situation. tight money and talk Of gold ex-
ports. The sensational advances of the past
week in such stocks as Reading, Americas
Smelling, American Locomotive and Tennessee
Coal 4 Iron were largely engineered at the ex-
pense of stubborn short interest who disre
garded the small floating supply of stock and
/ persiStently fought the rise. The recrudeScence
| Of speculation in the minor indus trials par
ticularly in such stocks American Grass
! Irvine. is not encouraging symptom, having
speculative movement. Even in the case OF
| issues like American Locomotive and Railway
Steel Springs, the fact that but few years
ago they given away in the promotion
Capacity, would suggest that the future is being
discounted too rapidly. Tight money affected
all Stockers alike and some Of the industrials
, recently advanced. met sharp recessions. The
conservative of the street are opposed to
the booming Of these low-grade, non-dividend
issues.
BANKING CIRCLES make no concealment Of
the fact that they apprehensive of worse
money squeeze prior to the end Of the year
Despite the artificial stimulation which the bank
statements have received, the surplus today Is
are an agan Of dspayHg Psug endencS sug
Eestng the withdrawal from the money market
of both outside institutions and foreign lenders
With the Bank Of England reporting the poorest
condition in fifteen years and loss IN It's
replenishing; with the Bank of France casting
covetous eyes upon our holdings of the yellow
metal because Of loss for the week OF over
So 600 900 gold, and the Bank of Germany
raising It's official rate to 51a per cent, follow
ing u cash loss Of $40, 00O,00O it is evident that
| we need look for little assistance from abroad.
Even the postponement Of the Russian loan
may prove merely temporary respite since the
japanese government gives indication of intend
Ing to refund its per cent sIl issues: ,,u
the largest holders Of Reading 1t is appar-
emily trustworthily stated that this party would
not consider selling share. 1t Is pretty well
known that Maxwell s. Graves enormous
holders, and will not sell share. who
IS the oldest living director in the road has
never touched his large block. Friends of all
these have tucked away stock In the expectation
| of another Lackawanna OF the remainder, the
speculative houses in Wall Street own most. and
their ideas high. large amount of the
stock is collected in the Office Of Wassermann
Bros, who have steadily predicted price of
at least $50 since the actual price 40.
When the stock marches up 10 points, there
is. little actual change in ownership. AS long
| as there people who will sell the stock
| for turn, there will exist ground for advance
and the stock has been marching on that short
| interest created day by day and not intended
to remain from one day to another
J. ]. HILLS departure for Europe Is under.
stood to have connection with the recent activity
in Missouri, Kansas & Texas stock. Control
of this property has rested largely with the
Dutch interests thru their ownership of big
block The recent buying was credited to Hill
interests, and arrangement for the taking
Of the foreign holdings would clinch con
troll. According to analysis of the property
during the past eight years over $4,000, 900 has
/ been spent in betterments out of earnings, 1nd1
eating the progress made in habilitatng the
/ road. AS a connection for the Burlington the
Missouri Kansas & Texas could be made much
better paying property since the Hill systeml
could furnish IT with a big thru traffic.
: DULUTH. SOUTH SHORE bulls cling to thei
assertion that developments pending de
signed to make the road "a second $780," ant
Rltho such statements are regarded as exuber
antly enthusiastic the fact that they made
by people who maintained their faith in the Soc
line stocks when Wall Street could not see
much merit in the latter, at fraction of theIl
present prices, gained for them OF
attention which they would not otherwise have
obtained.
THE DRESDEN BANK, an enormous institu
- tfon with ramihcations extending into ever!
pulsatng heart Of Europe having allied itse
with the Morgan house has only followed th'
Deutsche bank, Of Berlin. which has had simi
1ar alliance in New York for many years. Thes
alliances tend to bring New York inter
national center much nearer to the older mar
kets Of Europe. They tend to make the wor
smaller.
PENNSYLVANIA is conspicnously referred
as furnishing ample proof Of the prosperity 0
the country. This road derives it's traffic from
widely scattered territory, in which there nr
diversified industries. and consequence th
company's receipts present quite clearly the pc
sition Of business thruout the country.
SENSATIONAL STORIES that large shor
interest in Reading had been covered at a
enormous loss not credited Houses know
as large buyers and holders Of Reading, have nc
been asked to loan q single share during tb
recent sharp advance In the stock.
THE EFFECT Of the municipal election on til
stock market was favorable on the whole, tn
~" impression in financial circles being that til
result will not be changed by Hearst contes
Stanley Schrof.