The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-08-12
The Stock Market.

The bull market IN stocks, long pre-
dicted, yet ever hanging back, appears
to have started at last, to judge by
the increasing trade and sharp advances
in leading issues in the past day or
two, and the preponderance of buying
orders.
The factor Of the day, making for
greatest uncertainty, is the peace con-
ference at Portsmouth. Wall Street is
watching this with all eyes, while the
big spectators Of the street are girding
up for the fight. The bears in stocks
have been pretty well worsted Of late
and nothing has been heard from the
redoubtable Lawson for some little
time. J. j. Hill has been referred to
within the past few days as being
bearish, for the reason that he recently
announced that there will be no "mel-
on-cutting' in northwest railroads this
year, and because his views of the crops
of the northwest, while favorable, have
not partaken Of that extreme optimism
heard elsewhere. It is unlikely that
Mr.. Hill is bearish; also it is unlikely
that he is interested in the professional
side of the market. His views prob
ably represent conservatism only.
Meanwhile, however, his own particular
stock, Great Northern, has been doing
some interesting things, going up TWEEN
ty-five points almost without reaction
of Importance.
If the peace ENJOYS should fail to
agree it is extremely likely the effect
upon the stock market would be sud
den and severe. On the other hand, it
peace is formally declared the bulls
will have seen the last great stumbling
block removed and the road will be
clear before them. +.
It is useless to try to predict any
thing about a bull stock market. When
the last great boom was on prices went
so high that even the most sanguine
bulls saw their predictions more than
realized. Also prices came down again
later on, with rush. Never was 1t
known that Wall Street did not over
do it.
There is a great deal Of legitimacy
in the present strength. 1t is true thai
the crops Of the west and northwest
promise a heavy grain tonnage for the
railroads; that the great industries, like
iron and steel, are doing an enormous
business, and that financial conditions
> are good, there being plentiful supply
Of money and nothing in sight as ye
| to indicate stringency at crop--movlnf
J, time. All these things are legitimate
| vet the hand Of the manipulation is seel
r thru it all. The great object Of Wal Wal
: street today is to draw in the genera
: public, and once the stocks get up +
> points where they ought to be sold,
} is not unlikely the public will come
and buy. The scandals Of the stree
7 and the croakings of the Boston pessii
: mist have kept the people out, but
q the excitement grows, many will prob
0 ably venture in. -
r These recurring periods of great pub
e lie interest in speculative affairs ar
a among the phenomena Of America
e commercial life. Always there comes
q time when the country gets so prosper
/ GUS, and money looks SO easy, that tn
: people, some Of the people at least, &c
q tired of the slow process Of accumuls
u ton and 90 in to get rich quick. Hls
u tory fails to show that any large pro
II portion ever get the money this way.
= Today the situation appears to be
l. the turn. One or two things there al
~ that, by development contrary to Wa
= street interests, might nip the boom
- the bud; but if these things turn OF
- favorable to the street, it is not in
probable that the country is on tt
. eve Of another season Of speculati7
10 activity like that which ran so Ion
"a few years ago and only eliminate
~ when the professionals had sold GU
,, and the clerks, BARRIERS and chorus cir
y were carrying the speculative zburde
~ of the street, the whole finally endi1
g. in a tremendous collapse, as all boon
n do in time. -.~. .~.
20 A rural editor announces that he h