The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-10-01
WALL STREET COMMENT
Special to The Journal.

Special to The journal.
IN SPITE OF abundant crops, of grain and
gold; in spite of generally prosperous condi-
lions thruout the country and confidence on the
part of banking and other interests, the public
holds aloof from the stock market and appar-
emily wants none of 1t. Trading on margin
has almost come to a standstil and the manip-
ulators of Wall street are in the dumps. The
various pools and bull cliques have been. for
some time working hard to make big mar
ket on which to unload, but far with very
poor success. 1t is certainly remarkable that
the outside public, despite the continuing ad.
vance, has resolutely held aloof from Wall
street. There Is not the same response to the
bull propaganda in 19O1-19O2, the natural
gotten the costly experiences suffered during
that period. While Of course it can be said
that stocks are too high to attract the public
most dividend-payers selling at higher level
even than during 1902-the w-priced issues
have not scored commensurate advance in
most cases being quoted we'll below the record
quotations Of the past FIVE years. If the stock
market campaign is to continue, and most of
those even who look for, temporary setback
expect further movement speculation should
turn to these issues as afording a larger op-
portunity for manipulating effort.
RAILROAD HISTORY IS being rapidly made.
and it would not be surprising If within the
next year many deals, temporarily held in abey-
| ance because Of the 1908 slow panic should be
| carried to successful conclusions. AS generally
| expected, the Erie will bear the burden of the
|
| tho this burden should be heavy one for many
years to come. The Erie it is true, rounds out
its system by the purchase, but at price
which In view Of its urgent need of improve
ments does mot make for enthusiasm While
no official confirmation has yet been given of
| the reported St. Paul extension to the Pacific
coast, this development seems only question Of
time, for the management Of the road can i'll
afford to allow its competitors to do all the
progressing. -. -.
l.
DERIVING strength on optimistic predictions of
a melon-cutting which, while they find no In
side AUTHORIZATION, are expected ultimately to
| prove we'll grounded From the action of their
stocks, the Morgan interests are considered ia
vorable to the upward movement The final
settlement with the stockholders of the constit.
uent companies which compose the Northern
Securities corporation cannot in the natural
order of events be much longer postponed The
heavy trading in Southern Railway common is
taken by some as indicating that that class
of securities is to be taken in hand It is
confidently expected that Southern Railway will
advance we'll into the forties this fall Rock
Island is another 1ow-nriced: railroad stock in
which substantial rise is looked for on the
basis of the excellent crops in the southwes,
and the materially increased earning power OF
the company. There is considerable talk also
recovered from its losses of last Bar and Its
earnings this year will undoubtedly be much
larger. 49,, =. : ="
Unit
ed States Steel stocks. Tremendous earning
are being predicted for next year. It is pre-
d1cted that the common stock will sell wei
Into the forties before Jan. 1. In well-informet
circles 1t Is not believed that dividend will
be declared on that security for some month";
to come. 1t has been announced as the policy
of the management, however, that Dividend
Z would be res led when the surplus SHOULD
reach 100000, 90. r. ...- -
1t is claimed that the movement in Louisville
Nashville has been due almost entirely t.
manipulation. The statement comes from goo,
sources that there is no foundation for the re
cent rumors with respect to the Atlantic Coas
Line and Louisville & Nashville. Everyone say
! there are to be rights on St. Paul at $50 t.
build thru to the Pacific coast. OF the correct
: ness of this rumor there is no official knowledge
| as vet. ."
: LARGER INTERESTS ARE still working 70
! higher prices because there has been no grea
. distribution of the holdings of the larger pool
! and individuals and because the money market
thru the medium Of loan reduction in the clear
ing-house banks has ruled at O relatively Low
ciated banks have reduced thier loans nearl
$50, 600, 900, while in the same time their cas-
holdings have decreased s21 211 800, the latte
item representing in great part the shipment o
currency to the tnterior-fo the handling of tn
crops. Money market conditions do not indi
cate any Immediate Chang Tin the quotations TO
rates for loans, that Is, a change of suffcien
Importance to advance call money to prohit
, tive level. It is believed, however. that Their
E will be a higher level before the end of tn
: year, but it is not thought likely that this ad
r vance will be large enough to any disturb
: ance in the, stock market. = !.
: GOLD IMPORTS WILL probably reach larg
amount So far as is known the Bank Of Eng
: land does not appear to have put itself in tn
- attitude of placing distractions in the way Q
p gold movement from London to New, York
: Up to date the gold imports this year have bee
about 81 900, 900, which is only slightly in es
j, cess of the amount imported last year.
THE PRICE TREND is decidedly upward
: large investors are holding stocks firmly; furthe
: expansion Of the countrys business is inevitable
; but at the present moment the banks are not d.
I ing anything in the market. Hartman inte1
ests are talking very conservatively on th
= situation to their friends and giving no el
a enlargement to the campaign for higher price.
They believe that the money situation does nc
v warrant stock market activity, and would nc
a be surprised to see a lower range Of price
reached. The recent action of Union Pacific ha