The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-09-09

New York, Sept. 9-The old saying that
''Wall street sells on good news was aptly
illustrated when the stock market was called
upon to absorb large quantities of long stock
which had been held awaiting the declaration OF
peace between Russia and Japan. One of the
most puzzling features in market movements
was the faint, half-hearted response which all
Japanese securities dealt in on the Stock Elk
change gave to the news that peace on advan-
tageous terms had followed the signal successes
of the island empire. Imperial Japanese As and
Is scored notable advances at London but In
the local market Japanese is of the second series
sold at 100B, AIS Of the first series at 91A
and 41As of the second series at Oh. In the
bond market, as with stocks, apparently, specula-
tive investors took profits on the good news.
Most of the selling came from pool operators.
The decline shook out many stocks and de-
moralized many traders. 1t altered the opinions
of many who heretofore had been bullish. On
the other hand, it has brought an absorption, the
extent of which astonishingly heavy. OF
the original bulls of six months ago, nine out Of
ten sold out too soon. large proportion had
stood by watching prices keep on upward above
their selling point, hoping and waiting for the
inevitable reaction which would permit them to
get in again. When such reaction comes many
of the more confident lose heart and mistake it
for the beginning of a great decline. Not SO In
the present instance. Anywhere from 250,OOO to
400, 900 shares of stock were taken by people who
sold out month ago at profits ranging
its now margin, together with all they orig
inally had. Such buying Is the strongest posi-
BILE 1t takes 2opoint decline to weaken it.
New Russian Loan.
Preparations are making to bring out the new
Russian loan not long after the signing of the
treaty Of peace, but that loan, altho in the ag
gregate Of great size, will be offered In install
| ments covering a period of a year or more. Fur
Their. it Is expected to be chiefly placed II
Europe, where preparations had already beer
| made for meeting the situation which would have
been created by the necessity of Russia's raising
no p1yptn If baau q
| sums required for the purpose Of repairing tn,
waste of war; that, in view Of the lessenet
| demand. it is rather improbable that any par
! Of the foreign capital now employed here vii
have to be withdrawn in order to provide for tn;
financing Of the Russian loan. Japan, as pointed
out by Mr.. Takahashi, financial commissioner o.
| that government in London, has vast credits still
| untouched in European centers and in this city
! and is not likely for year or to put ou
| fresh foreign loan, the proceeds of which will
| be devoted to taking up internal Obligations In
Cured during the progress of the war. 1t Is no
4 strong feature of the local money market S1tua
| ton, however, that part Of the money now hell
| by the clearing house institutions and owned b.
Japan Is subject to call at any moment.
Short Side Dangerous.
One who is closely identified with and in tn
| confidence of of the strongest bankin
interests in the street expresses the opinion tina
it would be very dangerous to go short of tn
market now. He believes that the reasons 70
unsettling conditions have largely spent thei
] force and cannot be much longer used argu
rnents to depress prices. broker who ha
close connections with foreign interests say
| that his advices lead him to believe that Euro
pean purchases of stocks will be quite a prom
| nent feature in the market in the near future
The sentiment abroad American Issues, b
says, is very favorable. Runors curren
that meetings have taken place in Europe be
tween william Rockefeller and James StlllmaI
both of the Amalgamated Copper company. an
IF. Augustus Heinze. Presumably their NEE
ings If such occurred, were in regard to til
situation existing between the two inter
ests. The resumption of pool operations
| Reading stock is not liked by the conservative
interests in the market.
Lawson a Wonder.
Lawson wires that he has covered his short
to the extent of 10000 shares OF Amalgamat tie
Copper and Shelters. 1t is plain that his pr
dictions of disaster did not amount to mucl
Nevertheless, calls for margins forced liquid:
ton of commssion-house accounts, but thes
have. of late been a comparatively ligf
scale, indicating that the public suffered muc
less than last December. Wall street, whatevt
its private opinion to the character or ln
tives of Thomas w. Lawson, must at least gi1
him credit for picking the psychological momel
to inaugurate his bear campaigns Perhaps stoc
market circles too ready to ridicule ii
market utterances from this quarter, since twit
within a year he has put check to its activ
ties the bull side. AS regards the SO 900 OF