The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-07-15
WALL STREET HITS
The BEARS HARD
A WEEK OF FINE CROP NEWS AND
STRONG STOCKS.
Prices Fall Back Somewhat from Ad-
vances, but Show Continued Upward
Tendency-New Dividends to Come
Many Street Leaders Now Absent
The Foreign Situation Good-New
Japanese Loan Considered shrewd
Move.
Special to The Journal.

Special to The Journal.
New York, July 15.-Estimates of abundant
crops turnout the entire country put the stock
market bears to rout in a jiny. Every thing
looked rosy after the government report came
out and the statisticians got in their work on
the figures. Stocks were Immediately marked up
few pegs, but OF course they did not stay up,
for the manipulators grasped the opportunity to
realize few shekes and sold out freely, with
the usual result of recession following good
news. However, this was only temporary set
back as values were bound to exhibit strong
undertone on the prospect that the farmers thru
out the length and breadth Of this vast country
were to again have their Golfers replenished by
the bountiful yields of wheat, corn, oats, barley
and other things. There is nothing like good
crops to put up prices of stocks and bonds and
to make everybody happy. The foreigners have
been selling stocks here heavily Of late, but as
soon as the crop news filters into their innermost
consciousness they will probably turn bulls and
| begin buying again. .-
| Every now and then the moneybags of Europe
| get the idea that there is something wrong with
| this country, but invariably developments show
them that 1t Is all right and they Immediately re-
pent and come back like SO many prodigal sons
| to buy more American securities. That they will
do SO in the present instance Is beyond question.
| At the moment the market for a number of
stocks is Influenced by the prospects Of an in
crease in the dividend rates These expectations
appear to be fully warranted in the cases OF
Union Pacific, Baltimore & Ohio, Illinois Central,
Norfolk & Western, Chesapeake s. Ohio and Read
ing. There is also strong belief that the pay
ment of dividends upon Southern Paci0 will be
begun in the near future.
Street Leaders Absent.
Many of the more prominent Wall street men
have left the city for the summer. The list
includes the virtual heads of the United States
Steel, the Union Pacific and the Rock Island
properties. Wall street Is never content &c
confne its specula tons to the prospect of secur
ties based on earnings or future dividends, but
always to know what this, that the other grea,
ia doing Ex-1udge Moore. head of the
Rock Island party, AMI some of his friends. arr
about to leave town for the rest OF the no,
season. and within short time Mr. Hartman Ii
to take trip to the far east. The Rock 1slant
crowd is not going on the fishing trip which
several wel-known men in the street are K
take soon. 1t is understood that the fishing
party will consist of six persons and will b.
made up largely Of close associates of John W
Gates. who is in position to know say
that while Charles NJ. Schwab is very enthusi
astic regarding the steel situation NE is no
taking an active part In the trading now goinnl
on in the United States Steel stocks.
The foreign situation showed improvement
prospects for an early termination of the Jap
anese Russian conflict being much brighter wit
the plenipotentiaries on their way to this coun
try clothed with full powers for concluding
peace. Even the Black Sea mutiny Is not with
out its redeeming feature in that 1t hastens thi
much desired end. OF course, in the event o
! widespread rebellion in the cars realm Franc
might find it difficult to prevent trouble arisin
from its immense Russian bond holdings, alth
count suggests that proper precautions haV
been taken to guard against this contingency
| The French German difficulty seems now in Pre-
cess Of definite adjustment, while the prospect
for a class in the Scandinavian peninsula ar
thought to be exaggerated, neither Sweden NO
Norway having much to gain by fighting. :,
An event of considerable Importance In 1t
bearing on the future Of the security marke
was the announcement Of the new Japanes
loan, $50, 900, 900 Of which was more than sui
scribed for in this country. The Japanese hav
again shown their clever foresight by anticipa
) ing the conclusion Of peace when they mus
: inevitably have borrowed in order to replenis
their treasury. They have, in fact, forestalle
, the Russians, who already are making tentativ
E proposals in Germany. which country has sui
3 placing of these bonds suggests that the pre-
ceeds Of the last issue are needed in Japal
The remittance of the proceeds-conservativel
estimated at $50, 900, O0O-in the present state
the foreign exchange market will cause conslt
. cradle gold exports, which in turn must haV
. an effect upon monetary rates. Already,
fact there Is a slightly frrner tone noticeabl
for the longer periods, which may be strength
4 ened by shipments Of the yellow metal.
General Summary.
General opinion holds that the investing pu
lie have large surplus which at the prop
s time will be put into securities: Six montl
5 ago the demand for bonds was extremely sati
0 factory; this, however, being satiated by tt
o extremely heavy issues. many of which yet r
main to be distributed. In some quarters IL
argument is raised that the bond market wi
be neglected for the stock market because
the promise Of greater yield than 4 per cen
| At the present time, however, the most hig
class railroad stocks are selling bett
basis than good bonds, so that the purchas
must look to the future for any advantage
| this respect. ..
| The snecnlatye movement in COTTON foster,