The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-07-08
Special to The JournaI.

Special to The Journal,
New York, July S.-Belief In the ability and
purpose of President Roosevelt to bring about
peace between the warning nations in the far
east caused a decidedly better feeling in finan-
clal circles after the Fourth of July holiday.
Inc condition of affairs existing in Russia itself
DID Lot exercise much influence. The opinion
generally seemed to prevail that after peace is
declared the cars government will be able
to suppress all thej disturbances. Consequently,
the tone Of the speculative market was much
stronger than 1t has been for some time past.
Prices moved upward rapidly and the indications
pointed to more extended and diversified bust
ness in the immediate future. The wave Of
bullish enthusiasm which spread over the market
Monday, resulting in to 2-point advances thru
out the entire list, stimulated by the vari-
GUS pools. Owing to the improvement in the
Moroccan situation foreign bonds were generally
higher, particularly French rentes
London Is buying stocks here quite heavily and
there is evidence of an increase in commission
house business, showing that the public is again
in the market to some extent. The July dividend
and the other disbursements account for this in
measure. Bull tips are out q number Of
speculative fayorites, particularly en- the Steel
stocks, Atchison, Brooklyn Rapid Transit, Read
ing, Erie. etc. In some cases, notably in Union
Pacific, inside realizing has been noted One
expresses the opinion that the stocks mentioned
and the active stocks as whole will probably
have an average advance of 10 to 10 points
during the summer. He believes that the dvi-
decidedly beneficial effect upon the whole list.
The Transfer Tax.
At the time Of the passage of the stock trans
fer tax bill the amount of revenue which the
state of New York would probably derive from
the tax was In doubt, no one could forecast
the activity Of the years market. The Stock EA-
change, having decided to enforce payment OF
the tax by its members, all other exchanges and
Independent dealers in stocks had to comply. All
eoho %od ID fro1 dino hQ Hudson
or to divert actual trading to the Boston, Phlla-
delphia or Chicago exchanges fell to the ground.
1t Is true that there Is great discrepancy De-
tween the dealings in stocks on the Stock EN-
change and the stamps purchased by Stock Ex-
change members. For obvious reasons all denl-
ings at the same price are paired Oh. There
is great addition to the amount OF clerical
labor required. The mortgage tax became effec-
tive July 1, and 1t is certain that the receipts
from this tax will be great disappointment.
All the mortgage companies and bond guarantee
companies have been working their full forces
with extra clerks for over month from early
morning until past midnight. Every mortgage
which could possibly be recorded was placed on
file before July 1. A number of corporation mort
cages were fastened and in cases the tax
thus avoided was $4,000 on single mortgage.
Foreign Bond Sales.
During the fiscal year 1905 there were hoated
in this market over $3.50, 900 900 of bonds issued
by foreign governments and foreign corpora
lions. The principal items wer as follows:
Japanese first IS $50, 900 O0O
Japanese second Is .................. &C, 200 OOC
Japanese AIS ...................... "a, 900 ,OOC
Cuban IS ACKNOWLEDGEMENTS. 81, OOO, OOC
Mexican 4s ...................... &c, 900 ,0OO
Canadian Northern As .............. 1857 OOG
London Underground ............... 1890 0OC
1t does not appear imminent that the Amer!.
can public is to play big part in financing the
great Canadian railways. The English prices
for Grand Trunk bonds are not cheap, from an
American point of view. It is not impossible,
however, that some of the first mortgage govern.
ment guaranteed issues may come south OF the
border in the coming year. IS. s. Schroff.