The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-10-29
Low GRADE STOCKS
ON HIGH LEVELS
Overconfident Wall Street Bull
ish on the Non-Divi-
,,ss.. i dend Industrials.
Special q The Journal.

Special 70 The Journal. "a
New York. Oct. 2s.-'The outside public main
ton. In the, past such advances as were scored
last week In Industrial issues like Locomotive
and the car equipment stocks, would have drawn
Closures IN the Insurance world, involving men
prominent in public life have done much to-
cause pessimistic attitude toward Wall street
versed in the near future The prosperity OF the +
country at large finds recognition on every &
hand and indications point to at least year
counting the improvement in the Industrial sit
uation until non-dividend paying stocks are sell
ing at the highest level on record. The Steel
tent In the business revival. have been cornpar-
atitely dormant but other industrtals scored
gains in single week Of from to points.
Comparisons with the high level reached during
1902. which was confessedly period OF stock
market imitation. in many instances make prices
then seem low by comparison. While the pro-
sfessional element apparently considers the time
sesn e9srerae1y deusttal bun
monetary conditions. Hearst's propaganda Is
causing some unea sness to stock market circles.
1t being responsible for the decline In the trac-
tionss because OF the municipal ownership pro pro
quiet heavy sellers the past few days, psrtic. I
ularly Of Brooklyn Rapid Transit.
MINNEAPOLIS ST LOUIS us earnings ,sa gs.6 hay, e
now earning more than 1t was in 1908, when y
per cent dividends were being paid on the COM
mon stock From July; to Oct. "a TINS yea s.s
1911 ,351 in the same period OF 1908: There IS no
reason. III the state of earnings, 1t IS argued,
why the dividend should not be resumed. ana
many persons expect that 1t will be in Decent
Der. The stotal industrial dividend disnurse-
sments payable In November will exceed $1o,-
over the same month last year. This viii bring
Erthe aggregate disbursements for ten months OF
1905ssup to 1892 ,oo0.. an increase OF about
$1snoa.a COO over the corresponding period OF last
COKE BROS, Co.. having been acquired by
the Lehigh Valley, the anthracite coal indus
few hands, with the result that 1t 10 today
almost q monopoly. Coke Brothers control an
output of sone22 600 600 tons, and owning. as the
company doess a railroad of its own, might con-
ceivably have become a source of trouble. Re-
ported negotiat lions the part OF the Read
| Ing for the control Of Markle Brothers. anotner
large independent concern. are also signfncant
of the trend toward greater concentration. Aain-
tenance of present stability is absolutely indts-
pensable to continuance Of the Immense
profits p -~tI'5% -. 80
! STEEL STOCKS likely to be the feature
! of the market in the near future. 1t Is nat
uraliy expected that United States steel com ON.
advances are looked for. In some of the minor
issues, like Tennessee Coal & Iron and Sloss-
Sheffield: It may be taken as TACT tnat
among the biggest holders OF the United States.
Steel securities since the organization OF the
company nave Deen ueaFy buyers 1or eouc tilnS'
At least one Of these houses was buying heay-
/ lily around 81 when the reported heavy selling
was in progressr
| AMERICAN GRASS TWINB met further ma
nipulation, altho people in touch with the inside
| displayed little sympathy with the movement
! They point, out that tho the company may
work out eventually large amount OF labor is
involved in its rehabilitation, and that returns
to stockholders are a thing of the very dim
future. -7;.y- -.
AMERICAN LOCOMOTIVE gave evidence Of
proft-taking, altho the resistance of traders TO
the movement has prevented any marked de-
cline. While. there may have been some good
buying connected wish the entrance Of Mr..
Coffin into the directorate welltinformed people
are not paying much attention to current diyi-
dend talk. - 49,.
UNION PACIFIC showed the effects of prof
lit-taktng, indicating that inside interests were
still opposed to an upward movement The ct.
+ forts Of room traders to advance 1t have not
, met With success: There was story current
that Illinois Central would be taken over BY
I Union Pacific upon the return of Hartman,
which found no confirmation.
NEW YORK CENTRAL strength was accom-.
panied by a story of possible rights to share
holders. a1tho the smalIdnoating supply of the
stock was doubtless more influential factor. s
= ii sGl-riStan1ey Schron.