The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-09-02
Special to The Journal.

New York, Sept. 2.-The big men, not the
so-called lambs have made the present stock
market. No such general participation of the
outside public as in 10Ol-or for that matter,
19O2-has been seen, and yet prices average
higher. Ever since 1902 it has been the big
spectators who have occupied the center of the
stage, taking the brunt of the 1908 slow panic
which reduced many Of them to the ranks
and the fruits OF the subsequent unexampled
recovery. Today, flushed with their success, the
future seems goldenlined, a belief based on
bumper crops, large bank clearings, record.
breaking railroad earnings and business pros
perity. The highly satisfactory state Of the iron
and steel industry, the barometer of trade, Is
alluded to- the big combine having all its mills
full of orders for long time to come. The
concentration of railroad control in compare
lively few hands, which has worked such Won
Gers in the anthracite coal industry, is expected
to bring like results in other directions. In
word, the natural exuberance accompanying good
times, present and prospective, Is making itself
felt.
The peace conference, Of course, has been the
immediate factor in the market. Changes from
day to day were bullish or bearish, according
| as Europe and this country interpreted the out
look. differences, however, were oftentimes in
utter lack of harmony with Portsmouth advices,
where both Japanese and Russian dign1taries
insistently proclaimed the probable failure OF
| negotiations London and the continent. how
ever, had hopes for settlement in President
| Roosevelt's unceasing friendly urging of st.
Petersburg and Toxic to make concessions. POSI-
bly, London optimism at times when Wall street
saw no glimmer of light was due to know
| ledge that pressure in the shape of a refusal
to furnish further sinews of war might be effect
| i've where friendly suggestions would fail. The
| big fnanciers of the world were determined that
peace must be arranged, and their influence was
potent. The eastern conflict serious 1t
to the participants, did not any good
purpose, at least in the later stages, and the
| moneyed powers We're anxious that it should
| cease Immediately. They consequently worked
| hard toward that end.
Lawson Still at It.
l
about his latest Illumination: 'The keynote Of
the Lawsonian plant is that enormous quaint
ties Of the metal copper, are in the hands of
stock gamblers'-hence the price Of copper,
the metal, will break suddenly to a very low
figure A moments examination of any re-
liable statistical publication will convince Law
sons followers that his initial statement is
| wholly fallac1ous. The worlds visible supply
of crude "copper" which In January last amounted
to, about $4,000 tons, has, Notwithstanding the
constant increase in the production Of the metal,
dwindled month by month, until today it has
reached the vanishing point and for all practt
cal purposes may be considered nonresident.
Much has been sought to be made of certain
alleged reserves Of copper, which writers friend
~ to the bear pool in the metal market have
assumed exist in Shanghai, but examination
OF the export movement to China will convince
any dispassionate mind that this reserve Of
copper in Shanghai is more specious than real
The export movement to China began with the
Russo-J Japanese war, and has continued unin
terruptedly ever since. -
|
tity of this copper after1t reached China, and
upon the absence of tangible evidence as to it
final disposition IS based the theory that 1t Il
being held to await a further advance in, til,
market. Only banking institutions Of the frs
) Importance would be able to undertake the reck
3 less, and well-nigh hopeless, speculation o
carrying this vast amount Of copper for month
and it is significant fact that supporters o
3 this theory have never given, suggested, evel
tentatively, the name of any institution or in
divtdual as the possible financial hacker of thi
q gigantic copper deal
q 'Is it not more reasonable to believe Il
. consonance with nine tenths of the metal trade
2 that a. large proportion Of the copper whic
8 we have been exporting to China ultimatel
4 found it's way to Japan, where 1t was utilize
$ for military and naval purposes, incidental
i the war? And does not this theory gain ad
, ditional force from the well-known fact that tn
: Japanese copper mines ceased production whe
the war began, at ident1caly the time tina
China began to draw the supply Of copper re
). quired for her metallic currency and other pu,
o poses from US r. .a5i,st
The Big Crops.
!. Bountiful crops Of every description seem /
Q be. assured. representative of a large wes
% ern concern, which makes a speciality Of keepin
. In closest touch with the crop situation, say
e that the greater part Of the wheat in the leat
= ing producing states has already been cut, an
). that the corn prospects are fully as good
o has heretofore been expected. With peace a
% sured by the successful conclusion of the labo,
y of the Portmouth conference, market intere:
o is center1ng and more in the daily bu
u letins from the wheat and corn belts. Some
~ these are conflicting, but, generally speaking
70 the crops believed to be large and practical
a safe.
~ The anthracite stocks are in magniice,
n position The trouble ahead Of them, hi
a been perfectly well known for year, will com
5; if at all, next April when the matter of wag
5; must be adjusted with about $50, 600 workin
a. men, Of whom possibly 100000 may be well o
)c ganized. President Mitchell has come out vel
fatty that there must be strict eight-ho'
.; day, else mining in PENNSYLVANIA will ST.
81 abruptly. Possibly he threatens more than
" can fulfill. At all events, the stocks immediat
% ly concerned do not show any signs Of weakne
y: outside Of ordinary: fluctuations.
~ -. s. Schroff.