The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-05-20
Wall Street Gets Some Thrills,

When the president authorized the
statement, this week that he favors the
purchase of material for the construc-
ton of the Panama canal in the open
markets of the world, he threw stone
that not only disturbed the placid sur
face of the political pool, but made a
splash that was heard in Wall street.
Many holders Of stocks turned sellers
and prices declined materially. The
statement brought to the minds of
financiers the tariff, with all the posi-
b1lities attendant upon proposition
for reform or modification, and sug-
gested as we'll the probability of a
split over. the matter in the ranks of
the dominant political party. The time
being ripe for something of temporary
price recession anyway, it was not diff
ficult for manipulators for fall to
make the Washington gossip the means
of soaring the market. Were the tar
if rumble the only thing political of
a nature disturbing to the street it
might not have been taken so seriously,
but already there was the railroad rate
| investigation under way.
Wall street is quick to scent fire and
quick to act. The feeling has grown
that the decided stand of the president
means business, and the assurance for
merly offered by financiers, presumably
in touch with sentiment in Washington,
to the effect that there would be no
| Z" tariff tinkering'' and that the street
might rest easy on this point, appears
not to have had anything from an au-
thoritative source for it's basis. The
tariff may or may not be an issue, but
the fact that the chief executive is now
understood to favor some moderate
form of revision does not insure Wall
street that freedom from disturbing
Influences that operators for rise so
much desire.
The prospect of naval battle any
day adds to the feeling Of uncertainty,
and as last, but by no means least
important influence, there are crop re-
ports from the southwest running less
favorable. Indeed, there was the sus-
picion during the week that some of
the heavy selling of stocks, on the day
of the greatest decline, came from in
terests Of Importance on private adj
vices from the southwest of backward
ness in winter wheat. Vt. =
There is little doubt that the decline
went far enough to discount the un-
! favorable things. Railroad rate agita-
ton and the tariff ghost are good for a
scare, but actual effect of anything re-
sulting from them is very remote. The
crop situation is live proposition
and the most important factor for i'm
mediate effect, but allowance must be
made for the tendency towards exag-
geration always found at this season.
The winter wheat crop might even be
cut to considerable extent and yet
} give very satisfactory returns, so high
was the condition at the beginning of
this month, and so large the acreage
compared with last year.
} Violent fluctuations in prices Of Sc.
curities are not unlikely for time, for
the speculative situation is one Of much
uncertainty, but in the general sense
: the trend of values should not be lower
The ease of the money market, general
, activity at the industrial centers, the
: heavy movement of freight on the rail
roads, and the recent increase in Amer
lean export trade, are some Of the i'm
portant influences for price mainten
ance.
Lord Kitchener, the present British
commander-in- chief in India, has beer
: fighting the system of army red tape ir
that country. Finding the fight we'll Nigh
useless, he has rendered his resignation
declaring that he cannot accomplish any
thing under present conditions and will
not accept responsibility for what HI
cannot control. Lord E<itchener's resigna
ton is strong card. The Balfour gov
eminent, none too strong now, is likely t