The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-01-14
HILLANDHARRIMAN
ARE GOOD HATERS
WALL STREET WOULD LIKE THEM
TO MAKE PEACE.
Lawson's Latest Bomb Has the Effect
Of Doughnut-Prices Rise and
Sentiment Remains Favorable-The
Financial Situation Encouraging
The Russian Loan and the Big Gold
Production Important Factors.

New York, Jan. laval street and almost
the Northern Securities case, but as long as
James ]. Hill and e. H. Hartman hate each
other as cordially as they do, and have as
little respect for each other as they are known
to have, the prospects Of a settlement are
very dubious. That agreement ought to be
reached in the interests Of thousands Of stock
holders and the business Of the various COM
panies involved, Is self-evident fact, yet the
difficulty still hangs over the stock market like
wet blanket in spite of the recent decision of
the court. Whether the Northern Securities mud
die is entirely responsible for it not, there is
very little disposition to trade in the market
now on the part Of big or little operators.
Is reported that ths Hartman Interests VIII
Northern Securities company and which has never
been tried. So far the legal contest has been
confined to the securing of injunction restrain
distribution Of the assets Of the Northern secu-
rites company An appeal was taken from the
granting Of this Injunction by the Hill interests
Northern Securities company. The second suit
brought by the Hartman interests, and which
would open up the whole question of the equity
of the FRO rata distribution, has not yet come to
trial, and 1t Is said that this suit will be
dropped. II Hartman makes fight 1t will be
on the appeal in the first suit.
Lawson Again. .- -r
Lawson has thrown few bombs into Wall
street this week, but they have been Of the
doughnut variety and caused little damage. Those
who sought to depress Amalgamated Copper
found that it was firmly held. There may be a
surprise In store for the shorts. 1t is habit
OF the pool In this stock to 'play for short in
| terest," then to make a drive against the bears
with a move Of several points Reports are cur
| lent about very large purchases Of crude copper
| by China and Japan.
Sentiment in commission house circles is bull
ish. Out OF twenty market letters sent out by
letter was bullish. Several houses expect slight
~ lower prices in the immediate future, but ad
wise their customers to purchase stocks such
reactions. All Of the other letters advise the
purchase Of standard railroad stocks at the
tpresent prices. -.
The Russian Loan.
The foreign financial situation offers an inter
esting problem A reduction Of per cent in th'
discount rate of the Imperial bank of Berlin from
3 to per cent reflected confidence in the futur,
OF affairs in Russia. It is barely possible tina
| q desire to help the new Russian loan had some
| thing to do with easing the money market il
Berlin, tor the bankers who have underwater
| the bonds will want to make market for them
| This may not be so simple as they think, tho i
is to be supposed they know best what the!
can do. That the new loan should bear high
er rate OF interest than the last one was natura
| enough. There is presumably good commission
| In It, From all Of which it Is seen that tn
bankers drove a harder bargain with the cza
| than they did the previous time. The gold whicl
is now leaving our shores for Europe is neede
| for the new Russian loan That there will b.
/ further shipments is Indicated by the strength
4 Of the foreign exchange market. It Is eyiden
! that Russia will offer such inducements as ar
necessary in order to make the new loan
| success and that temporarily the foreign ex
change situation will be more or less artificial
Russa's resources great that she cal
I stand considerable more taxation and yet furnis
! ample security for new bond issues. s-a7z=a
! 81 One of the most important facts connected wit
the financial outlook for 1905 is the certaint
Of another year OF unprecedented gold produc
ton. The worlds production of gold in 1870
was 1925. 100000. Owing to the increased outpu
in the United States and the Transvaal tn
production Of gold during 1904 amounted to clos
to $3.50, 900, O0O. 1t is difficult to overestimat
| the economic Significance of the fact that durin
the first four years of the twentieth century tn
gold production has amounted to the stupendou
sum of 81, 232, 900, 900. That there Is clos
relation between this huge increase in the ou
put Of gold and the worldwide advance in price
during the last few years there cannot be an
doubt. Such huge expansion in the supply
money within such a brief period Is without
parallel in the history of the world
The sentiment around the Waldorf Astoria
conservatively optimistic. Within the last fe
days q large number Of officials of promine1
} railroad and Industrial and banking institution
in various important centers in the United State
J have come to town. and they have invariabl
brought favorable reports regarding the busine
of the companies or institutions with which the
are connected IS. s. Schroff.