The Minneapolis journal., 1905-11-26
DESPITE BAD NEWS
STOCKS HELD UP
Months of Continued Pressure
Failed to Weaken the
Good Issues.
Special to The journal.


New York, Nov. 25-There is con-
siderable talk now with respect to the
merits and market possibilities and
probabilities of individual securities. 1t
is confidently argued that several of
the stocks which have figured most
prominently for some time are likely to
continue the features of trading. 1t
is claimed that both American Smelling
& Refining, and Reading, arr going
steadily UP from their present prices.
There is a great deal Of enthusiastic
talk with respect to Brooklyn Rapid
Transit and Amalgamated Copper. Close
observers of the market are looking for
United States Steel stocks to become
active and advance several points, There
velopments in the last few months
which in ordinary times would induce
heavy selling in the securities market,
but their effect on the speculation Of
the current year has been insignificant,
prices refusing to go down, except under
the Influence of operations for quick
turn on the bear side, and traders re-
fusing to believe that anything threatens
| the speculative situation. The life insur-
ance developments. have failed as adj
verse market factors, high rates for
money have had only a passing infu-
ence, the disturbance in Russia has
hardly been noticed by Wall street
! tain position of the foreign markets and
OF the international monetary situation
has not disconnected the people who
have been so successfully working for
higher prices for stocks.
All Of this goes to prove that ths
Wall street position has been unusually
strong this fall, that stocks are not in
the hands of small marginal traders
and that the biggest financial interests
in the country are behind the market,
These men have conducted their opera
tions on the theory that the big crops,
the prosperity in the iron and steel
trade, the expansion in general business,
and the indications that the country
will enjoy, long period Of prosperity
warrant the Improvement that so far
has taken place in values, and that,
even tho the splendid position Of bust
ness thruout the land may have been
fully measured by the advance that has
been recorded on the Stock Exchange,
they are powerful enough financially to
spective of passing unfavorable develops
| ments.
! A significant development was the Of
fetal announcement of the issue of some
$17 100000 treasury stock by the New
York Central to finance it's extensive
improvement plans. Whether one holds
to the theory that the era of consolida-
tion will continue, or that it will be
supplanted by period Of competitive
construction, the salient fact remains
that the transportation systems of the
country will make imperative and in
creasing demands upon financial re-
sources. Extremely suggestive of the
truth of this theory are the well-known
ambitions Of railroad cmagnates to fur
ther strengthen their position by exten-
sions and improvements. , sz@
Thus the St. Paul, which holds in
its treasury $25,000,0O0 Of stock, pur-
poses to reach the Pacific coast over its
own lines. J. j. Hill went abroad, In
connection with the acquisition Of the
despite the recent issue of stock by the
Great Northern, would suggest further
borrowing. E. H. Hartman has $780,
100000 Union Pacific preferred stock
that sooner or later will come on the
market. Eastern properties, like the
Erie and Brooklyn Rapid Transit, have
: still large convertible bond issues avail
i able for improvements. It is probabls
that next spring will see a repetition
Of heavy f1otations of new bonds and
stocks. -.
Trade reports are of a nature to war
rant optimism and under the influence
of speculative enthusiasm securities will
J, likely be carried ultimately to a higher
level, altho so far the public is not in
the market and speculation is largely
professional. If commission house busi-
, ness is any criterion, there has been lit
tie increase in outside participation tho
last week, the recovery being almost
,, wholly due to the speculative element
taking back commitments for the fall.
This is evidenced by the fact that the
sensational advances were scored in
issues which because of the ruling high
level Of prices sell at a level encourage.
ing persistent bear opposition. II. =.
Secretary Shaw IS refusal to come to
the aid of the banks by throwing moro
money into Wall street had good inf1u-
ence as it stiffened the backs Of the
conservative interests in banking. The
local banks shipped about $109,000,000
cash to the west for the crop movement,
beating all records in that direction.
This money will begin to return about
) the end of the year. Men who have
looked into the matter are of the opinion
that if speculation is kept within proper
bounds there will not be further trouble
here with respect to money accommodaa
tions. Stanley Schroff.
Andrew Carnegie has ordered an edition Of
, 500 copies Of the poems of Wilfred Campbell q