The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-04-01

New York, April According to high authori-
ties In Wall street the spring boom in stocks is in
the incubator and will be brought out about the
middle of April. If the bears become a little
more reckless in their selling the boom may be
trotted out ahead of time and the shorts severely
punished. Professionals have been manipulat-
Ing the market of late, but control is in strong
hands and everything is being prepared for big
upward rush in prices. The basis for this
movement is the underlying prosperity of the
United States and the brilliant outlook for the
future With reasonable certainty that call
money will be back to per cent in fortnight
and remain drug all summer, conservative brok-
ers are advising their customers to beware of the
short side. They are, however, suggesting that
long stock be turned lose rallies, believing
that it can be taken back with fractional gains
They are also urging traders to buy on declines
and to take small profits. There is no sign of
any weakness in the bull campaign. The man
ayers, however, believe the market will be all
the better for rest until money returns to its
low price. .r ~. 49,.
One Of the most significant features at the mo-
ment Is the patching up Of peace between the
firms Of J. Pierpont Morgan & Co.. and Kuhn,
Loeb & Co., which have been on the outs ever
since the great Northern Pacific corner. 1t is
believed that James J. Hill is still irreconcilabe
but that Morgan and Schiff have been good
terms for some time. Before Morgan sailed for
Europe few, weeks ago. Schiff had a number
of conferences with him, and the details of the
fotation Of the $50, $1,000 Pennsylvania bonds
were discussed. Wall street in the reconcil-
iation of the two most important banking houses
| In the western hemisphere general coming to-
gether of the Morgan and Rockefeller forces and
their great allied interests It lends colort the
story current in Wall street all winter that
| an alliance is being planned between New York
Central and Union Pacific with the idea of Civ
Ing thru route from the Pacific to the Atlantic.
| Wall street also fOresees the merging of all the
Vanderbilt properties into one cohesive system
as result of the establishment of good rela-
lions between the firms named. The Morgan
house had not for several years had anything to
do with any Of the financial arrangements of the
Pennsylvania Railroad company.
The Japanese Loan.
American fnanciers are greatly pleased with
the success Of the new Japanese loan. 1t has
been intimated that the large advance subscrip-
lions were mostly from foreign bankers and in
vestors, particularly Paris. While these appli-
cations have been large, they have been Overshad-
owed by the domestic demand for the bonds. The
demand for the loan results largely from desire
| to acquire an amply secured government obliga-
ton, which pays high rate of interest, for at
the price offered the bonds pay about per cent,
any taking into consideration that they are re-
deemable five years hence at par 1t may safely
be figured that they will yield per cent for
that period. OF course, the Japanese government
may not take advantage of the redemption clause,
but there is scarcely a doubt that at least a
! part Of the indemnity that Japan may obtain
from Russia in event of the success Of the peace
negotiations will be set aside as nucleus for 8
sinking fund for the debt it has incurred in con
| Quoting the >---
! The Venezuelan situation still attracts notice.
| In the present controversy the government of
| the United States Is dealing with weak power,
| in the crushing Of which only favorable business
results would flow to the United States, and
/ European powers would cordially welcome any
interference by us, for it would tend to further
! the idea Of the administration that we should
| be something of debt-collector against the
Central and South American republics. Any
| finer sentiment as regards the rights Of these
weaker nations would not, for the time being
certainly interfere with values of American