The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-04-15
GATES WHEAT DEAL
BOTHERS WALL ST.
TIE CLIQUE SAID TO HAVE SOLD
10000 SHARES.
The Wheat Corner and the Prospective
Naval Battle Make for Uncertainty,
Yet Prices Advance Easily Old
Stories Of Deals Are Revived-The
Money Situation Favorable to the
Bulls Stock Exchange Memberships
Now Firm Around $83, 1000 Each.

Speolak TO Inc journal. E ~
New York, April 16.Whether the Gates
crowd was really threatened with embarrass-
ment thru Its heavy commitments in wheat or
not, Wall street was persuaded this week, that
Its long line of stocks would come on the mar
ket at the slightest show, OF strength. The
wheat market itself gave no reason why that
clique's resources should have been strained
Nevertheless, the westerners were credited with
having sold up to 100000 shares Of stock on
Tuesday. The recovery Of wheat at Chicago,
after the decline of about 5 cents in anticipa-
ton of the crop report last week. suggested
that the managers OF the May movement had
sought to protect themselves there in advance
Of the report as much possible, postpOning
their stock sales ANTI the report itself should
have bolstered up Wall streets not very ram
pant optimism. The result must have been dis
appointing to them, for the governments cheer
full survey of the wheat states had puzzlingly
small effect on stocks. In former years good
government report has been known to charm,
untold dollars out of the pockets of farmers,
business and professional men and into securi-
ties. One key to the difficulty may have been
the conservative attitude Of the commission
houses. They advise caution until the hazard
of the naval battle in the China sea has been
decided, on the ground that it is now the gov
erning factor in the attitude Of foreign Sc.
curity markets.
Il
been dropped from the Ntkthern Securities
board naturally caused considerable comment
this giving qufetus to recent rumors that the
opposing factions had become harmonized anC
the Hill interests and Hartman interests are
still anything but kindly disposed toward one
another, the action taken furnishes food TO!
reflection, tho it Is hardly probable that the
old fight will break forth again in it's former
intensity. STILL nobody knows what will crol
up next. Hill hates Hartman worse than poi
son, and Hartman has no use for Hill; conse
quently the danger Of conflict between the two
magnates constantly recurs.
Old Stories Revived
A leading broker was going over some old fle
yesterday and came across sheet of paper .,
which was the draft Of a market letter writer
by himself in February, 1902 1t said: Ether,
is to be a combination Of the New York Cen
trail, North Western and Union Pacific rail
roads, forming great transcontinental system
reaching from ocean to ocean. OFFICIAL denial
that any such deal was contemplated wer
without effect in fact, they seemed to make tn
faith in these stories all the greater" o
course, every one knows that the same thin
is being repeated in 1905, and that the stor
is at least six years old, according to tn
records
The one thing that is reasonably certain
that there has been competitive buying of Unio
Pacific and that 1t was provoked by Harrima
buying Northern Securities. As to the poss
bility of contest over the question of votin
| the 500 100000 increase in the preferred stoc
| OF Union Pacific, a banker affiliated with til
| Hartman interests said: "You may be sur
| that If Mr.. Hartman had not been certain 9
\ carrying his point at the special meeting, b
! never would have asked the stockholders to al
thorize the additional Stock, -Four months az
| there was no lack Of comment on the deman
| for Lcndon calls on Union Pacific stock. Fro1
4 one source or another an aggregate of calls
! probably 10000 shares was secured. Most {
| these are. to be called at the May settlement
/ Some Of the stock has, no doubt, been sol
/ against them. Some is to be locked up
4 either case the practical working Is the SAM
4 tending always to diminish the supply of &C
ual certificates available for daily deliverie
/ But the Rockefeller acquisitions of Atchison al
! not new, are the acquisitions by certa
j friends Of the Union Pacific. The $780, ,O(
or so Of this stock, which gossip would like
i connect with the Union Pacific preferred issu
4 accumulated many months ago. This is no
! brought up because gossip must explain Il
Union Pacific new issue in some way.
1 The Money Situation.
i In the London and Paris money marke
money is a tribe. fr1ner. There appears to
speculation, and the possibility Of slight
higher rates does not upset speculative sem
1 ment.
There is no stronger bull card than the gre
gold imitation now going on. The official Fl
| ures give the Rand production for March
800 1923, the heaviest monthly output since Il
q days before the last Beer war. The record
459709 ounces, made in August, 1899. T.
production last month was SO 012 ounces great
than in the previous month, and 81. 5s1 >ounc
more than in March, 1904. The total outp
for the first three months Of the year W
1872, 1872 ounces, compared with 3,771,6
ounces for the whole OF 1904, and 2,966 Z
ounces in the whole OF 1908.
: The return Of J.sH. Moore and W. B. Lee
to New York, completing the Crock Isla
) quartet caused traders to watch the Ro
Island post for some indications Of a mari
! position on the part of the big men in t
property. Their watchfulness went unrewarde
despite what has recently, been said about
!, pool Of insiders. However, the room crowd b
: L not wholly abandoned hope OF seeing the sto
!. move. ~
The price Of Stock Exchange seats has
turned to $4,000 after a temporary dip to So
800, a sale at the higher price having just be
T made. The upward tendency Of membersl
"a values is ascribed to returning public inters
: In the stock market, and the prospect of a ia
: 1y active summer. IS. s. Schrof