The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-02-04
Gates The LEADER
IN WALL STREET
Stock Market at Present Very Re-
sponsive to His Man
ipulation.
Special to The Journal,

special to The journal. .... r., e
New York. Feb. st is believed
eral other factors in the market dis
continue their attempts to depress
prices there will be a substantial re-
covery and further advance: There
is excellent reason for believing that
John W. Gates is no less bullish on the I
time. He has advised his following to
take profits, and to great extent, so
far as can be learned, the following
has acted upon, his advice. There is a
strong suspicion that the Gates party
Q have been heavier buyers on the recent
lied Gates firm, however, expresses
the opinion that the market is likely
to 20 somewhat lower and does not
recommend the purchase of stocks at
the moment.
During the course of the bear raid it
was only natural that the United States
Steel shares should have exhibited
weakness owing to the fact that they
are so widely held. The decline early
in the week caught many commission
house patrons long of these stocks, and
consequently subject to additional mar
sues was the result of the closing out Of
many of these accounts.
The information comes. from good
sources that the acquisition by the
Pennsylvania railroad OF substantial
amounts of Baltimore & Ohio, Norfolk
stocks was very carefully considered
some time ago by the best legal talent
obtainable. There is reason also for
believing that these acquisitions were
considered also by legal representatives
of the national government in confer
sylvania railroad, and that it was found
that in no respect is the latter cor.
poration vulnerable, at least in the
opinion of these high legal authorities.
The rumor mill was busily engaged
turnout the week in nding out stories
regarding a Union Pacific melon. :, A. AZ;
were to obtain the $l00,o0o,o00 new
preferred stock. Another report inti-
mated that in addition distribution Of
the Northern Securities profits would
be made. Suggestions that the Harri-
inclined for such a radical procedure
met with the answer that the Hill Nor
gan Standard Oil party now dominates
the management. Conservative circles
still favor the view that, at the rate Of
per cent, dividends will be declared.
were selling Union Pacific was positive
" denied The Standard Oil crowd say
that the probable. truth is that Union
Pacific has been heavily bought by,
commission house traders on account OF
the many arguments that have been
was in an exceedingly vulnerable posi-
tion. The bear operators were aware
Of this, and consequently their attack
has been conferred, along with Reading
on this stock.
Predictions Of coming hard times are
encing the stock market. There was
absolutely nothing in the situation gov:
erning the actual worth Of securities
which warranted; extensive Operations
on the short side Of speculation, but
of course, the fact that prices had ad
vanced almost :uninterruptedly, for many
months suggests to many minds the wis
dom Of taking profits. at prevailing
prices, and accommodating stocks on re
actions. A large amount Of this kline
of business is now being done, and it il
quite evident that traders will exert
every effort to make their turns on the
short side profitable. The weakness il
that number of operators were over
loaded with the stock and were com
PEELED to throw their securities on tn
market Long lines of Union Pacific
United States Steel preferred We're ais
thrown overheard. The rank and file O.
traders were not pleased with the plail
evidence that interests so promlne ntl.
behind the bull campaign were at las
unloading. That the public is now il
the market needs no better proof thai
may be found in the way stocks wer
taken, since otherwise much sharpe
break would have been forced thruou
the list.
Stock market operations in Londor
Paris and Berlin are held in check b
the diplomatic conference upon Moroe
can affairs now proceeding at Algebra:
asltho the impression seems e1 to ? ";
be favorable. ~ 80 f-s
Jakey' Field is said to ;. be, tn
most bearish operator in the street a
the present time. After the q. S. Stee
report came out and stocks took a
upward bound, "Jakey' felt rathee
come yet. Stanley SchroH.
s s+oo,s y, Oh ou MD R;,