The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-02-11
WALL STREET. EAR
TO The GROUND.
Low Rumblings of Labor Trouble
/ r.s.sf and of Legislative
Unrest.
Special to The Journal.

hrecin to The journal.
New York, Feb. 10.-The stock mar.
Brokers say they cannot tell whether
out that it is high all round and that
declines are not improbable, altho
they admit that the large interests
have not distributed their holdings to
any extent so far. The Steel stocks
are tipped for 3 Sra raise e, but insiders fe:cs
points before they take the squirt up
ward. Indeed, the Steels are about
the only thing on the list which at
present hold out good prospects for an
advance. It is plain that a few lead
ing stocks are being supported in order
to give the market an artificial appear
ance of strength. H.
It was significant that the rapid re-
covery, following the market slump
that was due to Washington advices,
was accompanied by rumors of various,
deals. Wall street likes nothing
better than mysteries and usually is
willing to buy stocks on rumors OF de.
ually contaminated, are made the basis
for selling movements. Realization
is not anticipation, this being proven
by the weakness of the traction stocks
despite a merger which seemingly
shuts out competition for many genera
tions to come. So long as the deal was
in embryo, prices scared, but with the
depressing. influence. So, in the case
of the Heinze- Amalgamated agreement
which is reported to be in its final
stage, the stock market effect has been
unsatisfactory, Wall street having done
much preliminary discounting.
the Pennsylvania and it's controlled
roads temporarily drove Wall street
into Mysteries, the trend toward IN
vestigation thruout the country is re-
ceiviDg more attention. IT is true
that the stock market stood up bravely-
under the disclosures of the insurance
probing, and might cence:i;vably. pass
LEGATIONS. At the same time the tech
meal position is less favorable, with
che stocks in weaker hands, coincident
with a very high level Of prices, to say
nothing of an aggressive bear party
ready to exaggerate unsavory disclos.
ures. The spirit Of unrest is not only
apparent in Legislative circles, but in
the labor world as WELL
Money is scarce altho the rates are
not high: According to the best
authorities in the banking community
rates for money will not change much
for some time to come, unless there
should be an unexpected early move
but it is believed that later on in the
season there will be a frmer tone in
the market, owing to the demand fol
accommodation in connection with the
country's heavy business, and to al
outward movement Of gold. The pros
Rsct, of losing gold is not worrying
cial conditions in this country are re-
markably sound, while the amount 0,
gold is larger than ever before Re
corded. It is suggested that owing t,
the mild weather which has prevailed
IN the greater part Of the winter TIL
usual spring outflow Of currency from
New York may begin earlier than il
former years. .
Conservative interests are advisin,
their clients to buy stocks only on re
actions and sell as soon as moderat
y profits are secured. Bond houses ar
much. gratifed over the turn of tn
tide in their favor. For weeks the:
have found thinos very disappointing:
BY larger interests has released fund
which are seeking good investments
The recent heavy issues OF bonds in
dictate the general trend. -...a
Fears regarding the outcome Of a
investigation Of the New York stat
banking department. with suggestion
run ahs upon sayings a4 gh, banks ard
SHdhluS VI puDiIC
were heard, tho regarded as exaggers
teetain the best circles.
James R. Keene, who is said to hav
recovered much of his old-time vigo
is credited with being one Of the mos
aggressive bears at the present tim
The recent selling of Brooklyn Rapi
Transit and Union Pacific is said t
have been inspired by him. He
said to be pursuing his oldtime cours
Of selling in London before the ope,
ing here.
While the opinion is held by SON
uptown interests that the market
likely to be quiet and irregular for
little time, it is believed by others thu
the short interest is rapidly becomin
SO extensive and almost unwieldy tbs
a rather sharp upward movement
likely to start at almost any moment
The speculative position of man
Washington and Albany politicians
lone of the most discussed subjects
Wall street. Certain brokers are n
averse to creating the impression til:
there is considerable short intere
in the two cities mentioned.
Stanley Schroff.
nigh II {, q q {a'' .