The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-09-09

Gold to Be Imported in Round
Lots-Censure for Man
ipulators.
Special to The Journal.

New York, Sept. S.-Rumors have
been rife that syndicate, composed of
some of the leading houses in the street,
was being formed to import gold upon
an extensive scale. Engagements, so
1t is said, of about $1o,O00,OOO will be
announced in the near future. The
bulls have comforted themselves with
the thought that Secretary Shaw will
at a very early date find some further
way of relieving the situation. The
manipulative element is firmly con-
WINGED that relief will always be forth
coming at the proper time, yet rise in
the call loan rate, got upon the nerves
of some of the bulls, notwithstanding
their outward manifestation Of uncon-
Germ.
The rise in st. Paul naturally found
explanation in the usual unauthenti-
Gated tales of pending developments,
which should warrant higher prices.
One story was to the effect that the
st. Paul will take over the Union Paci-
tic and Southern Pacific. About 200
for Union Pacific and 100 for Southern
cuiators as the proper basis for the
deal. 1t is currently inferred that the
larger interests are taking advantage
OF the manipulation to feed out stock
to the fri ghtened shorts. With the
rights quoted around Is and the stock
at lS3, St.; Paul is selling on the 200
basis, or the figure at which the Bur
lington was taken over by the Hill in
terests. Thanks to the ability of the
Hill management the Burlington has
proven a profitable investment despite
the high price paid. The earnings are
figured to show a surplus equivalent to
~ per cent on the stock, leaving sub
roads. Wall Street is wondering
whether St. Paul would do equally as
well under Hartman regime.
The 'Journal of Commerce and Com
merclal Bulletin' reads a lecture to
the stock market manipulatCrs. It
says: 'What great unknown Cause is
lmpelllng our railroad, financial and in
dnstrial leaders to prosecute with q
haste that is undignifed a gigantic
scheme to transform their holdings Of
securities into cash at this apparently
prompted by prudence, idleness or mali
clousness! Can it be that our eminent
financiers, our railroad kings and our
captains of industry are able from their
exalted colgn OF vantage to see that our
ship of state is making for troubled
waters, whose breakers are as yet I'M
seen by the common sailor9 Sheer
cause, for these men have not carved
their way to their present stations
thru wasting time. -.. ga. Is.
1T has been more than limited that
this whole frenzy of speculation has
been nurtured by men of Hartman s
gender to enable them to fitch millions
OF dollars from the pockets of unsus-
pectlng investors and spectators re-
CARELESS of the injury that may be in
ficted upon the agricultural and induc-
trial interests Of this country. The dis
position at first laudably manifested to
attribute to th> manipulators nothing
put noble motives, the disposition to be-
heVe that the whole movement, with it's
accompaniment of increased dividends,
had been undertaken for the purpose
OF Inspiring confidence in American Sc
curlties to the, end that sorely needed
money might be raised for legitimate
expansions, is today giving way to sus-
PIGEONS that something more sinister is
at the bottom of the deeplaid scheme.
Later developments have suggested that
an anxiety to iquidate securities has
outWelghed desire to create confidence
and thereby attract new capital
That distribution has been going on
Just as fast as the market will absorb
ST. stocks must be patent to everyone.
transactions during August reached the
record total of 31,700,OOO shares, a
daily average of 1,l73,500, and equal to
about 313,OO0,0O0 shares a year, against
20O,oOO.OOO last year and 252,7OO,0 600 in
l9Ol, the previous high record. No
month last year, not even December,
equalled last month s extraordinary
total. In four days following the decla-
ration of the Hartman dividends trans
actions reached almost 5000, 900 shares.
brokers' are unanimous. in declaring
mat the market is very largely profess
slonal, and it is limited there have heen
numerous wash sales from day to day.