The Minneapolis journal., 1906-05-27
WALL Street WANTS
CONGRESS- TO QUIT
Then, if the Crops Are Big, a
Bull Market Will Soon
Be On.

Special to The Journal
| New York, May 26.-While on some
days of recent trading dullness akin to
sht sok 0 maEe betsr as eeaRg preva
| owing to the improved conditions
| abroad. There has been no lack of de-
/ velopments in the political, industrial
and financial world. some agreeable and
some disagreeable to stock investors
and spectators, but the essential fac
termined sufficiently to permit strong
movement in either direction. A trad |
ing market is looked for by most OBJ
servers, altho it is tolerably certain that
before the summer vacations begin q
squirt of considerable dimensions will
be manipulated. There is very evi-
dent disposition on the part of leading
banking interests to allow the market
to take it's own course for the time
being.
With the adjournment Of congress, it
Is hoped by those desirous Of putting
;prices higher that unsettling disclosures
regarding corpo:ration1s 1 will be speedily
that the investigation by the interstate
commerce commission will involve
number of other large companies be-
sides the Pennsylvania railroad, and it
Us limited in Wall street that as the in
vestigation proceeds there will be worse
revelations than those developed in the
tices. Generally speaking, there is
nothing whateve er in the outlook to
alarm genuine holders of investment
! securities
! The consensus of the best opinion
among the uptown market interests is
that the market is simply, waiting for a
plans of those working for higher
prices to be carried out. The passage
of the railroad-rate bill by the United
States senate in the form which it fin
ally took, is generally regarded by rail
road interests as calculated to work in
!eral belief is that when it goes back to
ito the house it will not meet with any
substantial alterations, and the fact
that the courts will have full power to
determine the reasonableness Of rates
is taken as assurance that the rights
of the railroad corporations will be
fully sustained.
Bound up with any consideration of
the money prospect is the question Of
the crops. With this market indebted
to Europe for enormous amounts, pos
sihly $5OOOOO,OOO all told, on finance
bills whose owners accepted them upon
be exchanged for bills based upon
American exports, it is Of the highest
Importance that our export strength
should not be diminished. Here is the
element of uncertainty which is most
formidable to sagacious observers of the
stock market situation. Thus far the
estimates of the yield in the leading
agricultural staples do not Justify any
pronounced feeling either favorable or
unfavorable. At the corresponding
dates in previous years it has happened
often that predictions were made by
acknowledged experts as to wheat,
corn and cotton. which proved to have
been much less fattering than actual
conditions justified. For several
months the crop "scare' will be the
specter most easily conjured in Wall
istreet and the drought, the deluge and
Fthe worm will keep the student Of sur
face conditions in any but a comfort
able frame of mind. But if the aggre-
gate yield is not beneath the average
of the crops since 1900, failure to
equal the bumper returns of last year
would not mean necessarily that our
weakened, tho it would probably balk
the hopes of those who, as matters look
today, have grounds for expecting high
er stock prices in many section. With
rains in the southwest crop news at the
weekend was more encouraging than
sat its beginning, and the organs of the
grain trade, when calling attention to
the fact that the farmers have only
light supplies, show also that there
seems to be grain enough in the coun-
Ery.4 meet all the demands Of con-
sumers.
During the past week it was appar-
ent that short covering had run it's
pourse. with the result that the stock