The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-02-25
NEW BOND OFFERINGS
OF s248,79G 900.
Great Northern Ore Bodies the
Most Valuable in the
Northwest.

Special to The Journal.
New York, Feb. 24.-The opinion of
the stock market experts is that the
market has been largely oversold and
that while it may decline few points
further on additional short selling and
scattered liquidation, substantial rally
Is looked for in the near future. A
ing is said to have been by one of the
most highly speculative houses in the
street, which has had a reputation for
buying stocks at the top and selling
them at the bottom. Much af the hq-
Z uidation has been thru commission
houses by professional operators who
have been plunging heavily on both
aides Of the market. This class OF
operators who have parted with their
stocks believe that the market will
rally soon and are ready to take back as
many or more stocks than they have
!, sold. A man who is in position to get
a good general idea of the character Of
the trading says that the heaviest buy
ers Of the United States Steel stocks
and Of Union Pacific below 1872 were the
q two large banking houses whose names.
are most closely associated with those
two properties. There is excellent
reason for believing that the head of
the former institution is very optimistic
with respect to the future Of the Steel
corporation and the possibilities Of
United States Steel common in the mar
ket during the present year. It is
claimed that he has recently freely re-
commended the purchase Of Steel COM
mon.
It is also claimed that the terms Of
the Great Northern ore deal, as pub
hshed from time to time, are not entire
" correct. "A railroad man who is famil-
Tar with the northwest says that in his
opinion the Great Northern ore bodies
are the most valuable in the northwest
and that the Steel corporation has
found that It's own ore bodies will not
last as long as had been calculated. He
regards the acquisition of the Great
Northern property as much more valu-
able to the Steel corporation than is
generally realized. There is excellent
reason for believing that J. P. Morgan,
Jacob H. Schiffs and other prominent
men in financial circles, who have gone
aor are about to 60 abroad and elsewhere
for recreation, are not only confident re.
garding the future, but believe that
present conditions are much better than
they have ever been at this season of
THE year. It may be taken as a fact
Htions and that they see no@clouds on the
ahorizon. There is equally good reason
sfor believing that they would not *
away at this time for rather extended
trips if they felt that there was any
serious trouble in sight. r"
E Among the factors which contributed
Ito the downward course Of the marke
must be mentioned the heavy under
writings of new securities whiel
900, oOO. In one week. AS fully rs pc
cent Of the proceeds will be devoted
TO new purposes, such as betterments
extensions and equipment. this mean
"a heavy drain upon the available none,
surplus Of the country Investors ar
bonds when they yield a greater return
than stocks: Doubtless much Of th
funds derived from the recent iquida
t1on Of stock market issues by tn
larger interests will go into the new un
dsrwritings, tho a considerable PORTO
sof the bonds will find their way abroa
ances made by New York bankers. 1
Is well that such is the case, since i
the present dormant bond market
glus would Inevitably ensue, resultin
In another period of undigested secur:
ties; Extremely suggestive Of tn
the outcome of the New York cit
bond sale, which nets 3.65 per cent a
compared with $50 per cent for the a
lotment last November. OF course, thi
was in part due to the exceedingl
heavy output Of New York city secur
ties and the lowering Of its credit thr
the municipal ownership campaign.
Among the announcements Of new I'll
derwritings and offerings the past wee
are the following
american Tel. & Te1............. $500, 900. OF
Atchison OBSERVATION-DISCLOSURES. II, 200, o.
Atlantic Coast Line -.............. 10000, o.
Kansas City Southern .............. 5,100,O
Lake Shore Observation-Disclosures. IS, 900, o.
Louisville & Nashville ............. 10000, o.
Mexican Central ..,................ 33,OOO,O
Minneapolis & st. Louis ........... 10000
Southern Railway ................. Is, O0O,0
United Railways Investment COM
pany Of San Francisco ......... Is, 400, o.
Total Observation-Disclosures. s24s. 1866
There has been distinct change
money market conditions, rates for bot