The Minneapolis journal., 1906-08-05
BONDS LIE DORMANT
BUT STOCKS REVIVE
Morgan and William Rockefeller
Help Liven Up Wall
Street.
Epscial to The journal.

Gpscial to The Journal.
New York, Aug. At was signif-
@ant that the arrival Of William Rookie
Teller and J. P. Morgan was coincident
these financial lights are interested, dur
ing the past week. Thus Steel common,
which but short time ago, was un-
der heavy liquidation on transactions
of over l2S,000 shares in single day,
advanced promptly. The utterances of
sprominent operators seemed to corrob-
Eorate the theory that they were favor
hable to higher prices, tho conservative
sniinded brokers took their stories with
some allowances.
4 recrudescence of rumors as always
accompany stock market improvements
was to be expected, tho E. H. Harri-
man promptly disavowcd that relative
to- q Union Pacifc-St. Paul merger. The
story of an impending Southern Pacific
dividend found no confirmation, but re-
cent quiet borrowing by the Union Pa
cifc seemed to lend strength to the
report, since funds would come in de-
ecidedly handy to the latter corporation
sfor its new construction in the north
invest ,.:
The bond market still shows little
ssigns of Improvement, investors evi
kdencing a disinclination to absorb the
1890 100000 undigested securities, most
kof which are high class. Significant
hof this fact is the heavy borrowing of
FUnion Pacific and other roads at time
smoney rates. Undoubtedly, should the
Esitnation improve to a point where an
sactive demand existed, corporate issues
fon q heavy scale would be announced:
St Paul directors may say that the
Foad is in no urgent need of funds,
but the real reason for the failure to
announce the Pacific coast financing is
khe condition of the money market.
,ro,,1I bo va hoap
Imore impressed with the recent upturn
in the stock market If it showed a re-
Election in the inquiry for bonds. Altho
srates for. the shorter periods are some
Swhat easier, time money over the end
OF the year still brings 51h per cent,
icropmoving season. Barring a wild
speculative craze in the stock market,
Sthe outlook for the fall is by no means
;eerious, the government being prepared
sfo extend aid in the shape Of deposits
Sto tide over the harvest period. The
apEcate matters, it having already put
80 check to the. gold import movement.
hsAmerican banking interests, contrary to
Expectations. obtained none of the gold
hoffered in London, sterling rising sharp
ly,. refecting, European sales of stock.
splus funds and the. glut in the securi-
sfies market, fundamental condition,
seontinue favorable, there being little
likelihood Of any immediate change in
this respect. The winter wheat crop
shas come up to expectations, while
sspring wheat, corn and cotton are pro.
Egresslng satisfactorily, suggesting more
than an average yield for this year s
harvests.
What little hesitation has been no.
T sticeable in trade circles incidental to
fear Of crop failure, has disappeared
sand activity is remarked on every hand
None of the best indications of the stu
ation is railroad traffic, which is great
Ter than a the available a supply Of cars
Anent..
Building operations are on an unprec
Bdented scale, in conjunction with rail
4 Foad construction and renewal, keeping
/ Che steel mills well supplied with or
/ ders. Despite the record-breaking i'm