The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-01-07
STOCK MARKET IS
4 HARD PUZZLE
ALI Signs Having Failed, No One
Knows Just What to
Expect.
special to The Journal.

Special to The Journal
New York, Jan. 6,-The stock market
is puzzle to the most experienced
operators. The stiffness of the market,
money, shows that the bulls are still in
control Traders thru commission
houses were chilled by receipts of COM
mission bills for December showing
interest charged at from 10 to Is per
cent. This induced much profit taking.
January interest and dividend money,
but it will take several days for this
to work back SO as to count IN the
money market. Copper stocks were
freely sold by traders, and there was
considerable. short selling OF these is;
sues. Nothing is SO ardently. desired
by the Standard Oil interests just now
as short interest in coppers. The
situation in these shares is technically
good. It is true gold will probably be
exported as soon as money rates de-
cline, but that has all been calculated
upon in advance, and so far as known
facts can determine there is nothing
The market is so high that it may have
| a wide swing. Leaders make no attempt
| to pick tops or bottoms on their oper-
ations, but are proceeding on the gen
eral principle that the public will only
come in on higher market: The list
| lHuSb NC ddVduCcu pOoio
will attack. Movement alone will keep
these pirates Of high finance at dis
| lance.
Copper stocks are keeping Boston in
a fever Of excitement; Says one con
servative report: ''The situation Is
beyond all comparison. Brokers are con.
stantly asked as to their opinion of
the market, but the general reply Is
that the situation is beyond them. A
| great many conservative interest are
steady sellers on every bulge, but SO
far they have been wrong. There IS
no doubt that the speculative PUBLIC Is
a factor. Large profits have been taken
and yet there are enormous profits on
paper, and the question is, will many
Of these be cashed in?'
Distribution Of stocks on any ex-
tensive scale has not been possible as
yet; consequently efforts continue to
be made thru various subterfuges to
bring in the public. While the western
and Amalgamated, the fasteners
shifted to stocks like Southern railway
and Kansas City Southern. Most of
the Anaconda bull ammunition has
been furnished by the Gates interests,
the western plungers being largely re-
sponsible for the sensational gains in
the stock. The action of Anaconda,
making all due allowance for the strike
reported in Butte, is strongly suggest
i've of pool manipulation.
The announcement that the treasury
would anticipate the February inter
est on government bonds, thereby re-
leasing about $1,7O0,000, had but slight
effect, the amount involved being too
small. There was disposition in some
quarters, however, to construe this as
meaning that Secretary Shaw had the
local situation in mind and would be
disposed, should the occasion arise, to
afford relief in a more substantial man
ner. There is growing feeling in gov
eminent circles that conditions in the
country at large are such as to make
an increase of the deposits with banks
desirable, and that there is no imme-
! date relief in sight for the market
thru other channels. The fact that
large quantities of cotton are being
carried by southern farmers partly on
borrowed capital and that much money
released by the treasury last month
was absorbed in the bank troubles IL
Chicago, combined with the larre trans
fers of money to San Francisco and
the prospects Of considerable exporta
tion to the far east, make up, it is felt
an unsatisfactory prospect.
An experienced operator believes thai
from this time on the trading will mo-
be confined to groups of stocks like the
9 industrials, which have figured most
! prominently in the trading for severa
l months, but that the whole list will be
: come attractive and that the transac
q lions will be on the same large seal
}, as they were in the big bull market O.
I the spring of 1901 and in 1902.
9 Stanley Schroff.