The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-03-25

Lawson Gets Wrong Again
keene Active on the
Bear Side.
Especial to The journal.

especial TO 1ne Jcufnat,
New York, March 24.--The foreign
and home situation is SO uncertain that
world: The small fry hanging on the
outskirts Of the stock exchange are
wondering what is the matter, but the
Sbig fellows,' who do not need to
worry about a few dollars, have sized
up conditions and are letting specula-
ton alone. The result Is that the stock
market has been of late q very dull
and uninteresting affair. No one can
tell how long the period of stagnation
Will last. While supreme court decisions
against the paper and tobacco trusts
and against the Chicago Union Traction
kcompany in regard to franchises are
seized upon by operators in stocks as
arguments favoring lower quotations,
ing to upset so-called vested rights, nor
:1s there anything in the character OF
proposed legislation against corpora
Etions which will reduce the intrinsic
| value Of American investment seeuri-
| ties. Nevertheless, agitation of this
character frightens Wall street and
serves to decrease the chances Of a
prolonged period Of advancing values
from the current level of quotations.
Wall street, as q rule, is afraid of it's
own shadow, and, this being so, it may
Ebe well for operators on small margins
Ito exercise caution in. entering into
speculative transactions, for, until the
adjournment Of congress and the state
legislatures a permanent revival Of the
bull campaign does not seem probable.
Thomas w. Lawson has been wrong
An his predictions regarding Amalga-
mated Copper, and probably in no in
gstance more SO than in his statement
5of this week that the dividend is to be
ireduced. AS a matter of fact, there
lwould appear to be less reason for re-
sducing the dividend now than at any
Etime since it was cut several years ago
while no change may be made at the
tnext meeting of the directors, an in
fcrease is as probable as a reduction.
ELawson probably figured that another
psychological moment for slump in
THE general market had arrived, but he
was merely mistaken, as he has been
before. Pretty severe declines have
! occurred in some stocks, but bottom
was touched about the time that Law
son put out his last manifesto. Further
declines are expected by wise brokers,
altho they believe that the market on
! the whole will improve slowly.
I Tt is generally inferred in stock mar
ket circles that the bears are being
most skilfully captained, the adroit
hand Of James R. Keene being notice
able in the. reactions. The name Of n.
q
great deal of money on the short side
in 1908 by attacking the Pennsylvania,
I was also heard in connection with the
] recent downward trend. It may be in
4 !teresting to know that in the campaign
/ three years ago the Standard Oil in
/ sterests were inferred to be behind
1 liWeil. Naturally the conclusion was
/ tpresent case 26 Broadway was employ
1 ling this bear operator to facilitate the
ACQUISITION of cheap line of stocks
James R. Keene was given the credit
I for the weakness in the Guggenheim
group, Shelters and Lead yielding read
lily to bear pressure. Inside support was
/ NOTABLY absent, which fact was vari-
q twas argued that the selling at the high
s. Ter levels had been Of the best possible
l}character and would not be covered
Inntil weakly margined spectators were
shaken out. In other circles the infer
>! fence was drawn that the Guggenheims
4 Ewere giving the bears plenty Of rope in
4 Iprder to facilitate sharp rally at their
! expense.
1 The small floating supply Of the Hill
stocks was again evidenced by the re-
icovery in Northern Pacific and Great
j Northern, the short interest bidding up
the stock in an endeavor to cover com
y mitments. The possibilities of the con,
II OIL LIE -Gdlhou-Ol OT0dt
4 Northern ore lands deal tends to hasten
/ &he course Of the short interest.
i There is considerable division OF
opinion regarding the Immediate future
55|pf the money market. Apparently the
4 1enders of money are making vigor,
/ ous effort to put out large amounts on
time and the brokers, regarding this
time money and believe that within ten
DAYS the rates for both time and call