The evening world., 1906-01-12
MLSzRW,


FRIDAY. Jan. II.
There are persons In Wall stret who
ore SO conscientious in their attentio s
to the duatat.)rri on the tape that they
defer their luncheon until after )
b'cl9ck. These persons know all about
the stock market" AMI some "f them
would rather see their own predictions
good or bad-come rue than make
a moderate profit. Ducirg tha recent
period OF furious bullish operations,
solemn warnings have been emitted
from lthls uorBcientl)usly n6servant
crowd, that tire market was being over
sold, and that "a smash" was inevita-
bic. Just now these prophets of dis
as.sr are busy making explanations
that don't explain. They are actually
unable to account for the extraordinary
power Of absorption Of this market. In
spite nf the fact taat millbns upon
millions OF shares of stocks have been
sold recently on the rising scale, there
is no pressure 10 sell any O. these
stocks even at the tempting figures now
prevailing The tendency of the market
is TO buy, and a few operators of large
means who sold gci)d investment stocks,
expecting to buy them back within a
6sw days at lower prices, are eagerly
striving to ge: their stocks back at any
price. Even the most conservative ele-
ment in the Stock Exchange is awak-
ening to the fact that huge blocks of
nlgh-priced securities have actually
been taken out Of the market. The
situation indicates that there are strong
financial interests that do not believe
thai prices Of certain sti>clss are too
nigh.
Some idea of the enormous apprecia-
1on OF corporate stock values in the
stock marker within the past year is
given by comparison of the quotations
OF tae shares of five Western railroads
To-day and year ago to-day The Tn
ion Pacific. Great Northern. the North
ern Pacifie, the Canadiaq Pacific and
the 500 lines are taken for ilustra-
tion. The advance in the market value
OF thC shares of these five railroads
sinse Jan. 12 1905. ag1gre gates S277, ,OOg. 900
IN round numbers. OF this impressive
$Sl OOOO0O, the Great Northerns $1,000
OO1, the Northern Pacific's A7,5OO.OO0 and !
toe Canadian PacifiC's S42 00l.0'n. the bal !
aiEe sE going TO the 500 lines.
Ihe Great Northern boom has appar |
Sntly not yet reached its full develop !
ment. The stock of this road Qt is |
called preferred, although there is only |
one class Jumped to 81 in the first |
This remarkable rise is due almost |
wholly to the gllttering expectations OF |
q shareholders melon after the sale or
the compa0y's Minnesota ore lands. A i
100 per cent bonus Is being hopefully |
talked Of This distribution. il is ex- |
pected. Will be made In the form OF /
new { per cent. Great Northern stock |
or in the stock of a subsidiary company, |
which Will be enabled to pay dividends |
out Of royalties on the ore. While no !
definite arrangement has yet been made
for the tr1Gsfer of control of these
valuable ore lands to the United States
Steel IEorporation, negotiations are in
progress. and ths general belief is that
James ]. HTl will eventually bring
the big steel trust to his terms The
only hitch in the contract thus far has .
been the u1willingness of the Steel Cor
poration to pay the hie-l price that Mr.
Hill asks for these ore lands. An Ip-
plication was made to-day to the New
York Stock Exchange far tle listing OF
tha $2jCCO,UUJ of new Great Northern
stock recently listed
The steady absorption of the stocks
OF tim Southern steel and Iron COM
Tanics has hehn so thorough that there
are Conr rlrativCly few lh9res Of Ten
neSsae Coal & Iron. Republic Iron q
market. D.ligent inquiry for Tennessee
Coal this forenoon brought out a few
hnall lots. bur the mice FCse 10 165 r.
or ned Yesterday morning at 150 3-4 ard
closed n IFS 81 Efforts are n-aking to
ha1rcn'Zc different interests in Ehese'
pToncgf:es. 50 tat the muCl-tallsed-of
me ger may become an accomplished
f9y', i.InnEiRF n long wav ahead. the
wiseaGres Of the street are predicting