The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-03-18
HILL STOCKS SHOW.
BEST RECOVERY
Wall Street Now Looks Upon the
Shaw Deposit as a
Faith Cure
Special to The Journal.

Specla! to The Journal
New York, March 16.-The best re-
covery in the railroad list is naturally
found in the Hill stocks and such
other issues as were unduly depressed in
the recent downward movement. The
Street, however, disposed to look for
more Improvement in the low-priced
issues than they enjoyed during the
winter rise. The uptown interests in
the market which favor the long side
Shrewd observers are of the opinion
that the Hill interests lost nothing by
the sharp decline in Great Northern
and Northern Pacific. It seems OBJ
vious that large speculative following
has been got rid Of during Hills alb
sence from New York, and that now the
large inside interests will have still
more stock to share in the benefits
which are likely to accrue to the hold
ers in the near future. Everything
points to winding up of the ore deal
very soon.
The Gates, or western contingent
which is never happy when long absent
from the market, executed character
istic somersault, changing quickly from
irreconcilable bears to exuberant bulls.
A feature indicative of the improved
feeling in market circles is the eau
tious temperance of various pools who
but recently precepitously abandoned
their favorite issues to the unfeeling
bears, with what results comparison
of quotations readily indicates. Con-
sentative brokers are not encouraging
their clients to add to their commit
ments, believing that March, as a
month of crop scares and other uncer-
families, does not warrant too much
enthusiasm, but many pin their faith to
the old maxim that stocks should not
be sold when {" the sap runs up the
ton of the bull campaign.
Secretary Shaw's action in deposit
ing 100000 in the national banks,
100000 of which flowed into the
vaults Of local institutions has been a
faith cure its sentimental effect
being relatively larger than the prac-
tical relief afforded. Wall street ar
business community Incidental to phe-
nomenal trade activity pressing, further
assistance would be Forthcoming should
the situation require it.
The imports of gold are expected, to
have great influence in stock market
affairs. Only q moderate amount of
foreign gold will be needed, in view of
stock market, to strengthen the reserves
of the local banks. 1t is not to be ex-
pected that increased supplies Of avail
able capital and credit will be utilized
IN any wild bull movement in the near
future. The strain on the money mar
ket incident TO- the spring settlements
and preparations for crop moving and
crop planting now has good oppor-
tunity Of being relieved. European
confidence once restored, foreign re-
investment in American securities
will help to cancel any temporary
Borrowing abroad which was forced by
circumstances upon the New York
money market in the last thirty DAYS.
Enormous profits were made in the
recent bull market by men who were
already unusually wealthy, and it is moi
unlikely that this element is again anx
1 ious to increase its supply of funds
! thru the medium of an upward move
ment in securities. This party O,
spectators is exceedingly powerful, ant
its presence in the market is facto
which should not be lost sight of
Still some Of the shrewdest operator
in the Street believe that the presen
political agitation against corporations
and the socialistic tendencies which
have developed as result of the high
handed methods of many concerns
eventually will bring about heavy liza
uidation in securities, tho they ADM
that the carrying out Of proposed legis
lation and the elimination of the mis-