The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-01-21
Special to The journal.

Special to The Journal. X"
New York, Jan. 20.-The significant
feature of the stock market is that the
public is in and that the pools have
been cautiously feeding stocks to 1t.
The spirit of speculation is in the air,
and there is little doubt that the pools
Will succeed in unloading their holdings
at good figures. The public will then
have the stocks and the operators will
have the money. The street is congrat-
nlating itself upon the fact that inter
est has extended to the low-priced rail
way shares. Even with money, rates
easier it is natural that the outside par
ticipatton should tend toward those is
sues in which the carrying charges are
comparatively light. The investment
consideration now plays but small
part in stock market commitments, the
great majority of issues netting much
less than current money rates. -. 49,.
From the standpoint of speculative
possibilities the medium and low-priced
railroads have an attractiveness which
is not found in the industrials and gilt
edged railroads. They have been COM
parative laggards, in many cases selling
mate gda1y lower e6ot than the high levels
of general prosperity. So far as divi--
dend prospects are concerned, most OF
them offer no very large inducement,
such developments being, a remote con-
tingency. Mystery value, however,
they have in abundance. There has
ket. There was a little more demand
for investment bonds, but this means
nothing, as there was more demand for
speculative stocks also. It merely in
dicates broader business. There was
a much better demand for purely specu-
,lative bonds.
In all great. bull markets the occur
cronara11v 6ofxy o1nsa 1vSic Of
what ought to happen. A speculative
fever is on, the elimination of which
cannot be foreseen. - It is no longer a
question of what stock is cheapest. but
of what stock is in best position for
a. rise: Trunk lines may be cheap, put
is the use. Of buying a trunk line and
carrying it for a month when there is
more money in holding Great Northern
preferred for an hour?o There is q
great class of men who cannot keep out
of the market, who cling to "a SELF
sions like this think that holding q
couple of thousand of some high-priced
stock too risky and prefer buying TO-
900 Southern railway or Chicago Great
Western or Wabash common, or some
other Of the low priced railroad stocks.
Other men would. not touch these
stocks, as being too, slow for any prae-
betetr chances in Industrial stocks, of
which the are many quoted from rs to
so, fairly low-priced. Still others phil
osophize that The highest-priced stocks
may be the cheapest and argue out in
ought to be twice as high as Delaware
& Hudson, or whether the. difference
between Great Northern and Northern
Pacific should exceed 100 per cent.
Representatives of the United States
Steel corporation and the larger indie
pendent companies say that business
continues to comeain at the same large
rate. 20 II 2cg.l..@;.
The daily transactions in Union Pa
cifc have been averaging more than
100000 shares this week, making, it
quite possible that. a large. line has
been marketed. This incident is sug-
gestive Of the continued distribution
Of the bull cliques.
. It is understood that the report from
Chicago that John Black is to retire
from the firm of c.. G.. Gates, & Co., is
correct It is rumored that John Drake,
the horseman, will become a member
Of the firm. = Stanley Schrof.