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

wall street Is having it's full share
of affliction. Like Job of old, it is
nursing it's boils and wondering if tho
worst has not already come Profess
sional Wall street lives by activity in
the market, and it is when business
runs heavy that chances for profit are
the more numerous, and commissions
pile up. A bull market is the great
thing the street plays for and occasion
ally receives. But tstagnation is what the
street breads, and even bear market
Is better than no market at all.
For the week there have been ad-
vances in stock, but principally in spec
ialties manipulated by cliques, or else in
high grade stocks representing long
time investment buying that interests
the professional only moderately. The
general market does not take on that
activity many would like to see, and
that many believed would be seen be-
fore this. The prosperity Of the coun-
try, good big railroad earnings, general
activity in industry and favorable re-
ports from nearly every quarter, would
appear to warrant more interest in the
stock market on the part Of the public.
The good condition of the winter wheat
crop, which has rarely been in better
promise at like date, and the sugges-
tions of heavy southwestern tonnage,
and prosperity for the farmers, that go
with it, are influences for strength. Yet
there is an Indifferent market, strong
enough under the surface, and quick to
come back after downward pressure,
yet lacking bull leadership and rather
Indifferent in tone. @--s
The big men Of the street, who go
south for the winter, or to Europe, are
beginning to show up again in their &C.
the big men had been looked forward
to as the time for the beginning of an
other bull market. Conditions on the
whole would appear to be favorable, but
the big men to date, are doing little.
What is needed in Wall street is greater
public interest. Probably these market
leaders do not consider it just the time
to start another bull campaign.
It would be quite unnecessary to
enumerate the many things Wall street
has had to face in the past year or so.
Everybody knows the general bearing
of the insurance scandals upon the mar
ket. The country was too prosperous,
too sound at heart for these disclosures
to have dire effect, but the specializing
public felt the chill and drew away
very largely. It would seem that the bad
features ought by this time to have
spent their full force; yet every day
/ brings its new detail, and now, with
the street. hoping that the speech Of
Hamilton, IF "yellow dog 8: fame, would
mark the end, there is the further an
nouncement that a suit will probably
begin soon to compel the MeOurdys
and their associates to pay back to one
of the big companies some 100000
alleged to- have been taken Illegally,
Such a suit would likely drag for some
time in the courts, and it's general bear
ing would not be favorable from the
viewpoint Of increasing confidence in
High finance. ..~ .5I<, III. +. .
The street feels that these things are
| certain to pass. Lawson was a power
in the street for short time. He shook
| the market and spread terror among the
heavily-committed, T. small -margined
bulls. Yet he had his day and passed
and today his bulletins that once star
tied the street are scarcely read at all
and have but slight effect. So the day
will come when the long series of
scandals that began with the fight be.
tween Alexander andsHyde for the con
troll Of the assets Of a great company
will have passed. But it is long and
weary wait. -, i: ;.:-..,..,z :.
/ Influences like the threatened coal
strike Wall street expects. They. are
the natural thing. And congress always
causes uncertainty. The railroad rate
| bill and other like influences are differ.
ent only in kind from other that have
been faced before. But internal cor:
4 ruption is another thing. 1t kills pub
lie confidence and it is on the hopes and
ambitions Of the public that the street
! lives.
There is but one thing for Wall street
! to do-purge itself of dishonesty and
corruption. Therefore while the mer
who are in haste for activity are chatting
under the continued dragging in Of new
factors on the bad side, the stronger
more conservative element sees the good
under it all. The only way to settle
the insurance scandal is to 60 to the
very bottom. When this has been done
when wrong doing receives it's just pun
ishment, and when the people see that
honesty is as necessary and as general
in Wall street as out Of it., there will be
larger and healthier outside interest
in the market.