The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-12-02
MINNEAPOLIS OPTIONS

bursements are estimated at about &c.
100000. Fhe Gates or Western fol-
lowing, with the gambling instinct in
bred, accounted for most of the outside
business, the rise in several industrial
sfpee,a ths suggest5ng ma manipulation
timistically inclined traders are keep,
further trouble arising from the money
situation, for viii ch reason the stock
market may get thru the preparations
for January disbursements without any
such furry as occurred last December.
Even tho western lending quickly
broke IL per cent call monAy rate the
past week to half that figure, it is we'll
to bear in mind that the banks are ask
ing higher than the legal quotation for
which hardly suggests any marked ease
in funds. Wall street has carried on a
speculative campaign with high money,
but not for: any length of time, and the
result has always been disastrous to
those who undertook the operation.
A significant feature has been the
transference of money to San Francisco
thru the sub-treasury for moving the
fruit crops, which last year called for
Sc, OOO 900, and in view Of this drain
the net gain from the interior before
the first of January is not likely to be
Of Importance. = = ..:....- ~
The Bank of England has at least
held it's own, despite the large ship
ments to Brazil, this being mainly due
to the Bank of frances willingness to
furnish some of it's surplus store Of the
yellow metal to it's neighbor. Should
this trend continue, the outlook favors
here and abroad, since America will
not be compelled to .reship the gold
snatched this fall from the Bank of
England.
What is most needed at the present
time is a period Of quiet for the money
market, during which it may convalesce
to a more healthy condition. Those
who expect extreme ease after the first
Of the year when the crop moving funds
have returned from the interior may
well be disappointed, since it is init
the opportunity to borrow on the same
heavy scale as was the case the first
two months of 1906, when almost $780,
100000 Of new stock and bonds were is
sued. H.. ~
During The past week in three sep,
| arate instances-the Western Union,
Big Four and the Tennessee Coal & Iron
preparations were to offer securities
to shareholders and many other rail.
IOdNS duu luullo CI1d1o, GuC
New York Central, the st. Paul and
| the Great Northern. are likely1to short.
ly follow their example, Altho at. a
time when earnings are a record-break.
ing level, this suggests that the stock.
| holder may have less to expect in the
| shape Of increased disbursements; and
| advance in wages and the cost of ma
terial, moreover, tending to cut down
the. balance available for dividends
Whether the compliance with the de-
mands of labor for it's share Of the
prosperity can be taken as indicating
an impending business reaction, as
some people infer, is an open question
but tendency of railroads to show 8
much smaller percentage of increase in
net earnings is warranted to cause some
thinking.
Another feature which tends toward
conservatism is stock market commit
ments is the impending session of con
gress with it's possibilities for disturb
ing agitation against the trusts, the
president g message, moreover, being
expected to offer some radical sugges
tions with reference to the regulation OF
wealth and corporations which will MOI
tend to the peace. Of mind, of certain
industrial combines.
There is no probability that the bears
will be enabled to- engineer a raid il