The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-01-28
BULLS Still Talk !.
HIGHER PRICES.
Many Prices Already High, but
Speculation, Not Merit,
Now Rules.
Special to The Journal.

Special to The Journal.
New York, Jan. 27.-According to,
the most experienced operators in Wall
Street the stock market has not yet
reached it's apex. Reactions are only
temporary, and while in the case Of,
lative position of the market is I'M
changed. Close observers Of the daily
transactions say, that large operators
are trading in and out of the market
ON moderate profits and are not taking
on4long speculative lines. The report
which the advances have been the most
pronounced are sold short to a greater
extent than is generally realized. These
men think that by reason of these con-
ditions, and the great prosperity pre-
vailing turnout the country, a serious
break in prices like that Of May, I9oI,
future. Even if there is corner in,
Anaconda, as is. quite generally be-
alieved, it is not thought that the effect
willtbe serious. It is pointed out that
the stock has not been traded in so
generally as Northern Pacific was pre-
vious to the corner in that issue, which
not believed, either, that the interests
who are supposed to have brought about
theseorner in Anaconda will take undue
advantage of. their position. It is gen
orally accepted that a corner exists in
Tennessee Coal & Iron:
series of 100000 share days which
shrewd observers expect to wind up
the. present bull campaign, the average
daily. nsactions-i, $4,000 shares
suggest considerable distribution of
long holdings. Some very big lines
of stock have been iquidated for oper-
ators preparatory to the customary
~ financial
ntersss who wae aTs not credit for
feeding out securities, which they pur-
chased at lower level either for in
vestment or to support the market dur
ing the insurance disclosures. Activity
I in Sthe Standard Oil specialties despite
merely conservative action on the Anal
Same interpretation as the prominence
of the Morgan specialties. The specula-
tive flame has been famed by fantastic
tales of impending mergers and deals
calculated to enhance market values.
Reports of Steel mergers find no CON
with few exceptions, must be attrib
uted to an ardent desire Of the pools to
eanitaze their he paper profits at the
The campaign for distribution OF
stocks finds assistance in the easier
trend to money rates natural at this
time Of the year. Thanks to the return
flow from the interior, as indicated in
the past two bank statements, strin
gency has disappeared. Money rates
are easier the world over as evidenced
result, gold exports are no longer q
thing Of the near future, tho the usual
outward movement may take place late1
on. The probability is that there will
be heavy issues of railroad bonds this
spring in connection with the era OF
construction in the west, to say nothing
Improvements thruout the country. The
bulls are confident that the movement
ain,sFthe direction of higher prices
which has carried the leading active
railroad issues to an average leve! above
1873, compared with an average for tht
same shares month ago OF about l30
and the leading industrial issues to- al
average level Of 1O3, against 95 month
ago. will continue for number Of
weeks to come.
Gold exports at this period woult
not create alarm in financial centers
owing to the strong financial situation
in the United States and the rapidly
American mines.
sI Rumor says St. Paul will cross 20(
before the present movement subsidies
ANY conflict between the Hartman ant
Hill interests will be looked upon a
asgbull argument on the stock, on &C
count Of its independent position. Til,
growing rivalry between the Hill am
Hartman interests, as evidenced by tn
purchase of Pacific Coast control by tn
former, would, it is argued, rebound t.
the benefit of the st. Paul. 3Bearishl,
inclined traders, however, suggest thu
inference that the movement is fostere,
by. Standard Oil interests in order t.
market line Of stock.
The western pool prominent in Union
is said to have realized on aNconsider
able line of stock the past week, thi
accounting for the heaviness displaye'
at times. Prominent among the seller
was ohm w., Gates.
Stanley Schroff.
sales. stocks. nigh q! Lev ;, Is s s.