The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-12-30

Rich Men Make Big Losses All
Around in Wall
s, Street,

Special to The journal.
e New York, Dec. 30.-Many stories
are heard in the street of the heavy
losses taken by big traders, those who
ordinarily have been immune to stock
market reactions. 1t is a particularly
gloomy period for the rich element
which has followed James J. Hill. those
who placed their money in Hartman
stocks having come off much better.
Among the pools it has been the Read
ing clique which suffered the most, this
stock maintaining its reputation as be-
ing in the nature Of "dynamite. -
There was story to the effect that the
sale to Henry G. Frici, who is gener-
ally credited with having unloaded on
the bull clique at much higher prices.
"A heavy decline in Great Northern and
Northern Pacific lent weight to the
opinion expressed in usually well-in-
formed circles that the Hartman inter-
campaign. Those in a position to know
maintain that q great deal of Great
Northern and Northern Pacific stock
has been sold by the Union Pacific.
One Of the interesting features of
the market was the strength displayed
by Great Northern ore certificates,
which, after breaking to 75A, rose to
character, United States Steel being
mentioned in this regard. The certif-
Gates, in fact, seem to have cut loose
from the rest Of the Hill group, which
In contrast show continued weakness
The heavy carrying-over rate of about
1G to IA percent for the fortnightly
settlement at London was not calculated
the largest in thirtythree years and
suggesting shifting Of commitments in
American stocks to New York A re-
port from London, in fact, was to the
effect that the large consignements of
securities recently sent from this side
were meeting with very cool recep
tion and might be retransferred to the
Northern Pacific, which have been rath-
er tightly held in both London and Am
sterdam, have been coming into the mar
ket here, which fact has aided che de-
cline In those issue. Some traders say
they do not see why Hill does not come
to the support of Great Northern. Hill
says he has no concern in the market.
Tho action of the Minnesota state au-
tlorltles in questioning the stock issue
of the Great Northern increased the
weakness of the Hill stocks.
Money market conditions continue to
hold stock market speculation in check
and to discourage an active investment
demand for bonds, but they have not
lnterefered seriously with the country's
trade tho it is conceivable that in the
event of the maintenance Of loan quota
tions at the current level for any fur
Their great length of time business cir
cles. will be seriously affected. Stock
market movements are based in great
part on the operations Of the pools, the
dealings Of board room traders and to
some extent on the transactions of a. few
powerful individual interests
1t it were not for the stringency of
now be importing gold, as rates for for
eign exchange are at level which,
under ordinary conditions, would at
tract the metal to this side of the
ocean, but the prospects Of large ship
ments to New York are not promising,
especially as the secretary Of the treas
airy has announced his intention Of not