The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-07-08
BEARS NOW CONTROL
THE STOCK MARKET
Bulls Make Gains by Inches, but
Lose Ground in the
a3 ..; End.

New York, July 1.-The fact that the
adjournment of congress had no slim
ulating effect upon the stock market is
regarded as again well illustrating the
temper of speculative sentiment.
, few weeks ago this event was awaited
with the greatest eagerness, as it was
believed that it would mark decided
revival in speculative activity. The
stock market, however, in no way dis
counted the event and it fell fiat-as
every other item of good news has in
the last fortnight. Some of the most
experienced operators, however, are of
the opinion that the continued decline
In prices will soon attract a consider
able amount of investment buying.
The July interest and dividend dis
bursements, amounting to nearly $780,
100000, will be seeking reinvestment
and bond dealers in particular are
hopeful of revival of activity in in
vestment issues.
The larger banking interests are still
inclined to hold aloof from commit
ments in stocks and show no DISPOSE
ton whatever to do anything more than
extend occasional support when de-
moralization is threatened. The heavy
selling in the United States Steel stocks
has been particularly disconcerting to
more to do with unsettling sentiment
than any other influence. It is under
stood that some large holders of Steel
disposed Of their lines in anticipation
Of. active agitation in the tariff next
fall. They point out that the raising
of this question will be likely to have
serious effect upon business, and they
are by no means certain that a revision
In the tariff laws will not be made by
the next congress. Sentiment thruout
the country is believed by many OBJ
servers to be gradually growing more
favorable to tariff legislation and it is
on this theory that a good ~ deal Of
liquidation in the steel stocks has been
experienced. IA a.
assert that the market is going steadily
lower on further liquidation and short
selling. An announcement warranted
to make money rates frmer. was that
the government had asked bids on
$30,0O0,000 Panama Canal bonds This
will necessitate the accumulation Of
funds on the part of bankers who in
major part of these bonds. as seems
likely. be used for circulation, it will
tend toward ultimately easier condi-
tons. A distinct disappointment to
Wall street, which had hoped for an
announcement Of heavy gold engage
obtain any Of the $4,ooo,ooO which ar
rived from South Africa It was re-
ported in London, however. that Amer
lea had secured $2.500,OO in Australia.
It was apparent that both the Bank of
England and the Bank of France are
DESTROYS of adding to their supplies of
the yellow metal. in order to keep the
for that reason, unless Secretary Shaw
should renew his offer Of special facili-
ties-which is not likefy-any large
movement is not awaited. T.:
The liquidation in the stock market
was doubtless accelerated by the ex.
treme firmness Of time money, 515 pei
cent being bid for six months, with nc
large supply pressing. Money brokers
report numerous orders against matur
in loans the next thirty days, which
suggests that some bull cliques may be
selling their stocks rather than pay
higher rates. Banking interests woulc
not be surprised to see lower trend il
money after the July disbursements be
come distributed, tho expecting marked
stock market is till dominated by none
erop report on the 10th is being Gin looked tlSe
forward to as bull argument Of some
promise. = ..-...
The street is so thoro1y tinged will
bearishness, that, as one. trader ..ex
hs air. oan iss 1T houses
known to be practically bare Of stocks
and the selling from this source il
said to be very light indeed. Ye
stocks appear to be plentiful, and thu
market continues to go down. TIL
fact that so few stocks are being car
ried by these firms should in itself con
stitute an argument in favor of highe
prices. The present market, however
has upset so many precedents tina
traders who go by the "chart' ar
rapidly becoming befuddled.
Notwithstanding the array of bea
ammunition, there is no uneasines
among the interests who are endeavor
ing to preserve the stability Of affairs