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Show BIG BUSINESS AWAITING MINNESOTA RATE CASE Wall Street Considers Anthracite Decision Is As Good As Rendered by U. S.Supreme Court, ' but Anxious About t),ther. By Thomas C. Shotwell. By Intornational N'ews Servlcc- NEW YORIC, Dec. 5. Stocks wore violently vreak for a time In "Wall street today, Reclines rn.n from 2 to 4 points between high and low. At tho close there wus a recovery, due partly to co'erJng by professionals pro-fessionals and partly to the effect of substantial buying on beliulf of tho hn-poitant hn-poitant Interests. Contrary to popular reports, the loading load-ing banking interests have not turned against tho market. They are olmply trying to keep It within reasonable bounds. Nothing hats happened recently to disturb values except In tho Imagination Imagina-tion of professional traders. The anthracite loclsloii is aH Rood as rendered by tho supremo court and big business Is waiting for the Minnesota rate ctisn. Tho decision In that case should settle whether there Is to be a collapse of Investment values or a further growth of business. The decision Is expected ex-pected noxt Monday. Some of tho rumors current In Wall street today were so ridiculous that they were clearly the puro Inventions of bear pools. Kor instance, thousands of shares of Steel wure sold on n rumor that a decision de-cision in tho suit of tho government to dissolve the stool corporation was expected ex-pected In a few days. Anonymous Rumors. Rven tho testimony has not been taken in that suit, and If it Ik decided in two years It will bo a. record-breaker for speed- Tho street was flooded with anonymous letters quoting an alleged international I banker. This same set of letters has I frequently dleturbed Wall street, and It ! tnav bo as well to state hero that tho author of thnm has been discovered. He Is a petty larceny promoter who about five years ao engineered a successful cwlndlo on the curb market. The only wonder Is that he gets enough money together to-gether to pay postage on theso numerous anonymous communications. Professional traders have been ex- treinely successful In their raid on the market and havo become so bold that tho short lnturost Is still quite large. Hut thore can be no doubt that the strong peoplo wero buying stocks all day. It Steel was sold freely by leading brokers, it was for the sole purpose of dislodging stocks for accumulation. Today't? sales of Steel were very much llk( the sales of Southern Pacific Immediately Immedi-ately lollowlng the supremo court decision. de-cision. Southern Pacific was broken In order ro pick up more stock, as the stock I.s now In urgent demand. It was one of tho new issues that showed a net advance ad-vance today. Railroad Valuation. Passage today by congress of a bill providing for the physical valuation of railroads Is the beginning of the end or tho cry that the roads are overcapitalized. overcapital-ized. Xobody Is so anxious for physical valuations as the Insiders of the great railroad systems, for tho supremo court of tho Untied Slates Is On record In soveral cases as saying that railroads arc entitled to earn Interest on their value, regavdloss of whether the proportv was acquired by purchase or gift. It wli! be found that the railroads of tho United States could not be roprodweed for less than 150 per cent of their outstanding securities. The valuations alreadv made of tho Xew Haven, Great Northern and North Pacific mako such a statement extremely conservative. In regard to money, brokers bolleve that the bankers arc trying to put loans into the old-fashioned proportions of 60 per cent rails and .0 per cent Industrials. As customers refuse to deal In rails to moro than a nominal extent, it Is Im-nosidbla Im-nosidbla for the brokers to produce collateral col-lateral in thoso proportions. Tho result Is endless confusion. The fact that the percentage of decline In steel hu been greater than in some of tho much-abused specialties, is being realized bv traders. Europo sold nothing today but the foreign for-eign situation la materially better and Kuropc may oc expected to begin buvlng freely almost any day. Stocks In Wall street have been on the bargain counter for a couple of weeks and at today's prices tho active issues wore absurdly cheap. |