The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-09-10
VERMONT HELPS
WALL STREET
TRADERS SEE ASSURANCE oE
ROOSEVELT VICTORY.
Bull Element Still in Control of the
Market and Speculative Feeling
Stock Gossip of the Week.
Special to The Journal. .

Special to The Journal. H.,
New York, Sept. 10.-The republican victory
in Vermont this week has; had. decided in1u-
ence in the financial verdi. The news unques-
, tionably foreshadoWs a republican victory in No
velnber, and has tended to restore confidence in
stock and other markets. Politicians say that
the increase in the republican ma jority indicates
plainly that the country does not want a change
in administration, and Is prepared to rally
strongly for Roosevelt This is the interpreta-
ton Of the most experienced Observers. No
conditions would have been effective in promot-
ing undertakings on large scale If the political
situation had not been ca lcnlated to set at rest
the fears of disturbances which the quadrennial
1earrangement of government usually begets,
and it is to this freedom from anxiety on that
score more than to anything else that the exist
ing state Of affairs in Wall street is ascribed by
those observers. most familiar with financial
concerns. The speculative markets which trade
chiefly with what is to come, are taking on new
life as shown by the heavy transactions the
past three or four days. $50 ia
The manner in which unfavorable developments
are either disregarded Or ignored in the stock
market shows pretty plainly that the largest
financial interests are. behind the advance Bank
ing interests are buying stocks right along thru
their brokers' and London is purchasing from
rs, 900 to- $4,000 shares a day in the New York
market. - ~. -' -
THE. READING MOVEMENT. =-'.r:
According to story circulated on the stock
exchange the First National bank interests have
= accumulated line of over 100000 shares, OF
/ Reading. These interests were reported to be
heavy buyers of Reading when the stock was
! selling many points lower last spring. Brokers
who are believed to have been representing these
interests have been heavy purchasers of Reading
since the stock first started to advance: IT this
story is true 1t xeplains the recent scarcity o,
Reading stock and the ease with which the
price is advanced. Close to majority Of the
capital stock of Reading is owned by the Balti
. more & Ohio and the Lake Shore. This leaves
:: only minority to be traded In. and If the FRS
National bank interests, have accumulated a lint
of as much as 100000 shares the strength Of
the stock the last few weeks is easily under
stood. At the presents>p price Reading has dis
counted the commencement Of dividends-th
only development which, seems to explain the re
, cent extended advance IN the stock. =:
The advance In Erie was apparently move il
sympathy with the strength of Reading. Jaco
lest buyers Of Erie, and it may be that thes
traders were executing orders for other interests
The strength in Canadian Pacific is reflection O
there, as Canadian crops are practically secure
: and talk is generally bulish. 1t should not b
) forgotten that rights equal to about per cen
accrue to stockholders on the new capital issue
The stock is now almost back to the point OPT
/ at which it quoted before the dividend wa
taken off, This indicates considerable strengt
for short period. Notwithstanding til
, threatened strike Manhattan held strong. tn
strength in this stock was partly attributable
the excellent statement of earnings for the las
fiscal year showing large increase in net carr
( 1ngs and handsome surplus over dividend RI
; SOME HARTMAN TACTICS. ~, ~:
r + ~
5 A suspicion exists that the rosy Harrima
! interview was issued Wednesday for purpos
Soon after the opening Of the exchange on tn.
/. day extremely heavy and widely distributed Sci
Ing orders in Southern Pacific stock were give
: out. There was. not an item of news relatir
n to: Southern Pacific affairs, either good. bad
e Indifferent: The stock has, however, been not
bly,. strong of late, and was one Of the Efeatur
). Of TUESDAYS dealings. Along with the rest
9 the market; Southern Pacific: opened exceeding
9 strong "wednesday, but upon stte appearance ,
the selling orders referred to the stock bro
:. over per cent. The rank and file Of the roo
y traders and professional spectators now thron
e ing brokers' Offices were tremendously, impress
J. with the identity of the largest sellers Of t
% stock, and its decline .2sent chill temporari
g turnout the whole market There were no ST
=. cifc Developments relating to Southern Paci
affairs to be cited in connection with Its cours
Is and there was strong suspicion that the orde
had been conaded to the firms which execut
81 them for the plain purpose Of influencing the re
% of the market: # such were the case, t
g tactics employed were remarkably successf
- land the episode thoroly illustrative of sol
= Of the most salient features of the speculate
s5 market. $3.50 49,. i