The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-10-15
WALLST. WALL0WS
- IN PROSPERITY
ENORMOUS BUSINESS FOR THE
STOCK BROKERS.
Stocks Come Out on the Advance, but
the Bull Movement Continues Un-
checked, and Some Predict a Run
away Market Before the elimination
Big Men Are Bulls-Gossip of the
Street for the Closing Week.

New York, Oct 15-The distinguishing fea-
ture of stock operations this week was the
enormous profit taking sales. The highly salts
factory crop report of the department Of agricul-
ture at Washington gave such a strong under-
toen to the market that all this stock was cas-
lily absorbed by strong interests In fact, 1t APP
peared that matter how many spectators de-
sired to turn their paper profits Into cash, there
was always some one ready to accommodate
| them. The market improves at pace and with
breadth which surprises some persons Ihere
are many who yet believe that outburst OF
wild popular speculation is ahead, but good
share Of the short interest day after day Is ma de
by bulls the market who sold out too soon
and have kept their selling movement week
after week in the hope of catching liberal re-
! action. So far as can be learned most of the
out-of-town speculation is based on stocks car
red in this city. For example, Pittsburg
heavy buyer Of United States Steel stocks
Tuesday, but the brokers who did the buying
seems to be little movement Of Reading stock
back and forth from Philadelphia, altho Phila-
delphas daily purchases and sales are some
times as high as 5000 to 10000 shares of this
stock alone.
The market moves in the path of least resist
ance. 1t is not question of manipulation nor Is
1T question of inside absorption or Of dissipa-
ton into the hands Of the public. The room
trader MAJ es loss every time he tries to offer
a stock down. Every time he bids it up he finds
buyers sometimes at the top. and sometimes
scale. In United States Steel preferred on
Tuesday room traders handled lots Of nothing
less than 1000 shares, and frequently 5000
shares carried the market up 1 per cent and held
over night; they were buyers for the whole float
ing supply not far from the top. Room trad
ers handled $4,000 Reading in the same way.
Big Men Bulls.
The members Of the uptown party at the
Waldorf more enthusiastic with respect to
the future Of the market than they have been
during the recent bull movement. The corn
crop report is being freely discussed and the
: opinion is pretty generally expressed that the
total yield will be 1900, 900 bu than
800, 900, 900 bu. Official advces received indi-
cate that conditions in the Northern Pacific ter.
ritory satisfactory. Private advices received
i state that the wheat crop in the Canadian Pa
cc territory is likely to 65, 900, 900 bu against
: SO, 0OO,0 600 last year.
President shonts of the Glover Leaf has Just
. arrived in town from the west and brings favor
able reports regarding conditions In his terri
J, tory. He says that one of the notably favor
r able features Of the railroad situation is the
steady increase In the merchandise traffic moving
westward.
; Chairman Yoakum of the Frisco system says
l. that the annual report Of his company Is being
,, perfected rapidly possible and will bt
Issued at comparatively early date. He adds
); that the rate situation in the southwest is YER!
= good. and that it has been better during the las
eighteen months than for a long time. He be
): lIeves that this condition has come to stay.
|. An authority in the coal trade says that tn
l. bituminous business continues to show improve
T. ment and that the coke business is steadily pick
- Ing up.
>: The election Of William G. Rockefeller an
Henry B. Frick directors Of the Union Pa
ir cifc railway in place Of Louis Fitzgerald an
Horace G. Burt does not necessarily indicate tina
q the Rockefeller interests were not already SUI
fciently well represented in the board. But i
s. view of the rumors that the Hartman, Rockefe]
~ Ter and Hill interests had decided to bury tn
" Ratchet in the northwest some persons /
4. Wall street think they see in the election O
n young Rockefeller evidence Of good faith i
g. the plan for harmony.
= A Cotton Campaign.
, W. P. Brown, the cotton market leader Of tw
years ago is reported to be organizing anothe
. campaign in cotton. Brown is in this cit.
) but refuses to discuss any plans he may hav
concerning the market. There seems doub
b however, regarding his views the market r
believes "cotton Is scraping bottom TT
growing crop, he predicts will prove to be LEI
than the worlds requirements. Said Brown
The position Is now one wherein we have /
4 visible supply of either cotton cotton good
hear it frequently stated that inasmuch "
only raised 100000 bales last year and "
the world got along with it, that consequent
II, 0OO. 900 to II, 800, 900 bales this year wou
N be quite sufficient. But the fact that the wor
only took about 10. 600 900 bales last year is tt
III very reason why they will have to take gre,
deal more this year. 1t would have been
81 physical impossibility for the consumption
= cotton last year. to have been more than it wa
for the supplies did not exists mills all over II
n world were compelled to shut down, and at Il
y same time consumption was going just II
81 same, and the mills land jobbers and the retale
81 were reducing their stocks daily
''I believe this country is on the eve of t
- greatest prosperity ever known. The south
- rich and is growing richer every day. The ca
- has just been thru depression lasting ty
4 years. but all Of the imitation that formerly e
4 listed has been wiped out. China and Japan a
\ large consumers Of cotton goods. During the 10
I eighteen months they have bought very sps
i ingly until recently, when they have been bu
Ing very freely. I understand they have bong
4 the output of great many mills for sever
, i months to. come, and If they buy heavy goo
the increased consumption in that direction a1o
, would increase the consumption wonderfully"
IS. s. Schro6.