The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-09-03
WALL ST. LEADERS
ARE COMING BACK
SOMETHING WILL BE DOING
SOON IN STOCKS.
Denial of the Report that the Street
Pledged 100000 to the Republican
Campaign Fund-All Crop News
Bearish, Yet Stocks Resist ALI Pres
sure and Some Even Show Advances.

New York, Sept. s,-The big fellows" are re-
turning to Wall street: Within the next ten
back. E. H. Hartman is expected to arrive
Rockefeller, Jacob H. schin ana Norman Is.
Ream are already in the city. James Stillman.
H. H. Rogers, George F. Baker and George
]. Gould will return from Europe early In Sep
TENDER James Speyer will leave Bar Harbor
this week. and the Moores expected soon.
Within the next ten days nearly all the lead
ing fnanciers will be in the street, and ''some-
thing will be doing in the stock market
The weather Is unusually cold and many fear
greatly for the outcome Of the corn crop, late
corn needing three four weeks of warm
weather yet. The corn crop of 1908 was saved
by unusually good September weather. III
we have frost in the corn belt said bull
to bull Reading and other coaler stocks. The
farmers having no corn to burn will have to
buy COAL The markets capacity for taking
stocks Is remarkable In view Of the small volume
Of general commission business transacted.
NO $1,000, 900 DRAG.
The story recently published that nearly
$7,OO0,000 had already been pledged by Wall
street to the republican campaign fund, has
aroused Il good deal of amusement In financial
circles The contribution by Wall street to the
republican campaign fund in 1896 was much the
largest record, but 1t did not amount to
quite $6,0oOoo0. The fear that Bryan would
be elected became intense, and Mark Hanna and
A. j. Cassatt made hurried visit to Wall street
| and succeeded in raising close to 49, 900 in
| three days. No such fear Is felt at the present
time, and bankers say that while Wall street
has contributed literally to the republican cam
paign, it always does, yet the contributions
have not aggregated over $4,000, 900, If they have
reached that amount.
ALL CROP NEWS BEAR1sH.
1t must be admitted that everything sait
about the crop this week little worse
than the most. pessimistic reports heretofore
When President Hill of the Great Northern
| railway concurred some weeks ago in a Min
liS 70 nf h,yo ~ hoa
| the former government estimate and the popula
| idea of conditions left anywhere from
| 50O00 600 bu to 10000, 900 bu behind. Now tn
Minneapolis statistictan has pulled his estimat
down to 502, 900, 900 bu, and another statistical
places the crop at substantially 5O0,000,O00 bu
However, the market refuses to listen to disap
pointing news.
| 1t was stated last week that the structure
steel pool had been re-established thru confer
ences between the presidents Of the three larges
companies in the business. Possibly the re
vumping of this pool Is regarded as a nom1na
matter, and likely to m1slead If taken seriously
because the former pools, not only in structural
but in almost all the other forms of steel, faile
utterly In their purpose. They merely main
tanned empty schedule Of prices, which fror
| the beginning failed to govern the prices a
! which the business done.
The decided strength in United States Stee
| preferred exerted favorable effect upon specr
! lative sentiment, it thought that buyin
in this issue represented accumulation for ii
side account and belief on the part of substa1
| Clal undnClal interests tnaC the iron anu Stee
| trade is the mend. Perhaps bulish state
| ment by Schwab on the steel situation was
| factor in the strength Of the steel securities.
The so-called Gates party, including twent
| wealthy and powerful men and following 9
| three times that number of small spectators
is active and aggressivey bulish on the entir
list. The so-called Waldorf crowd is appa
emily likeminded and comparatively active. More
over, another crowd does its actual trading thr
| house having its most prominent wire col
nections in Philadelphia and Chicago, and tn
crowd is doing apparently fully 10000 shares
day, almost entirely in big lots.
The railroad annual reports for the last fsc
year will be coming to hand in a few weeks, ar
will be more than ordinarily interesting tn
year. The reports will show the extent
which advances in wages have affected operati1
expenses, and will also give definite idea
what success has attended the efforts Of railros
managers to Offset the increased wages by mo-
economical and efficient operation.