The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-10-14
DOWN. ALL OF HEARST
DEY0uTLY WISHED
Wall Street Is Praying for His
Defeat-New Deals Are
Pending.
Snecial to The Journal. y

New York, Oct. 13-The stock mar
ket has been less active than was gem
orally expected, but representatives of
large interests say that the character
of the trading has been entirely salts.
factory and that the market displayed
a greater degree of genuine strength
than was realized by the speculative
element. The selling of United States
Steel has been heavy, but men who
are intimately familiar with the buying
say that it was of far better character
than the selling. It is generally con-
ceded that Steel common is destined for
a considerably higher price, but sem
sational upward movement is not an
ticipated.
It is learned that important deals in
yolving several industrial companies are
being worked out. A few days ago 1t
was intimated that official announce
ment of their contamination would not
be made until after the state election
next month. Now it is claimed that
the interests which are negotiating
these matters are sufficiently confident
with respect to the outcome of the elec-
lions, particularly in this state, ito an
j.. nounce what they have done as soon
as the plans are ready to be given out:
good selling of late by those who do
not like this overconfdence relative
to the election situation. With Wall
street SO certain of Hughes success,
1t is argued that the reverse sentiment
will rule later on to the detriment of
prices Many traders are waiting for
the usual prediction scare.
Notwithstanding semi-official denials
that the company had any Important
Smelling has continued to rise. The
buying is presumably for the Guggen-
helm interests, who for some time have
done little in the stock. Extravagant
predictions are made that the price will
be advanced at least rs points. For
several months it has been rumored
that the American Smelling company
moment, which, of course meant ia
vorable money market, to announce. a
new security issue, and in the best-in-
formed quarters the movement in the
stock is attributed to the expectation
of "rights' assisted by the running to
cover Of large short interest. The in
creased earnings of the company, as a
industry, naturally give rise to talk OF
an increase in the dividend rate.
The pool in American Locomotive
utilized the reports of prospective in
crease in stock of the General Electric
to bid up their speciality, the theory
being that the locomotive, company, is
to figure in a "deal' between the
Westinghouse, General Electric and
Allis- Chalmers. The clique in Locomo
tive, as well as commission houses, has
been chung up' with the stock since
it was placed on a dividend basis Of
5 per cent on June 20 of this year.
Amalgamated Copper was cratic IL
common with the remainder OF the list
gdespite further advance in the price
of the metal, and as on previous oc
casions, Just when the stock appeared
to be in for a move, speculative en-
thusiasm was dampened by rather lib
eral offerings. It is commonly sup
posed that demonstration will b
made in Amalgamated between now an
it's action. which serves to mystif
traders, may denote the shaking out
Of a miscellaneous bull account, pre-
paratory to strong upward spur
later on. Commission houses are cal
4rying large lines of this stock;
Since the announcement, OF the leas
Of the Great Northern ore lands, Stee
lish predictions made at the close c
last week failed to be fully realizet
The lease of these ore lands, it
argued, may be a good thing for tn
Steel corporation some time in the t,
ture, but from speculative stant
point the terms, as announced, were NJ
construed as highly bullish, for til
time being at least. Possibly later O.
when movement is inaugurated in tt
Steel stocks, the advantages accruin1
as a result Of the negotiations may /
looked upon in more favorable ligh
The strength in General Electri
which has advanced about Is poin
from the low figure of last week, e:
cites much comment. The company
prospecting greatly, and is said to hay
extensive plans for expansion in co
temptation, which naturally give ri
to rumors of valuable "rights'
stockholders in connection with a ne
stock or bond issue. The last annu
report Of the company, issued early
May, was very favorable, gross sal
showing an increase of about $4,000
900, with an increase in net profits