The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-09-30
THE RISE OF HEARST
THE FALL OF STOCKS
Prices Bump on the Nominations
Southern Hurricane
Disturbing. IL,
Special to The Journal.

Special to The Journal.
New York, Sept. 29.-The November
elections are beginning to get on the
nerves of Wall street. The nomination
Of Hearst at Buffalo induced realizing
sales turnout the list, particularly in
public utilities, which, it was argued,
would be most affected by his cleo
ton. Brooklyn Rapid Transit, Inter
borough-Metropolitan and Consolidated
Gas were especially heavy, tho other
market favorites, like the Hartman
spared. Until late in the week when the
southern storm reports began to come,
thsre was nothing like general iquida-
ton, the undertone Of the market con-
tinuing fairly strong: London sold
stocks, rejecting the fortnightly settle
ment abroad.
1t remains to be seen how lasting
Wall street forebodings over the posi-
BILE success Of Hearst will really be,
to his election. The installation in
naturally not be bull card on public
utilities, but otherwise, In the event Of
his defeat, actual good might result by
his elimination as a future candidate
money situation, the street appreciated
the assistance by Secretary Shaw. The
secretary arranged his plans as to
avoid public criticism.
The big banking interests do not
seem to be worrying much over ikeli-
hood Of disturbances from monetary
conditions.
The Boston market seems to have
goodly share of the trading these days,
The public at the "Hub' having been
caught in a veritable copper boom,
with the result that prices Of even the
so-called "cats and dogs" are showing
large advances. Naturally 20 cent cop
per is stimulating enthusiasm, pools in
cidentally marketing stocks which they
have had hung up for long time. JET
ferson Levy's return from Europe was
cele brated by a sharp rise In Canadian
that operator. Talk of increased di-
vidends was heard, but found little Gre
dence.
Friday, which began with selling on
Friday, which began with selling on
reports of disaster at New Orleans, con-
fdence was not wholly lost. With the
bulls there seems to be an abiding be-
lief that the market is yet to be put
higher because the "big men have the
stock,' but that in the meantime these
interests do not wish to see rampant
Is expected that long stock in sufficient
volume will again be fed out on the
bulges to check the operations Of the
trading element, while support will be
extended to the market when necessary
to prevent a wide break in prices.
1t Is asserted by one authority that
the large line Of Steel common, which
appears to have been in process Of dis.
tribution for some time past to the dis
appointment of those who had hoped
for better things, has come from no less
source than the Morgan camp. The
selling has been attributed in a meas
urer to H. G. Frick also, who, it is said
'has been reducing his speculative
holdings, but still retains large line
carried for investment.
The declaration Of the dividend on
Anaconda fell absolutely fiat, notwith-
standing an increase in the rate from
$1.371a to $3.50 a share, representing
an increase Of from % to "a per cent.
Both Anaconda and Amalgamated,
which had ruled comparatively firm
previously declined sharply when the
increase was announced. The best ex-
copper stocks was that declaration of
at least $1.75 share was expected.
Consequently there was selling de-
scribed as disappointment profit tax,
ing.'
President Elliott Of the Northern
Pacific, is in New York. Mr.. Elliott
is inclined to believe that little later
on, when grain begins to move in a
still greater volume, the railroads will
encounter rather a serious shortage of
cars. He believes that the labor situa-
tion turnout the country will be re,
heved somewhat as soon as the har.
S4or Col