The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-10-16
1REET EXPECTS
(C0L0NEL TO WIN
Big Financiers Believe His Tick
ct Will Go Through in
November.
MAKES THEM Bu.LLIsH
--- ,-
Market Running on Schedule
With Higher Prices in
Sight.
MAKES THEM BuLLIsH
Especial 10 The Times Dispatch. ]

Especial TO The Times-D ispatch.]
New York, October 15.-Free selling
Of stocks by doubling followers OF the
big people caused reaction OF abou,
Point in the early trading in wal
Street to-day. but the day closed witt
stocks buoyant and at new high levels
for the movement. steel was the
leader and the official program pro.
vdes that Reading shall be the heac
OF the list next week. The market is
being run in schedule. 1t is limited
express train and the Teddy Bears
strung along the track on hand cars
had been on the lookout for the loco.
motive
1t can be said on authority which
perhaps is as good as can ever be had
regarding John ID. Rockefeller's per-
sonal affairs, that the head OF the
Standard OIL Company is in favor OF a
higher stock market Some OF the
minor lights In Standard OIL are bear
ish, but these minor lights have been
known to make mistakes.
Perhaps the strangest feature OF the
present market is that in addition TO
steel shares, the big people are bullish
because they believe the Roosevelt
ticket will WIN In New York State at
the coming election. The mass OF Wall
Street Is talking against the Roosevelt
ticket. but high inanciers always act
according to what they believe to be
true and not according to what they
would like to have true.
The bank statement showed sur
prlsing decrease In loans and deposits.
The cash increase was Just what the
street expected. and the result was a
surplus reserve OF s1,474,325 larger.
Because the important financial in
terests have been assured that the
government at Washington will adopt
the policy OF giving corporations an
opportunity to correct abuses before
dragging them TO court, the whole
stock market was quickened into
speculative activity last week.
steel was the leader, because the
new government policy Affects the
steel trust more than all others. It Is
significant that the trust has received
no notice from the government to
mend its ways.
There has existed in steel a large
short interest put out early in the
summer as hedge against inactive
stocks. THIS interest is not as large
as the one created under similar CIR
cumstances In 1907, but the advance
in the stock has been so quiet that
the shorts now find themselves fac
Ing serious losses, which grew by
small fractions from day to day.
There is no evidence that the big
people are buying steel now. their
accumulation having been made at
lower levels. but they have ciea ned up
the floating supply to such an extent
that the position OF the stock Is very
strong.
The copper shares show considerable
strength and It can be said on the
highest authority that there Is dis
position to make a broad market for
these securities. New England brokers
are loaded up with copper stocks and
want market for them. New York
is willing. The agreement to restrict
production has been put into full
operation, as is proved in the monthly
reports OF production. The low price
OF the metal caused large increase
In consumption. This, together with
the decrease in production. is sure to
eat up the surplus rapidly and cause
an advance OF price OF the metal.
Copper at > cents by the end OF the
year would surprise nobody familiar
with the situation.
The week was rich in speciality
movements Lackawanna and Jersey
Central led the railroads OF this class
and International Harvester led the
lndustrials. New york Air Brake, Cot
ton OIL, National Biscuit. Pressed steel
Car and Welis-Fargo were others.
Aside from Steel and Amalga mated
Copper the greatest speculative in
terest OF the week was in Union Pa
c1fc, Southern Pacific. Reading and
smelters The Hawley stocks also
responded 20 the quickening influence
OF the speculative market.
In the Street.
New york, October 15.-Number of
sne eas so1d to-day, 454,4o0: a year ago,
Day; sl.S79,o0o; a year ago. s1,694,o 900.
The average gain in all stocks dealt
~ to-day was y cents, reducing the
loss since December 1. 1909, to $3.50.
Baltimore and Ohio earned balance
available for dividends on the common
stock equal to SIS per cent, in the
pares with los per cent. in the pre-
vious The company also has total
surplus of S23S77,100.
Inc Guaranty OIL Company, which
owns 100 acres of land in the Midway
District Of California, is being floated
IN Wall Street. The company is capt.
Ialized for 100000 shares, all of which
Is in the treasury. A block of l,00O,-
700 shares Is being sold at 35 cents
share.
On the Curb.
Quite little activity was displayed
= -day In Inspiration, Chino, Miami and
Ray Consolidated There is. a good de-
mand for all Of the low-priced Copper
stocks. especially British Columbia,
Ohio, Davis DAILY. and Graene Cananea.
consolidated ARIZONA is also being ac-
shows evidence Of growing strength
and public interest Other stocks on
the curb We're neglected
New York. October 15,--Money on
,all. nominal, Time loans firm; sixty
lays, 43-4 OATS; six months. 41-2@
3-4. Prime mercantile paper, s IL to
per cent. Sterling exchange steady,
With actual business in bankers bills.
1T S2S0m$4,S3 for siXty-day bills, and
! "a So for n an,n rI Cp,o, h%11,