Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-10-23
CASH BETS ON DIX
Wall Street Has Chance Not
Often Afforded Gamblers.
REAL UPLIFT TO VALUES
Magic Name Of Morgan Brought
Outsiders Into Market.
RAILROADS BIG EARNINGS
Showing in Reports Does Not En-
courage Hope of Getting De-
sired Increase in Rates.
REAL UPLIFT TO VALUES
RAILROADS BIG EARNINGS
BY W. G. NICHOLAS.

Special Correspondence of The Star.
NEW YORK. October %, 1910
A great many stock market bets on
the election Of Dix for Governor Of New
York have been "cashed" during the
Week-that is to say, stocks that were
bought in the belief that his election
would be construed as d rebuke of polit-
ical radical tendencies were sold out at
a profit and the money duly banked
That was found to be the safest plan
Tor discounting the possible success of
the opposition to Mr.. Roosevelt, and it
was taken advantage of in a wholesale
way Not that all stocks bought at the
beginning of the upturn and during the
progress OF the advance We're acquired
as election bets but very large per-
centage of the speculative operations
were predicated on the theory that the
political landslide, which seems to be on
Will be a benefit to the market, and that
the New York campaign will be about
the safest and most reliable indicator of
the political current 1t rarely falls to
the lot Of a speculator who CANDLES on
any future event to be able to realize
on his bet in advance of the event itself
The big advance which has taken place
in the market during the last fortnight
gave the stock market election gamblers
just this opportunity. To have failed to
grab off the coin under such circum-
stances would have betokened a woeful
lack Of intelligence.
Outsiders in the Market.
In the matter of enlisting outside help
this latest bull movement has been more
successful than any which has been at
tempted for more than a year. The
movement was never entirely free from
of mi lott =
not seem to make any difference. To the
outside public it had a ring of the gen.
uine.
Early in the game it was allowed to be-
come known that j. p. Morgan's asso-
ciates were behind the movement and
We're actively pushing prices up. 1t was
advertised as Morgan boom and along
with this announcement was passed the
inspired word that there was going to be
a good smashing advance. These early
pledges have been made good, although
they were received with open skepticism
by a great majority of traders and by
that part of the public which has become
educated to disbelieve everything it hears
doubtful of the tips that seep through
the recognized channels for the circuia-
ton of all kinds Of gossip, fatherless and
otherwise.
The Morgan group of stocks were con-
spicuous throughout the entire movement,
although the heavily burdened specialties
like Southern railway and Erie were
little late getting under way. When they
started, however. they kept step with the
merry procession and came in at the
finish with heads and tails up. Steel was
at all times the leader of leaders, and on
the big days trading in that single is
sue oftentimes footed up 10 to % per
cent of the total. From the low point,
July 26. Steel had an advance of 1Slh
points. Of which the last 10 points were
scored in less than ten days.
Never Stopped Going Up.
Like all Morgan market movements on
the upside, this one was a straightaway
rise. 1t kept going up, up. up, day after
day, giving the shorts no chance to cover
on soft spots or slow acting and timid
bulls a chance to buy on breaks. There
were no breaks. The dips that are in
evitable in any kind of a market en-
countered massed buying orders by syn
dictate brokers, and outsiders were not
given a look-in. If they wanted to buy
they had to go in and bid for the stuff.
or course, neither the Morgan party nor
any other party can keep on buying for
ever There comes time when there
must be selling, and beyond doubt the
manipulative element unlOaded vast lines
OF securities at or near the top prices
that were established on the BOOM
The market became filled up with stock
the early part of the week and later be-
gan to stagger under the load AS is
nearly always the case, lot of specua
tors who had refused to believe in the
movement until 1t was almost over were
found to be enthusiastic rampant bulls
as the excitement approached climax
and they are still bulls. They are, in fact,
doing most Of the talking now and find
many reasons for believing or pretend
ing to believe that the reaction from the
best figures attained creates a safe base
line upon which to buy stocks.
This is one of the almost unfailing in
cidehts of eliminated market sweep.
Late converts are the ones who hold the
bag and they cling to it with tenacity
and noisy demonstrations. Whether or
not the campaign is over, or merely TAX
ing a recess, is a question which is just
now uppermOst in the minds of traders
and commentators. One mans opinion
one set of opinions may be said to be as
valuable as another. The only people who
really know are the insiders, and at this
writing they are neither talking nor let
ting other people talk for them
Banks Oppose Speculation.
AS the volume of business on the stock
exchange approached the million share-a-
day mark strong opposition to further
speculative expansion developed in pow
erful banking quarters. The argument
was advanced from that source that the