The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-10-23
STOCK MARKET
BETS ARE CASHED
New York Politics Figure in
Wall Street Dealings
BULL MORE SUCCESSFUL
stock transactions Reach High Water
Mark of 100000 shares n Day,
But Reaction Reduces Vol
ume To 100000
BULL MORE SUCCESSFUL
BY w. G. NICHOLAS

New York. October 22.-(special.)--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 a. rebuke of political radi-
cal tendencies were sold out at profit
and the money duly banked. That was
found to be the safest plan for discount
ing the possible success of the opposition
to Mr.. Roosevelt and his strange ideas
and 1t was taken advantage of in
wholesome way.
Not that all stocks bought at the be-
ginning of the upturn and during the
progress OF the advance were acquired as
election bets but a very large percentage
of the speculative operations were predi-
Gated on the theory that the political
landslide which seems to be on will be
benefit to the market, and that the
New York campaign will be about the
safest and most reliable indicator Of the
political current
It rarely falls the lot OF a Spectator
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 the opportunity
To have failed to grab on the coin under
such circumstances would have betoken-
ed a woeful lack of intelligence.
In the matter of enlisting outside help
this bull movement has been more sue
cessful than any which has been at
tempted for more than a year. The
movement was never entirely free from
a suspicion of manipulation but that did
not seem to make any difference. To
the outside public II had ring of the
genuine. Early in the game 1t was al
lowed to become known that ]. P. Nor
gan and his associates were behind the
movement and were actively pushing
prices up. 1t was advertised as a Nor
gan boom and along with this announce
ment 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 skeptlcism by a great majority of
traders and by that part of the public
which has become educated to disbelieve
everything it hears in Wall street, and to
that seep through the recognized channels
for the circulation of all kinds of gos-
sip fatherless and otherwise. The Nor
gan group of stocks were conspicuous
throughout the entire movement, al
though the heavily burdened specialties
like Southern Railway and Erie were a
little late in getting under way.
When they started, however. they kept
step with the merry procession and came
in at the finish with heaos and tails up.
Steel was at all times the leader of lead
ers and on the big days trading in that
single issue oftentmes footed up 20 to
25 per cent of the total. From the low
point, July 26, steel had an advance of
II points, of which the last 10 points
were scored in less than 10 days ~
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 on 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.
| OF course, neither the Morgan party nor
| any other party can keep on buying
| forever. There comes time when there
must be selling and beyond a 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 with stock the
| early part of the week and later began
to stagger under the load.
| AS is nearly always the case, a lot Of
spectators who had refused to believe In
| the movement until 1t was almost over
| were found to be enthusiastic, rampant
| bulls as the excitement approached eli
max and they are still bulls. Thev are. in
| fact, doing most of the talking now
and find many reasons for believing or
pretending to believe that the reaction
| from the best figures attained creates
safe base line upon which to buy stocks.
| This Is one of the most unfailing Incl
| dents of a eliminated market sweep.
| Late converts are the ones who hold the
bag and they cling to 1t with tenacity and
| noisy demonstrations.
| Whether or not the campaign Is over,
| or merely taking a recess. is a question
which Is Just now uppermost in the minds
| of traders and commentators. One mans
| opinion or one set of opinions may be
| said to be valuable as another The
only people who really know are the
| insiders and at this writing they are
neither talking nor letting other people
talk for them.
| AS the volume of business on the stock
exchange approached the million-share