The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-07-02
HOPES And FEARS
OF WALL STREET
AN UPWARD TURN DUE IN ABOUT
TWO MONTHS.
Provided the Democrats Do Not Kick
the Fat Into the Fire-No tlling
Doing-Promoters Gone to Seed
and Brokers With the 'Blues"-
Gossip of the Street.
Special to The Journal.

New York, July ALL the important
and respectable interests in Wall street
are bullish, altho admitting that at the
moment speculation is decidedly quiet.
the Goulds, John w. and Charles Gates,
James r. Keene, e. H. Hartman, A. A.
Housman and others. All express con-
fidence In the general outlook and say that
prices are bound to go up within a few
months. The Rockefeller crowd have said
nothing The Rockefellers never make
people wise as to their plans; their policy
is to lay low and scoop everything in
sight when opportunity is ripe. Any
opinion given out by them would newt
ably be regarded as Machiavellian in char
acter. Consequently no one looks to the
Rockefellers for points on the stock mar
ket.
Among the best and most reliable indi-
Gators are the presidents of the big banks.
These are practically unanimous in de-
claring that strong undertone prevails
and that conservatism has the upper
hand, not for the moment, but for long
time to come: These men who sleep with
one eye open for squalls say the day Of
the wildcat banker and Spectator is as
good as over and no promoter can earn
his salt unless he has the goods" back
of him. No one is taking any chances in
financial ventures now, but the real bust
ness OF the country is In splendid condi-
ton. $50
The bankers are looking ahead to enor-
nous crops. This is where prosperity lies
The west already feels the impetus of the
coming boom. notwithstanding the presi-
dential-year bugaboo, and the railroads
everywhere are preparing for heavy traf-
fic. This is why temporary decreases in
railroad earnings have little or no effect
in the stock market
It is said that if the crops turn out well
much higher quotations will be seen later
on in the season, while If the harvest is
below normal, there will be no good rea-
son for a decline in values, as such a
development has been discounted by the
loss in market figures in the last year and
a half. ss
Brokers, who are a notoriously pes
simistic class Of individuals, say that the
commission business is still unsatisfa ctory.
They do not expect any activity to develop
until after the st. Louis convention. While
| it Is generally hoped that the conserva-
tive element will be found to be in control,
sufficient uncertainty exists on that point
to make Traders chary of taking on any
new commitments until assured that the
convention will adopta conservative plat
form. AS no one expects any sudden burst
of strength and activity In the market
traders feel that the wisest thing to do IL
| to lay. on their oars nd await develop
ments.
1t is believed by the less hopefully in
clined that should the democrats choose
a candidate who would command the con :
fldence of the conservative element Of the
country, prices would enjoy a considerable
rally, but that, If the selection should
fall upon man tainted with the heresies
of Hearst or Bryan the result would be
a general depreciation in values.
| A year ago threatened failure Of the
SIS, 100000 stock issue by the Pennsyl.
vania Railroad company showed that the
investing public had Withdrawn from the
market, The deadlock la the security mar.
ket, which ensued Immediately, continued
until about the second week Of June. Now
for the first time since the Threatened
failureEof the Pennsylvania issue, has &
4 genuine investment demand for the bet
ter class Of securities begun to be no
ticed. In the face Of this constantly In
creasing demand, the leading bondhouse!
agree that an actual scarcity of the bet
ter class Of bonds is manifesting itt,f
! Good bonds now command a premium
4 Along with these rosy statements come,
the wall Of the professional spectators IL
the street who have been in hard luck fo
a long time. They do not want pleasan
pictures, but cash3 and cash has beer
rather a scarce article with them TO-
months. They despise holidays, the Fourth
included, and say they want work, ant
that 5000, 000-share days would be Jus
to their liking. There are many Ills /,
Wall street, and, as one wag says, none,
would cure them all, but the question i
where is it to come from since the publ
has deserted the great financial mart.
IS. S. Schroff