The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-08-06
FIELD, The GREAT
WALL ST. SCALPER'
TRADES In $4,000 SHARES AND
MAKES $s7.
Changes His Opinion Nine Times q
Day-Many Prominent Men Absent
from the sreet-Crop Prospects
Now the Most Important Considera-
tion-Much Gold Moving Towards
America.
Special to The Journal.


New York, Aug. 6.-With the exception
of two or three, all of the men of very
wide prominence in the financial world
are absent from Wall Street. Jacob
Schiff, A. J. Cassatt and James Speyer
are at Bar Harbor. James j. Hill is In
the west. James Stillman, e. III. Harri-
man, George F. Baker, Otto Kahn, II. G.
Frick, H. H. Rogers, William H.~Vander-
bilt, D. G. Reid and H. NICK. Twombley
are all in Europe. Judge William FL.
Moore and William B. Leeds are at var
ious summer resorts. John w. Gates and
James r. Keene are at Saratoga. John
D. Rockefeller is also out of the CITY,
William Rockefeller, j. P. Morgan and
Norman B. Ream are among the lew
prominent fnanciers who are in New
York. 1t is doubtful if there has ever
been time when SO many prominent A.
nanciers have been absent from Wall
Street as is the case at present
This leaves the market pretty much
to "Jakey'' Field the greatest scalper Wall
Street has ever known. There are trad
ers who execute more orders, but not
single trader who scalps the market on
anything like as large as scale as Field.
AS scalper Field is certainly a wonder.
| If he had to pay commissions at the regu-5
lar rate on all of his orders he would
soon be broke. 1t is said on the floor that
Field changed his opinion on the market
! the other day niEe different times HE IS;
said to have traded in $4,000 shares on
both sides Of the market, and closed the
day with a net profit of $S7. In some re-
spects this is probably record that will
stand unbeaten for many years. Field Is
continually getting in and out OF the mar
ket, and it is something Of a mystery how
he is able to keep his accounts straight.
Room traders say that Field never made
a profit of 5 points on single transac-
| ton in his life AS rule as soon as he
sees profit he takes it.
The Crop Uncertainty.
There are reasons why the prospect Of
the crops is watched this year with more
solicitude than usual. We cannot be said
to have had anything approaching hard
times,'' but there has been setback in
prosperity compared with preceding years.
| There is a general feeling that revival
will come with the autumn, II the crop
returns are liberal, giving direct pros
perity to the farming population, which
has suffered little thus far, and contrib
uting to activity in transportation and
manufa cturing industries. The crops are
by no means out of danger. There may
yet be drought of floods or early froSts.
Should there be no unfavorable turn in
the next two months Of harvesting and.
preparing for the harvest, there is every
! indication that the crops Of 1904 WILL as
a WHOLE be abundant.
Much Gold Coming.
Advices just received are to the effect
that the gold movement from the Klon-
dixie will be heavy during the next three
months A round amount Of gold is on
its way here from Australia, and, judging
from the various foreign cables, other
shipments will follow. 1t is highly prob
able, also, that additional amounts of the
yellow metal will be received from Japan.
= Early in September the cotton export
:, movement of the United States normally
2 sets in. It is reasonably counted upon
to be active, because of the virtual ex-
: haustion Of stocks in Europe If the old
8 world spinners were compelled to buy
e SO heavily a year ago, even when Amer
lean prices were at extravagant figures,
: it is reasonable to suppose that at the
I lower level now prevailing there will be
: a full movement. Bankers in general cal
f culate upon large imports of gold from
d Europe In the next three months,
e The beginning of the crop movement
!, will impose a demand for funds upon New
v York which will tend to offset the gold
4 accumulation, but it is extremely doubt
:. full if it will be sufficient to affect money
q rates to any great extent international
n financial centers are rejecting the effect
: of increasing supplies of gold all over the
. world It has been estimated that the
= | production of Australia this year will
;, ;, reach $4,000 000-the greatest on record
= South African production continues to in
: crease rapidly, and the output of gold
: in North America is now at the high.
- - water marx. Experts expect tnats the
u American and Canadian output of the
n precious metal will this year reach s10O,
y 100000 In view of the circumstances, il
# would seem that even If London is little
/ anxious to increase it's gold holdings il
d banks the era Of low rates for money
g would last for some time.
The action of the stock market Tues
e, day DEMONSTRATED how absurd it Is t,
lc imagine thht there will be any sustained
sr upward mIvement in the market unit
lie the outcorte of the crops is known wifi
te a fair degree Of certainty. However ar
IDENTIFY Wall street may desire a resump
ton of activity and strength in the stool
market, it will serve no earthly good Il
ignore the essential facts in the situation
Any attempt to create a sharp upwar,
III movement in the market will be an ex
ceedingly risky experiment.
IS. s. SchroR.
10