The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-08-20
WALL ST. GOSSIP
FOR The WEEK
A BOOM IN STOCKS THAT NO ONE
BELIEVES IN.
A Sort of Feeling Around the ''Street"
that When the Public Gets Well In
the Slaughter Will Begin-Cotton
Crop Expected to Help Out the
Country Greatly.
Special to The Journal,

Special to The Journal.
New York Aug 20.-The stock market
has experienced a boom of considerable
dimensions this week, but, as one broker
remarked, no one has any confidence in
It. The boom is believed to be merely a
temporary one, although it is a fact that
the public has taken some stocks on the
upward turn and the broker referred to
also volunteered the information that the
public would all be in at the top He
did not say that the slaughter would then
be in order, but that is the idea he in
tended to convey, In influential banking
circles the comment cabled from Lon
don that the collapse of Russia's naval
power probably foreshadowed an early
termination of hostilities was considered
cogent. The disaster to the Russian
Vladvostok fleet came like a bolt out of
the blue and the announcement has had
a greater significance on sentiment IN
Great Britain than is yet realized on this
side. AS the head of one international
banking house remarked tersely: This
puts Russia back fully fifty years. 1t is
significant that London was a larger
buyer in this market than in several
months past and, coincidently, easier
monetary conditions and a greatly i'm
proved sentiment were reported from
that center.
Local commission house interest
showed a fair increase Of business and
the market also enjoyed good leadership,
a number Of the most prominent profess
sional operators openly directing various
movements Signs of the beginning OF
active interest on the bull side by inside
Gould interests were believed to be dis
cernible.
Easy Call Money.
The prediction of leading money bro
ker that call money would remain very
low for considerable period has no doubt
been one of the many influences tina
have tended to increase the activity Of in
vestment buying. The bargain counters
Of the large bond dealers have been wei
cleared of supplies, and investors now
seem to be looking for sound stocks tina
yield fair return on the investment. A
leading trust company, it is understood
has bought 5000 shares of st. Paul within
the last week. The market did not fee
this buying at the time it was done
without bidding the stock up.
The Cotton Crop.
The promise of the largest cotton crol
In the history of the country has nat
urally been reflected in an upward move
ment in all Of the southern railwa.
stocks It, is difficult to overestimat
what 10000 O00-ba cotton crop mean
to the south, with cotton selling arount
10 cents a pound. Ten-cent cotton is t.
the southern planter what dollar wheat II
to the western farmer. If the cotton crol
turns out to be 10000, 900 bales, and tn
present indications are that 1t will Ger
tainly amount to that number Of bales
the total value of the crop will be $500,
900, 00O In other words, the value of tn
cotton crop will be as large as a 500,
900, 600 bushel wheat crop, with whea
selling at dollar bushel. The cost o
raising cotton Is on an average not owe
cents a pound, SO that $500, 100000 GU
of the $500, 000 900 is pure profit to tn
south. With such an enormous increas
in the purchasing power of the south tn
railroads in that section Of the countr
should enjoy during the next twelv
months the greatest prosperity they hav
ever known. Not only will the railroad
be called upon to haul larger amount {
cotton than ever before, but the increas
in the purchasing power of the south wi
cause a large movement of all classes
traffic.