The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-08-13
WALL ST. WAITING
FOR The PUBLIC
BUT THE PUBLIC REFUSES TO
BUY STOCKS.
The Big Fellows Ripped the Wool Off
the Lambs Last Time, and They Are
Still Sore-The Crops, the War,
Gold Exports and Other Stock Mar
ket Influences Summarized.
Special to The Journal.

f
New York, Aug. 13.-Wall street has
been looking for the public long time
now, but since the "big fellows" dropped
the market down to the bare rocks a yNas
and half ago and held 1t there until all
margins were wiped out and the lambs
completely feeced, it has failed to ma
terialize. Wall street wants some of the
public's money very badly indeed, but the
public refuses to be bled. 1t is COM
mon saying in Wall street: "Oh. the
public will come In again." but it Is
long time coming.
The courts are profiting by their ex-
perience in the Peter Power case and
other professional or blacknail litigA-
ton For some time past an undisclosed
plaintiff has been seeking to disrupt one
of the corporations engaged in promoting
wireless telegraphy. The court, at the
instance of the defendant, has insisted
that the lawyer bringing the action should
disclose the identity of his client. He
has not done so, but has endeavored to
bring another plaintiff into the action.
This substitute plaintiff, corporation al
lied with an enterprise in competition with
the defendant, did not become holder
Of record of the stock of the defendant
company until ten days after the action
was begun. judge Bischoff, Of the SUI
preme court, in denying a motion to per-
nit the newly found plaintiff to become
a party to the action, says: II do not
think that this party should be brought
in until after the order requiring dis
closure of the plaintiffs address has been
complied with, or is successfully resisted
upon appeal"
If more of this legal squelching had
been INDUCED in by the bench a few
years ago, number Of corporations would
have saved hundreds of thousands Of dol
lars paid to counsel and to itigious spec
ulators.
Stocks and Crops.
The report Of the department Of agri-
culture did not really solve for Wall street
its perplexing doubts over the actual ex-
tent Of damage to the wheat crop. The
governments review Of the situation was
much calmer one than those contained
in the rumors telegraphed on with such
incessant rapidity from the west, but the
government nevertheless conceded that
the spring wheat crop In the Dakotas
and portions of Iowa and Montana had
been damaged to q considerable extent
The chief influence Of the report seemed
to be twofold. First, 1t substantiated the
general contention that rather serious
damage has occurred; and second, it lef,
the impression that previous estimates
had pretty generously allowed for the in
jury.
AS far as the other crops are concerned
the weekly bulletin was as good as might
| have been expected for the second weeN
Of August.
Other influences operating to restrain
stock speculation were a reduction in the
prices Of certain wire products, this being
accompanied by numerous suggestions O.
a general shakeup Of the pool agreeme t.
which control the steel industry. Intima
lions that, as a result Of the current ar
rangement between the Republic Iron s
Steel company and the Pittsburg Stee
company, the billet pool might be alto
gether abandoned, seemed to have thei
real explanation in a desire to depres
some Of the Steel shares.
The Gold Outlook.
Another influence bearing upon specu
lation was an unexpectedly rapid advanc
in sterling exchange, which may Undue
some prospective shippers of gold t
change their minds once more. Sterlin
exchange touched the highest point of tn
year on Tuesday, and this without bring
Ing as large supply Of bankers bills a
might have been expected. Again thi
possibility Of gold shipments failed to dis
concert the money market. Not only ar
reserves at New York heavy, but Phila
delph1a and Boston are also complainin
of an unloanable surplus of cash. Wa
street therefore persists in taking an cas-
view Of the money outlook
The news that something more tina
900 In gold would be shipped thi
week by banks in this city had no effee
, whatever on the money market. It
said by good authority in money matter
that the present store of gold in this cit
, would stand the shipment Of three time
$7,O0O,0oo before the effect would b
shown In the market. A feature ~ II
gold situation is the fact that the Ban
, OF England is not looking for America
gold and manifests disinclination 1
: handle it.
t The war In the far east has not a,
fected trade between the United state
and has stimulated that with Japan.
: IS estimated that since the beginning
3 April between $4,000 and $4,000 bales
;, cotton goods have been purchased IN -
: port accounts for China The exports
: hard ware to Japan have largely il