The Birmingham age-herald., 1905-07-23
BOTH SIDES GIVE IN TO THE WEATHER | Too Much for the Bulls
 and Bears MARKET IN GOOD SHAPE Lewis Van Riper Had Doubtful Deal inss Before Cotton Scandal De-
 veIoped-Heinz Can Now Improve Mines.
MARKET IN GOOD SHAPE
BY W. G. NICHOLAS.

lew York, July s2.-The whitening heat ing both for hard work The physical effort of boosting prices was too much for the buying party and conditions de- tered aggressive campaigning on the down side. As a result price changes were cratic and no decisive tendencies developed The business situation remains comparatively free from new disturbing influences and the outlook is on the whole encouraging, altholsh the great banking interests advise moderation at this time in all speculative operations. The gen. eral crop outlook is favorable, but it is yet too early to become unqualinedly en- tEusiastic over harvest results Just as well wait until the season is further ad- vanced, say the conservatives. At the same time the banking interests do not really anticipate marked change from existing conditions in either the interna- tional or domestic markets In order, however, to make themselves perfectly safe they are making extensive arrange ments to utilize American credit abroad to provide funds for the great autumn movement of crops. By this procedure serenity is guaranteed and the country IS gwen reasonable assurance against im- portant advance in interest rates.
 On the whole4dt can be said that s, curitfes values are stable and give prom lse or maintenance around current lev els The bear element finds little en- enlargement. and 1t Is probably true that the short interest in stocks is not as large as usual This leaves the market tecnnically weak, but as the floating supply Is concentrated in strong hands there Is seemingly small prospects
 pressure from any quarter. Those who hold stocks are as a rule quite willing to sit on them and they wait the normal ~evelopments of the market. In the natural course of events prices should begin to advance before long and 1t is the prevailing belief that patience will be rewarded by just that kind of mar ket movement within the next few weeks, although immediate activity is not look ed for.
 Stocks Locked Up.
 Ihe great voluNe of established divi- dend paying stocks has passed into the hands Of the investing classes and is safely locked up in strong boxes. The number of people able to buy and put away securities has increased amazingly In the last five years. and even those In pest position to observe this phenome- non confess that they do not half realize the absorptiye ability of the country The wealth of the nation has grown so rap Idly that nobody has been able to keep up with the cold facts. Every city of consequence has long lists of million aires and multi-millionaires and today there are more owners of big blocks of securities ten times over than there were decade ago This fact accounts for the ulsappears. .lce from the street of many high-priced railway issues. The floating supply of dividend payers is daily di- minishing quantity and the attention not only Of spectators. but of far-seeing in- vestors is perforce turning to the cheap CT and lower priced stocks. The moned classes are almost unanimously willing to take a chance on the continued pros perity Of the country. They see stocks disappearing from view that 6 few years ago they could buy for $l0 to $50 share stocks which then possessed no greater Intrinsic or speculative value than those that are now obtainable at the same fig ures. The country then was only enter ing upon a period of remarkable pros perity and development of natural re- sources, a period which seems to have no end. Hence the willingness to lay away the low-priced stocks of today as the best method in sight of making a gamble on our national progress.
 Van Rlper Has Past.
 Lewis c. Van Riper, the party who seems to have turned states evidence in the cotton scandal case which so disturb ed the trade and distressed President Roosevelt, has record that smells to heaven. Still one would naturally not go to a Sunday school or gospel conven- tion to look for people disreputable enough to corruptly conspiie with gov- ernment officers to betray sacred trusts Consequently 1t is not strange that the persons involved should hay. been inal- odorously mixed up with queer people in past business dealings and should have standing of a questionable sort. Van Ri- per Is a Chicago product having for- merly been associated with the bucket shop firm of Kelly & Co, which went up the hume some years ago. Coming to New York he opened up under the title of Hodgkins & Co.,, then as Lewis c. Van Riper & Co.,, advisory market tip- sters, steering accounts Into c. w. Nor gan & Go. Morgan got to welching on his accounts in some of the tenderloin establishments and aroused revenegeful feelings In influential quarters. One day there was a police raid in the financial district. and later on Morgan, Van Ripcr and an associate by the name of McKen- gle was indicted and held for s5OO0 bail each. So far as known these indictments are still pending, although on that point there seems to be some haziness.
 Van Riper was the packer of J. l.. Mo- Leah. who was thrown off the Consol- dated board, He also figured in one of those funny Palisade real estate specu- lationsl He is supposed in the past two or three years to have cleaned up at least $500. GOO and has developed into quite A plunger He is q frequent and appar- entity welcome visitor in some of tho big brokerage offices in the Wall street and lower Broadway districts. He is still a very sore man because Of Secretary Will sons failure to observe the terms of all alleged agreement under which he wat | to remain unknown on condition of be. | traying his confederates in the--cottor | scandal. The administration at Wash fngton is doing the correct thing In prob ing to the very bottom this crop bureat 1 scandal. but when the job Is done tfer, l will be nothing to show fer the troubl, but a mephitlc reminIscence. The onl, | way to get rid of scandal in this de partment is to abolish 1t entirely ant leave to the trade the business of ac quiring information regarding the prog ress of crops and thei, extent. The cro, bureau has been enveioped ir scanda from its origin, and the bigger it get | the greater the temptation for leakaa and the more certain that corruption vii l cngender. The writer has been more O | less familiar with the crop reporting bu reau Ut Washington for twenty-five year l and knows of no good that has come iron | it. It Is in solemn truth nine-tenths ad | junct to the speculative business of tn exchanges and one-tenth farmer.