The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-09-23
BULL ON STOCKS
IS ]. P. MORGAN
so RUNS THE WALL STREET Cos
SIP OF THE HOUR.
Cassatt's Reported Resignation from
the Pennsylvania Not Generally Cred
ited-The Gould Ramsay Imbroglio
a Feature Of the Day-August Bel
mont, Jr., a Clerk in His Father S
clearinghouse Of the Week in
the Financial Center.
Special to The Journal.

SPECIAL TO Line journal
reported to be bullish Usually when such is
the case the stock market declines. For years
there has been exception to the rule that
when Mr. Morgan issues bullish interview
the market Immediately scores big drop In
the present instance Mr.. Morgan has not put
forth interview, and hence the accustomed
decline may not follow. Mr.. Morgan is now
bulish, according to the gossip of the street,
only the market may go up few pegs.
The Gates clique are also strongly bullish and
are buying stocks on every favorable opportunity.
The Gates movements are Of course purely spec
ulative, while the Morgan interests are more
especially concerned with the real business pros
poets Of the country. The bull crowd is now In
control Of the market Some of the closest OBJ
servers however, believe that the market will
be waiting until something more definite
develops in regard to the money situation. They
say that until more positive assurance Is re-
| ceived to convince the speculative community
In general that money will not be sufficiently
high to check speculative operations, the public
disposition will favor a conservative attitude
Many traders are waiting to take the long side
as they evidence of an inclination
| on the part of certain strong banking interests
! to participate actively on the bull side. There
| is found nowhere expressions of opinion which
| do not favor higher prices as present
market uncertainties cleared up. In the
meantime 1t Is pointed out that operations are
likely to continue largely of professional
nature. ... MD. IS = tx
Optimistic Summary.
|
there were number of other favorable develop
ments bearing directly on the securities market
as FOR instance, the governments crop report,
| showing almost unprecedented conditions in corn
| and wheat, the statement of foreign commerce,
| showing record-breaking exports Of cot
| ton and general merchandise, large railway earn
reports from all the trade centers Of the United
| States. Railroad earnings are being carefully
watched by those who sure that the condi-
| ton Of things warrants higher prices for rail-
| oil to ho ri va
LIABLE puts the gross earnings of the railroads
of the United States for the first six months OF
the year at 900 in excess of those for the
half year Immediately preceding. The assur-
ance that the corn crop is now safe has en-
gendered a good deal of bullish feeling on the
| granger stocks. g.
| Cassatt to Stick.
! Well-tnformed railroad men do not credit the
| report that President Cassatt of the Pennsylva
MIA railroad is to retire. They point out that
he has entered upon one of the bOdest and al
the time most effective policies ever carried
out in the railroad world. A prominent rail
road official says that the whole question witt
Pennsylvania is how can the increase in traf
fc be handled? The enormous sums of money
raised and spent, he says, still leave the com
pany without sufficient facilities to handle it:
business with the best results. President Cas-
satt Is only Ut years DID, and therefore canno
be compulsortly retired at the next annual meet
ing under the company's old-age limit rule
which disqualifes employees more than 70 year
retire for this or some other reason has FIRE
| quenty been in circulation, and has as fire
quently been denied. The Gould Ramsay i'm
, broglio has not excited and cannot excite an.
interest In Wall street. - The speculation in tn
so-called Gould stocks is very small and will
probably remain so for obvious reasons.
Much stress is being laid on the Hfe-insuranc
exposures. There is nothing coming out tina
Wall street has not known for years, altho /
might at times have been awkward to furnish tn
legal proof as it is now being produced. TIL
| &c Int pHo1v IT,
, public. In this instance the result will be tina
, that part Of the public which is short of stock
will hold on for greater losses, and the ney
, short lines of the public will be put out lowe
than might otherwise have been the case. TIL
public both the part now short and others, will
get on the long side at higher levels. Thus Their
; will be balm Of gold for the hurts of the hig
fnanciers. ~ ..- -~...
- Rich Youths Work. ~.
August Belmont, Jr., has become a clerk i
the banking house of Belmont & Co., of whic
h his father Is the head. Many prominent Wal
street men follow the rule of starting their son
in some other banking house than their own 70
the sake of throwing them more fully upon thei
own resources. Not few of them are en-
Z: ployed in the Offices of large corporations. The
q usually occupy some position which allows the1
: to study the inside workings of the organizatio
: at close range, such as private secretary to on
: Of the officers but it is said that they seldoI
expect or receive fayors in the distribution
. work. After some years Of training elsewher
. | tney frequently enteT tne urHS OIL winch tne
fathers are members. Mr.. Belmont has eyiden
| ly preferred a different course. eI'4a
'Even Rockefeller interests at times los
, their nerve remarked a stock operator yeste
j day "I have just sold some per cent bono
/; at 1O5 which picked up a few years ago
(, 65. These securities had been underwritten
: the Rockefeller element in the Missouri, Kansa
& Texas railroad around 70 and a per Ger
!, commission, SO that bought them at approx
I | mately cost. At that time the outlook dar
4 and talk Of reorganization rife" ..a
y | : e E ..- Sohrofr