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Show WISH MORGAN HADUVED TO PUT LIPE INTO WALL STREET Old Market Leader Sorely Grieved Because the General Public Cannot Be Drawn In. By BROAD AN WALL. By International News Service. I NEW YORK, July 26. Action of ,the market today, and particularly on U. S. , Steel, made Wall street sigh for some old ! leaders. It sympathizes with H. C. Frick j In his wish that the late J. P. Morgan had not lived to see Steel earnings of $S1,000,-000 $S1,000,-000 for a quarter. Traders let their Imagination dwell on what the elder Morgan Mor-gan would have done with such figures. The opportunity for leadership was presented pre-sented and nobody stepped forward, and the whole day was a disappointment. Such earnings as those being reported and such dividends are certain to have their effect. The chief thing seems to be that people don't believe it's all true. Comparatively few persons made any money In the big market of last year and they were practically all professionals. What money the public has made has melted away because they ncglectod to sell their stocks. Public Not Interested. The country is so prosperous that when one gets a hundred miles away from New York he hears nothing of the stock market. mar-ket. Bankers expect that the market will be dull until the public, now busy with the crops and big orders of everything, begins looking about for a place to put the surplus money. Whenever Wall street is disappointed It begins to talk about waiting for some- thin. So today it began 'ns'u' ' crop statement, to be issuer! by trie KJ-ernmont KJ-ernmont on August 8. and for the strike vote bv the railroad men on AuKust l. The 'strike vote will, of course, be In favor of a strike. It always is. But that does not mean a strike necessanl and should there be a strike It will be a bullish feature after the first shock he-cause he-cause it will compel the sovernme t to step In and take charge of the raUroad problem. What Might Happen. The matter may fro so far as to force tlie Rovernment to take charge of the railroads rail-roads ami. If so. that would Put them In the class with bank stocks and release re-lease hundreds of millions of private capital for Industry enterprises. Reports that the allies were reserving; the right to cancel all munition contracts after September 1 caused some sellinft, but the purchasing agents are no better able to guess the end of the war than tho ordlnarv American Investor. Hio financial world recognized as perfectly proper tlie desire of warring nations tQ manufacture their own munitions, but the thing that is worrying Wall street is the great amount Japan is producing. It is recorded that Japan is becoming one great factory, and K. H. Gary's trip to the Orient Is to see whether the Steel corporation cannot establish plants there. |