Show ADDITIONAL MINING NEWS I PITHY PERSONALITIES AN AM INSIDE VIEW VIEN OF WALL NALL STREET j i 7 i Boston News Dur u Ai Aj bankers' bankers market plus pius the public and gold Inflation That des describes current tock rt Ck exchange operations Banking In Interests interests in- in terest with the Morgans at their head and with several hundred millions in n loans loan to float are lined up on the bull side People everywhere are optimistic outside participation In the market being on a a. aScale I Scale not witnessed in years Incidentally Incidental Incidental- ly Iy more than a billion dollars In new money furnishes a a. legitimate and d ade- ade basis is both for bull speculation and the tie world wide financing bankers have haveD In D band Dl I understand that influenced by these aspects tho the powers that be will continue to encourage constructive operations operational They take no DO stock In the criticism that t the he market is IB dangerously Inflated and liable Wahle to collapse On the tho contrary the big men behind Mercantile Marine United States Steel Anaconda and UnIon Un Union Un- Un ion lion Pacific not to mention other representative stocks Blocks take the sensible stand that It Is values and not prices that are Inflated which except for reactions makes line he market t safe The time I Is long g past when bankers In their great loan operations acted independently Inde- Inde Today they are allied Which means In the present circumstances that r the the Morgans Rockefeller First Firm t National bank National City bank Bankers Dankers Trust Guaranty Guaranty Trust and their affiliated interests in- in I believe that the industrial tide In InI inthe I I Ithe the United States Is still sUll rising and with it tt the value of sound securities One of the tho most eminent and best Informed In- In formed fanned world bankers I am told thinks I ithe the war will last lut two years longer This prospect Illumines that of securities It presages presages another year In which Industrial I Iwar war stocks will earn 50 to a a. share with the railroads participating as they have during the last two in war pros- pros It Is therefore not surprising I That that the tha big capitalists behind the prop- prop erUes above named expect ultimately a aI I further advance In prices Also I it Is to be beI I borne In mind that equally powerful and Influential men In the West the Armours and Mitchells and others with great wealth at their command and a grea great following behind them hold about the same ame views as their In the East Apparently there is not a rift rUt In the clouds overhanging the r railroad shares Beware you men of or wealth that you do donot donot not g go too f far says Samuel Samiel Gompers m lh aYo n with labor a unions n combining to work their will against corporations Little wonder stocks earning three or four tour times Umes their dividends ar ara ard quoted not noti i greatly above the levels at which they I sold leold in far less prosperous days But owners can find some solace In the fact i that it is by no the tho first time I their properties have seemed hopelessly i beset by wage wage- and arid rate rUte troubles The roads heretofore have never failed to pull pullout pullout out ou of such difficulties with flying colors I am the of-the opinion that they will do so soI I I now Differences between employer and andI I employed will be composed It Is not Improbable improbable Im Im- im- im probable that the roads will get a as President Wilson has Intimated an ad adVance advance ad- ad vance in rates In any case It Is evident from the great gain in earning power I which is 13 partly permanent that the shares chares are abnormally depressed Charles M. M Schwab's prognostications i of expansion n the steel and Iron trade regarded as highly extravagant when I they they were made have all made good of steel stocks may well ponder his latest prophecy to the effect that prosperity In the trade is assured for I tour after atter the tho ends ends end our or fiva years war that while hard ard times will come they will not develop till long Iong after peace is made I Dun Bull ulI arguments on United Steel are stalling The huge profits of the I past year and the remarkable outlook for or orI I next year are an old story This forecast forecast fore tore II cast st of qt Charles M. M Schwab's I take It it ha Js M a new and tremendous bun argument ion the Morgan stock and is sure to have I potent Influence with both Investors and i The allies are shrewd buyers Alth Although i copper metal Is selling well above the 30 cent cent mark I understand they purchased I 80 O per dent cent of their up to toi i July 1 next a fraction below 27 cents For months Great Northern Ore certificates certificates have been one of the few disappointments I of the industrial list By re responding re- re but faintly to the uplift In Iron et tel el and other metal stocks they have the patience of their most patient I holders I am told however that there Is light ahead for or the owners of or Great Northern North North- sm ern n Ore and that It will not be very long l i before fore they are rewarded To investors In the pro property as well as to speculative holders boldes It has been a matter of that James J. J Hill HiU at his death owned shares That was concrete evidence of the great faith the pioneer o of the Northwest had in the property It however does not alter the tact fact that Great Northern Ore has failed to participate rate pate as it should have done In the great of steel The principal reason for tor tills this failure has been lack of facilities i tor or getting Its product to market This I drawback is to be obviated In the near t future Great Northern Ore will have a larger tonnage It win will then begin to more extensively of course In the benefits Iron and steel producers are de deriving deriving de- de riving giving from hom the unusual conditions in this I Industry Prestige Speaking of James J. J Hill there are trade marks merits In the railroad as In the manufacturing c tr N business s and he left his impress on all t the Hill properties rt Where Thero I MB lill Is them therA an Investment more highly thought of than Great Northern preferred pre- pre I i Northern Pacific Is not appraised i eo so highly perhaps as its contemporary I yet its great merit plus the Hill trade trade- I mark accord It a distinguished place inI in the railway in Investment list Then there I is Is the Chicago Burlington Quincy t I owned by the Northern Pacific and Great Northern and for which the late James Janes J J. J t Hill Mill thought double par a a. moderate price That Is a proposition to be classed with 1 I such gilt edged things as Lackawanna and Lake Shore All these ese properties i i carry their trademark They cannot lose l it nel either or so closely Is s President Louis nn following the managerial policies of his bb father The motor business history Is repeating Itself Production Is enormous and growing Some student students Insist that the Industry has reached the apex of prosper- prosper I 1 the Hy the fly the saturation stage mage as they term It Are these observers right I doubt it I A banker who has been intimately iden Iden- I with this Industry who knows It from A to Z Z tells me all the Indications point the other way way that that the automo automo- bile Industry in 1917 will have havo far the year In its history He gave his reasons for that belief First the vast ast I increase iri Id wealth especially that of ot the agricultural community Cotton at a bale and wheat at a bushel with other farm products correspondingly high means ans that the West and South are buy buy- fOg ing luxuries and the luxury they want above every other is the automobile Then the demand for motors moto Incident to preparedness preparedness pre pre- at home and the war In Europe is SS not to be underestimated d as It is an important factor in demand in ln the East of course tho the boom in business busness has stirred the industry marked marked- ly 33 and sales of high class clasp cars instead of Jailing falling off are Increasing Finally and as 1 I have contended before the tho field of the commercial car has only been scratched The Tl vehicle Is still numerous In mn the streets of our cities The motor de delivery very cars and the commercial car of other kinds however are lUg log It In a few years the wagon with I oso borso attachment will be a thing of the past But In the meantime there Is this r great field for the exploitation of the automobile au- au manufacturer Along with the above considerations It clinches the arI ar ar- I of far seeing observers that the apex of prosperity in this remarkable industry in in- I It Is not even In sight Bernard M. M Baruch has been a consist I I cut ent bull bun on Stel Ste ever since nce it crossed par I I and sun eUll r belles belle's belle believes ca It will sell sen at I For this reason he refused to be become become be- be come alarmed when sinister rumors be began began began be- be gan to circulate around the financial district dis dis- dis- dis W iJ late last week e to the e effect t that fl aUen President Wilson's Wilsons patience h had at last ij become exhausted and that he had bad f de-f either cither to bring Germany to book or ask for the recall of Ambassador vo Bernstorff Bernstorf It was s also reported that h Jor gerr fd et Ambassador Gerard would not flot return r io to Germany i Baruch Is credited with holding one one of pf f the largest individual commitments n the long side of Steel but he has been tin in the financial game long enough to dla dia- dia nose a rumor as purely Wall Van et made or as one having the earmarks of earmarks of truth and fact He characterized he the rumor as rot and calmly held on to his mis s Steel although nervous holders of st ks were flinging them overboard to the not not Inconsiderable destruction of prices On Wednesday and Thursday over 1 shares of speculative Steel were sOI sold sold and th the the- best evidence of the tha soundness of market conditions is that the market took took I all aU the Steel offered at very slight h de declines de- de dines clines in prices for this particular t The underlying fe fei i strength t of market con con- is bedded deeply in Industrial and railroad earrings earnings which cannot be ques ues- ues Nor can there be any question that record earnings will be contin continued ed n for Tor r many months Of Ot this the count country from Maine to California is firmly convinced ed and the coun country is buying stocks The big 1 market Oarl e Oo operators a frequently are ape hard put to It to get their stocks back baIc te after f the public has eagerly taken k them off their l hands s at high prices which hl h mhO however however how how- ever continue to go up First we are handed banded an karat IS-karat t guaranteed n pace e ru rumor ru- ru da dah mor and the h break 1 in the market marker kW Is es s successfully sue suc engineered Now Wall street has been handed a break G break with war rumor and the same result 14 1 You can fool some of the people people peo peo- pie all alt of ot the time Minneapolis and St. St Louis people find they have haye a promising properLy property under Brown and their attention will be directed to the placing of the stock on a dividend basis before negotiations are entered Into for consolidation with any other property P anI E I a asked one of the shrewdest financial men In the street what he th thought of or the stock market for tor the future with continuation continuation continuation con con- of the war wa He I x should almost be as ashamed ed to tell you my estimates estimatE'S because thy they are higher high high- er than the figures of d else I Iwin win will tell you this however and let you do your own laughing In the future My figure on Steel common Is OO per share and on OD Bethlehem Ste Stul l per |