| Show I PITHY AN INSIDE OF V WALL All STREET I Adams writing in the Boston News Newe Bureau urea mak makes s the the following co comment ment on W Wall Wail U street street and nd the big biE big b business In Interests Interests interests In- In of the country countr The biggest bankers I am given to understand have about made nn up their minds that save for the usual reactions the hull bull bul movement will wi run on on for months The They are convinced it may be added that the he lle forces b behind hind it I are being greatly greaty underrated that that economic conditions are altogether without precedent and that tha securities fes by byno no means have anticipated marketwise the benefits to come from the tho potential factors fac fac- tor tors making for values and prosperity Opportunity I Consequently grea great projects multiply and new enterprises forge ahead ahead and the tile wisest seers are e sure a great constructive con con- cycle is in the ma geat Sensing Sensing Sens Sens- ing the coming expansion leaders of business and finance are putting cap cap- cp- cp hal ital ial into sch schemes mes and combinations combination they would have looked askance at a I year ago Tile The banking system and the war war of course are responsible to toRether together to- to I f gether Rether this remarkable with i b a e wonderful change g ul ulA A All harvest frt the great for i I I moneymakers of ot the country are alive alve to toE the resultant ul opportunity I E Entrance a of Standard Oil and the Rockefellers into the steel Igi industry purchase of the tho Wright Aeroplane company company com corn pany pany by Albert H. H Wiggin and his pis colleagues col col- col- col leagues formation of a new steel combine com corn bine by Charles M. M 1 S Schwab enlarge enlarge- ment mentor ment of their corporate duties dutes by such men as Henry C C. and Edmund C. C Converse engagement of the Mellon Melon multimillionaires of PIttsburg in the locomotive industry these Industry these are facts which speak for themselves The e most experienced financiers and nd the most discerning builders of at great geat Industrial structures have reached the conclusion that while the war Is Js an enormous accelerator in the 1 and collateral trades Its Is termination will wi not ot permanently stop the rising wave of f industrial activity in the United i States nor nor judging from the governments government's governments govern govern- ments ment's plans plan for spending a at least for defense put the nance people ou out ot of f commission This feeling is as strong n In ld the West as ItIs it itis Is Js this this' side sida side of ot the Alleghenies and I understand that Henry Henr Ford and John JohnN N. N Willys leaders In Jn the automo automobile le field are arc so confident over next year years year's s outlook they will wi add materially meantime mean nean- time to to- plants and capacity Fat Fees Fees ees The trial of ot the old New ew Have Have Haveri t di director directors dl- dl rectors rector on the charge of of reat creating ng a jno- jno 10 is a windfall for th the the lawyers That it will wi result In the conviction of ot the multimillionaire defendants nobody believed least of all al the eminent legal lights lights' arrayed on both sides of the case it be possible ba-possible e s I t to find i d twelve e men men- unconvinced that politics is at at- the bottom of the he whole business Will Wi not the fact that the late t J. J P. P Morgan ts tl 11 h was the initiator initiator- J of and ah enthusiastic ih i believer In jn the few Haven amalgamation tion ton of ot railroads and steamboat lines for the goodof good of New England and Its Is i Industries s be je e a hopeless handicap for forthe I Ithe the tIle pro prosecution The case ase will wil drag dragon I on for weel weeks s. s but the chances chance are that I time will wi answer these hese questions to the advantage of the men who have been haled to Court So William William- Rockefeller ler ler George Geofge F F. F. F Baker Lewis Cass Ledyard Ledyard Led- Led yard and other in e in in fair are more annoy oter annoyed d d. d I It suspect than a ad scared Realty A veteran in lit the business arid ad for fol five years past an an bearon bear bearon on it tells me that that real estate by a jump in values will shortly make nake good the tradition that It is the last thing to go up up This informant by the way makes a big point of the fact that re realty rey y thus far has had no benefit act from the new currency system But his chief argument of course is that con e Is is restored and that builders are ev everywhere showing more disposition tion ton to go ahead than at any time since the tile 1907 panic Incidentally ly I hear ear that the prospects are for an easier mortgage mortgage mortgage mort mort- gage market Gas Some of the tIle sons of multimillionaire franchise magnates I aih am told have been a potent factor factor In the rise rise- in Consolidated Gas and expect higher dividends for that old time Investment issue But they are not expecting melons The Public I I I The Thc public appreciates the situation It I is increasing not curtailing it its Is in interest In terest in the te market Evidently it realizes that while the millennium is not yet the outsider is getting a squarer deal than he has ever received before Also he is Js better beter posted His sources of information Indeed have never been so varied or so trustworthy as they are today thanks to new laws and the statistical manuals ana ane the financial news news agency It I is not surprising then that outside participation in the maret mar mar- ket et is growing or that the stock exchange ex ex- change looks for such activities to reach resell a far larger volume before the present uplift Is over than they have yet at at- at tamed The price of memberships is one barometer barometer ba ba- rometer which foretells this outcome The inordinate demand for odd lots I is another As an operator of large experience experience ex ex- remarked the public seems to know quite as well wel as the financiers that the the foundations of recovery are the b best bOst st in years H It I sees crops so great greats as s to stagger belief bele bank reserves that furnish credit expansion expansion despite despite the French Anglo Anglo Fench loan of at atI least three thousand million milon dollars prospective annual trade balance of probably two thousand millions and gold Imports since the first of the year of ot more than tian This com corn I of con constructive features featureS it goes without saying has enabled the public to beat the professional speculator speculators speculators lator who have fought ought the tile rise through short sales and who have so seriously underestimated the conditions on which prices have advanced Its Is l like will wm no not be seen again To say that values have discounted it is to ignore the tile fact that while a tew I specialties of ot limited volume have climbed to dizzy heights many of at the best stocKs in the Ue market place still sti return over 5 per cent to the Investor This by the way Is a reminder that in the railway stocks the public has still sti before it I an almost unexploited field But tonnage is expanding and recovery In earnings Is substantial and there are indubitable signs that these changes will wi yet enlist outside support In the tile railroad stocks Already in important cases as in Now New York Central Baltimore Balt- Balt haIti Balti more Ohio and Pennsylvania im improvement improvement im- im provement in net income Is such as al to remove all al fear of dividend stability and this has induced no Inconsiderable In the railway department by people who for years held aloof alof because of their apprehension regarding the general dividend prospect Yet in the I transportation industry history is only I repeating itself Recovery Is as belated as it was in the and will wi no doubt I run as far fat ahead of at the thc average calculation lation laton as did that of the earlier earler period when some of the most successful traders traders tad tad- trad trad- I ers on the stock stoc exchange lost fortunes shorting such stocks as Northwest and St. St Paul around 10 which afterward sold at double par George H. H McFadden A A. king icing of commerce a tremendous factor in the world of of business the greatest merchant the world ever saw a remarkable diagnostician of or economic conditions conditions that's that's George II IL J. J McFadden who a n few days ng ago accepted his first big railway directorship by j the tile Pennsylvania board Do the they call cl Philadelphia How many nany persons know that it dominates I the cotton colton trade of New York New York Liverpool Manchester Manchester-In In short the cotton coton Industry Indus Indus- I try ry of the entire world This it I does of co course r through the house of George II 11 McFadden Brother That firm with agents agent and branches branches' all al over the tle globe and In every city and every every- minor minorI distributing point sells sels every ever year to I spinners on both sides of the the Atlantic At itt ft tm times s it is ts the controlling fact factor r also alo in cotton coton speculation as Its enormous s stock trans transactions here her and In Liverpool Liverpool Liverpool Liver Liver- pool often necessitate its Is t taking king a spec- spec oten position John McFadden however however how how- ever ver looks out ut for jha that department of the business The silent forceful personality per per- that has ilas la butt built bult up ii p its It commercial commer commer- cial end end into colossal proportions is s 's that pf Pr George Georg II H. H I. I who wrom his headquarters in iq rules the cash cash- trade in the worlds world's cotton coton markets as absolutely almost as If he personally raised every pound of cotton coton produced In the theland theland theland land of ot Dixie Thes Thea hes Tariff Big business is only lust just just waking up j I notice the fact that for the first time Ime in history the Democratic party is disposed disposed dis dis- Us- Us posed to embrace th the the doctrine of moderate mod mOd- crate erate protection President nt Wilson Wison is Js isto isto to give the the cold lold shoulder shoulder or so eminent Washington authorities aver aver to free I traders and come out for conservative duties dutes on wool sugar and other pro pro- I ducts Uncle Sams Sam's Coffers need the money A Again ain the war will wl not last I forever The Tue administration recalls no I doubt that when the kaiser sent forth his lis ls ultimatums a little over a year yea ago the foreigners were sending stuff herein herein here here- here in II a flood food th that were t. t reduced reduced- o our monthly trade trae balances from imposing aggregates aggregates gates to less than zero President Wison Wi- Wi Wll- Wll eon son and his advisers I hear her are looking to the and future to the te protection vote There is no longer any question queston about his And the the keen keen keenest est politicians agree agee that having kept the country out out of the European conflict con con- filet and modified hl his attitude toward corporations his change in tariff views greatly gety increases his chances of of- re re- re electon election Rubber Stocks I am reminded by a a late sharp advance ad vance In Reading that Judge Burrill Burri who I understand recently took tok hold of the tile Reading and whirled it upward got an experience last last spring in United States Rubber which was unpleasant unpleasant un un- un pleasant to say the least Now people are talking rubber stocks again but they forget that Great Britain Bri- Bri Brit Brit- am ain is in control of the worlds world's rubber supply and lets it out on Its Is own terms and ad manufacturers are ae not likely to be beable beable able to get e extensive profits out of either rubber or manufactures of rub rub- I ber I understand that the total of rub- rub bar war wa orders In this country today is under including tires tres rubber boots coats and everything else lse except the tires tres that go over on motor trucks and ambulances Wall Wail Wal Steer Gossip Visitor Visitor Visitor-Is Is it true Mr Berwind that you are arranging to retire Mr of the Int Metropolitan Mr Berwind Berwind never I-never heard that be before before be- be fore until this morning Visitor Visitor Visitor-Isn't Isn't it true then Mr Berwind I I dont don't know you know you will have to ask the man who told me Visitor Why Visitor Why Mr Berwind Berwind Mr |
