Show PITY THY PERSONALITIES AN INSIDE VIEY OF ILL ALL STREET A review of ot the big business business' mens men's mens men's view of tile the thE conditions is given by Adams In the Boston News Bureau as follows The biggest Interests have not changed their horoscope They still hold I am amII amin in lii II a position to state that the financial and industrial l tide is rising that as to the forward movement it I. I will wi run on save for the usual speculative Into the new year year year-lu ear Il in short that a great geat public speculation such as ll eventuates but once In a generation is underway and must st 1 run its us ls course Leadership The he personal factor lIsa hair hal played its Js part In In the industrial market lately to the cost of ot values Some of 0 the tile heavyweight heavyweight heavyweight heavy heavy- weight operators on the constructive side Ide 1 I understand disapproved of tho tile Irresponsible responsible bidding up lii of ot tJ near- near war stocks determined to drIve the maket market IM mar ma- ket down and create Incidentally a new and more solid sold technical position The pretexts they used successfully were peace talk lalk the Steel meeting and the he Balkan situation The Tile Morgan following fol- fol lowing owing and and the First National bank people took the initiative in this ma maneuver maneuver ma ma- which has cleared the speculative specula specula- tive atmosphere and placed the tile market marketon on a sounder footing It I Is significant by ay the tite way vay that the thiC Standard Oil 01 financiers financiers' fi- fi flanders did not figure to speak spek of in iii inho th ho tile selling referred to They are Ire it is it jf said laid so bullish on 01 some of or their specialties special special- ties ies tes and particularly their copper favor favor- tes Ites Ies that they are satisfied to stand pat during the tue declines while tile the general list 1st rights Itself The junior element at 26 Broadway I 1 may add Is more active marketwise than at any time sinco the octopus found Itself up against a fine Percy A. A Rockefeller is credited no doubt correctly with being one of ot the tile potent forces behind the late advance In n Anaconda and Southern Pacific and has las had the support of course of John I D. D Ryan and his friends But this is only in line linA with ih what h t h has been bAAn here I i i I I I I i before re nar namely l tia that in the market aret place young blood and new leadership are arc I making themselves felt fel While the oldsters oldsters old old- are tied led up with law suits that look ook like outliving them the youthful multimillionaires arc dominant factors in 1 n various movements which have ca cal caused sad sid their heir seniors and the of the tue ultra ulra rich among Wall VaU street men to sit sitI up and take notice The Rockefeller initiative is not alone Young Allan Alan A. A Ryan and Nicholas Brady and James Cox Brady have won their heir financial spurs in the remarkable bull bul campaign of 1915 and with wih a powerful pow- pow erful and rapidly growing gowing following they wi have to be r reckoned with from now on as their fathers were were in earlier earler years In fact barring one or two the great Seat Wall Wail Wal street le leAders ders of whom death has las spared are not bothering overmuch not either ither with wih legitimate business burmese or spec- spec ulton The exceptions are re are George I V. V Baker and William Wilam Jock Rockefeller eler who are around round the street every ever day about as ashey i they hey have been e for years years but but apparently apparently ry t younger g than h in lrea recent years years years- though hough each has but a few laps to go to reach each his eightieth mile mie stone James JamesS S tillman a much younger man is more nearly early relieved of ot actual ties ies tes perhaps than any of his former forer colleagues and to play ab ab- safe he manages even in this war ar period to spend a good deal of his time perlo abroad But while the old leaders are passing the years year's experiences on the stock exchange have exploded the tIle theory so prevalent in the stagnant era I which prec preceded ded them that many moons would come come and go before the old generalissimos gen gen- had successors Discernment Alexander Alexande J. J Mem l does loes not d n- n cur In the view of ot some of his apprehensive apprehensive contemporaries that the AmerIcan American Amer Anler- ican lean uplift has gone far enough On the contrary the tile chairman of the tIle Guaranty Trust who is one of the most discerning discerning discern discern- In ing students in the financial district tells his friends we have by no means discounted the new conditions and al altered altered altered al- al prospects brought about by the world wold war Charles H. H Sabin president of the Guaranty is 0 of the h same way o oi of I thinking I There r Irs is no question u as a matter t of fact that while the n new conditions conditions con con- i are ef generally f tl r looked on as t transitory trail tran I some fome of the wisest observers of financial affairs are coming round to the b belief lef that their effects will wi be felt fel long iong I I after the war is over and that for some sonic sometime time after peace is made America will wiit willbe wi be called caled on to finance feed and clothe t I the old world word about as it I has been doing doing do do- ing the past ten months with wih a big InqUiry in inquiry inquiry In- In for tor general necessaries helping I dO-I to lo toti fill ti the void in exports of sup sup- plies Illes ples i I I t Erie Because of ot the unanimity of ot optimistic tic feeling on it i. i the rise in Erie is perhaps perhaps perhaps per per- haps tc the most remarkable feature of the b bull campaign thus far Fro the tile day l it crossed 30 10 everybody has been bullish bulish bull bull- bul- bul ish jail on this tills time old ol speculative favor favor- ite Its advance too has been almost perpendicular there perpendicular there has been no im imI important important im- im decline since the real movement movement movement move move- I ment began a month or so ago All Al of which tends to corroborate what has i been said in this column so many times j in Pr the es past two years namely I that t some of the richest t capitalists among them I men who made millions through their faith in Reading long ago ao committed I themselves to a similar cam campaign al in the trunk line issue f lne and add The Bakers and Morgans I tocks and who have a I way of picking up a low priced stock whose possibilities the tile crowd has overlooked and sticking to it through all al kinds of weather are the biggest believers in Erie Even after its Is large Jarge advance they are not inclined their friends declare decare to sell their holdings except with wih the idea sel of recouping on speculative declines 1 I hear by the bye that friends of ot President President President dent Underwood have made a pile pie of ot money on Oil the rise in this stock Buncombe I The movement in Erie I may add I II serves the double purpose of ot advertising advertis advertis- ing the opportunities In the railway adverts I list and further furth r discrediting the buncombe that international stocks can be kept I down by foreign s selling sailing I Steel I heard a large investment holder of I Steel common remark that he was pleased at the decision of ot the latter's later's di directors directors directors di- di rectors to defer resumption of dividend payments This TIlls man f fel feels that as a re- re cult of ot the managements management's conservatism he will 1 be rewarded within the next few months by appreciation in the stock and the renewal of dividends Evidently the Gal Gary policy poley of building up surplus and keeping the corporation strong strong in cash casil appeals to investors Speculators who were long of Steel had to be pointed It Jt Is doubtful how however vcr if It their disappointment li il q an any than that I of those who sold it I short on OJ last weeks week's reaction and whose offerings were largely taken by interests who had realized and who were waiting for a de decline dc- dc dine cline to The new steel combines com corn bines needless to say are the basis of ofa a it large new short interest in the Morgan Morgan Morgan Mor Mor- gan stock Yet I understand that some of ot the capitalists with wih these enterprises are bullish on Steel and are carrying large lines of the stock that show handsome profits i S 'S Tobacco I Friends of Wertheim who made so many millions out of lucrative underwritings under- under writings tings that he retired from the headship headship head head- ship of the United I Cigars Manufacturers ers era and active business say that in the acquisition of Bondy of-Bondy Lederer with wih an output of cigars a year the United company strengthens its Is position position tion ton substantially Ore The Hill I-hill HI interests in Great North Northern rn Ore is averse to much of of this corporations corporation's product at current curent prices It I looks I am told for much higher iron ore before the winter is over Bonds Bonde BondI i S iThe The outstanding feature of the bond market dealers tell tel me is tile the broad demand demand demand de de- de- de mand for speculative t ve issues Issues Gen General al' al all fOr fOr- l mortgages mortgaged ot of the th first grad d to the the 95 nark mark or br or thereabouts investors it appears have turned to bonds of a lower class class class-as cass cass-as as convertibles A Railroad Veteran Honored I I I I t I i Chicago has given a dinner to President President dent E. E P. P Ripley of ot the Atchison on th the thO occasion of his seventieth birthday At this dinner were present many of the biggest railroad and corporation leaders of the country It I is safe to say that not only in many years has as great greata geat a weight of corporate responsibility and I brains been represented as at the Saturday Saturday Saturday Sat Sat- SatI I dinner dialler in Chicago It I was a fitting recognition of the I long and able service of a man who has won the confidence of the American people peo peo- pIe by his simple straightforward rd statement statement statement state state- peo-I peo ment of of facts as he sees them by his unwillingness to disguise unwelcome unwelcome- truths and by a record as an adminis t r of one of the gr great at ro ft Iro o of the country 1 President Ripley has been in the tile harness harness harness har har- harI I ness for fOI nineteen years He le came to the property when it was just emerging from the 1 1895 95 receivership and has been the tIle director of a growth which has in increased increased increased in- in creased gross earnings from to in the late fiscal year a gain of or only a trifle trie under per cent Mr Ripley Is considered ered a pessimist b by man many people He has told the truth consistently about the tile railroad situation for years and he has not hesitated to put the situation bluntly blunty and at times Ures in lii a way to make even een his own dIrectors directors directors tors squirm But the course of history r has borne out Ja his predictions tl and now that t the railroad situation t Is believed eb by many to be slowly turning it I Is Is' freely admitted that all al that he has ever eler said has been substantiated Market Fortunes I do not know how far Boston people will wi believe beleve it f but New York interests say fay that the abandonment of the tile po- po po field feld for the financial has hs proven thus far profitable for Governor ex Foss of Massachusetts and Mayor ex-Mayor Fitzgerald Fitzgerald Fizgerald Fiz- Fiz Fitz Fitz- gerald of Boston I hear that Foss has added through the market to his fortune and that the mayor ex of ot Boston in Bethlehem Bethle Bethle- hem and other war stocks has made madei |