The Montgomery advertiser., 1902-12-07

New York. Dec. s.-(Special.)-It cannot
 be truthfuIly said that Wall Street gave an enthusiastic reception to the Presi-
 dents message. Lip-expression of satis-
 faction was painfully forced About the
 best that can be said of the Wall Street
 feeling is that it was mildly grateful
 that President Roosevelt had exercised
 self-restraint in his recommendations and
 suggestions for trust legislation. The
 fear was that he would take a more rad
 ical stand and give encouragement to ag-
 itation which would tend to disturb val
 ues and shape confidence in the stability
 of industrial stocks. fhe knowledge that
 Congress would be slow to adopt any
 such suggestions would, of course, soften
 the effect of radical administration moves
 In that direction. but the tendency would
 none the less be injurious, in the opinion
 of the Street. Hence the financial dis
 trict does not entertain for MT. Roose-
 welt that lively sense of warm affection
 1t should. Its heart beats are not in cor
 dial friendship for the Chief Executive.
 The trusts are well represented in Con- gress by leaders in both parties and small
 alarm is felt that the great interests will be seriously jeopardized by anything to which legislative sanction is given. It Is an open secret that practical Repub- lican politicians in Congress are "sore" at Wall Street because of its coldness last fall in the matter of campaign contribu- tions. a Washington situation which is not being lost sight of. The element of resentment at Wall Street treatment du-
 ring the campaign Is quite likely to fig ure more or less in the Congressional pro-
 gram and 1t is not improbable that oc-
 casion will be taken to give warning that
 unless there is an enlargement of the
 heart during the next campaign the big
 people need not expect to be so well talk
 en care of. The gospel of mutuality--
 scratch my back and l will scratch
 yours''-is likely to be taught in Wash
 ington this winter for the benefit and
 instruction of the magnates. It is to this
 feature of the Washington news that
 Wall Street is giving its closest attention.
 The Aldermanic holdup of the Pennsyl-
 vania Railroads tunnel and terminal
 scheme for the island of Manhattan Is
 beginning to attract attention in Wall
 Street. It is patent that the poodle gang
 is in control of the local situation and
 that 1t is determined not to give the rail
 road the necessary franchise until its
 terms are agreed to. The amount de-
 manded Is said to be $l.500,000. To
 
 asking the privilege of conferring bound less favors on New York and the travel ing public, demur. They have been try ing to get what they want without acced- ing to the demands of the boodlers, and there the matter stands. It Is said that parties sufficiently interested to want the improvement carried out have offered the poodle gang S500,0o0 to cease opposi ten and grant the franchise, an amount considered acceptable until the leader of the Chicago aldermanic poodle combine visited New York and impressed the lead CTS of the gang here with the folly of taking such a trivial amount, when three or four times that sum should he exacted. That his suggestions took deep root is evident from the changed attitude of the boodlers subsequently,.
 The quiet opposition of the Gould in- fiuence is also a factor in the Pennsyl- vania tunnel holdup. This phase of the affair is merely an incident of the war fare now being waged openly between the Pennsylvania and the Gould parties. For that reason the secret stand taken by the Goulds to block the plans of the Penn sylvania party may be considered legiti mate, although from the standpoint of local patriotism 1t is not up to the stand ard.
 The Rockefellers have become heavily interested in the securities of companies having control of the public utilities of Greater New York Standard Oil money to the amount of tens of millions of dollars is in the elevated railroads subway com pany. electric lighting and gas com panies and pretty nearly everything else to which the nickles of the multitude pay tribute. The Standard OH millions are in reality behind the schemes of con- solidation which are in progress, and it | IS said that the plan is to ultimately | place all the large utilities under one cor | porate management. If this plan Is car | ried out. 1t will be on a capital basis of | not less than $s0oMoo. .oOO. Employment l will be given to at least 75,000 men and | the aggregate revenues collected every | year will approximate $75, 900 900, it is said |
 MT. August Belmont seems to be the | person selected to represent the financial | interests of this grand scheme, and John l B. Mcdonald is slated for operating and | diplomatic representative. Mcdonald is | one of the foremost contractors and civil | engineers In the world, and Is described l as being smooth as oil," and possessed | of remarkable executive ability and ca pacity for effective work wherever he may l be placed. Mcdonald Is in a fair way to | become not only powerful in Wall Street | by reason of his command of the practi- l cal affairs of a gigantic corporation. but | also political dictator in New York. He | seems to be in line for successorship to | Choker, as soon as he may see it to as- | sert himself, although down to this time l he is not talked of in that connection ex- cept by insiders.
 Wall Street takes note of the fact that the German press has joined hands with many leading financial and political newspapers of Great Britain in fighting the Yankee Peril'' and raising the flag Of opposition to further invasion of Europe by American capital. In Germany the opposition takes the form of the upbuilding of tariff wall to keep out American products. The Eng fish journals are directing their main efforts to promoting distrust of Ameri- can securities, making J. Pierpont Nor gan their center of attack. The effect of this warfare Is appreciable in the stock market It has led to further liquida- tion of foreign holdings of American securities and to considerable short sell ing by the professional speculators of London, Berlin and Paris. The foreign holdings of our securities are small com pared to what they were five years ago, but they are still sufficiently large to be a factor which must be taken into ac- count. Five or six years ago the Euro pean holdings of Americans" approxi- mated $1. POO 0O0.000. These holdings have been reduced at least q .000, ,000, 900, accord Ing to estimates of best informed bank CTS and brokers In the present state of | the money market it would be inconven-