The Birmingham age-herald., 1903-10-25

It is now becoming evident that the struggle between the Morgan and Rocke- feller interests is an incident of the pros tracted decline in the stock market ln- stead of it's cause and dominating infiu- ence The contrary opinion is still held by many to whom every price nuctuatlon is clothed with deepest significance ana represents a move in the varying fortunes of the panting giants It is natural that a shrinkage extending over such a long period and meaning so much should give birth to curious and distorted "visions" which are not easily dispelled. Now 1t Is very probably true that there is no love lost between MT. Morgan and the con- spicuous members of the Standard Oil party and that ill-feeling may have ac- centuated the decline in some stocks, but the loss on that account Is not confined to one market faction. Standard oil spec ialties have suffered along with the Nor gan favorites The indigestion has been widely and impartially distributed. It has affected St. Paul, copper, gas and oil stocks as seriously as steel, Southern rail- way the coalers and northern securities. According to a lately popular theory the Rockefeller brothers and H. H. Rogers have been putting in the better part of a year in relentlessy hammering J. Pier pot Morgan and nearly backing him off
 
 truth could be known it would more than likely be discovered that MT. Morgan has been playing cards himself and that he is about as far from requiring the ser vices of a conservator as John D. Rocke- feller It has become very clear that the Standard Oil party was quite as indus trious and quite as active in Tightening cargoes as the Morgan party and that the same motive inspired both, namely, he itaet of self nd a determination to 'get safe The Stan dard oil people may have gotten some what the start of the Morgan party, but liquidation from both sources began on a prodigious scale early in the game and continued for long period.
 The attacks upon the International Mer- cantile Marine enterprise by London newspapers and London financiers was the first stern warning to which atten- tion was paid on this side of the Atlantic. These attacks were followed quickly by discrimination against bills of exchange drawn by certain banking interests upon London, Paris and Berlin. Where pre- viously these bills to any amount were taken eagerly difficulty was experienced in floating small amounts. The changed condition forced the adoption of new policy on the part of the Americans di- rectly interested. The one house against which criticisms were most vigorously di- rected curtailed it's offerings of bills to the lowest possible volume. 1t so chanced that the house in question in addition to a heavy debit foreign exchange account had large amounts of money borrowed on col lateral in London. The heroic plan was instantly adopted and put in force of sell ing securities in New York and London with which to take up these loans and pay off the exchange bills on maturity. It has been said that this required the rais- ing of not less than s75, 900. The pres- sure of securities to that extent upon the two markets caused sharp declines .ii prices The slump was at the time sA- scribed as Standard Oil raid and 1t Is still believed in many quarters to have