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

sale scale for many months thereafter the net result being that the house re- ferred to is today in a stronger position in cash than ever before in. its history although shorn somewhat of prestige and at the moment under the fire of savage popular criticism.
 The Standard oil party never figured to any extent as a borrower of money in the foreign markets It's financing was done at home. It's operations having been extensive the panic found the leaders Of the petroleum contingent badly spread out Immense sacrifices had to be made there as well as elsewhere and they were made with the same heroism that char acterized the dealings of what is known as the Morgan element To get money and protect themselves ,he Standard oil muiti-milli llionaires had 10 sell eseeurities and they lc, go of reams upon reams of St. Paul. Amalgamated copper and gas stock They had money in almost everything and their offerings depressed the entire market The Standard Oil campaign was and is under the personal direction of William Rocke- feller and II. H. Rogers. There is little doubt that these gentlemen availed them7 selves of the fact that the extent of their operations placed them in a commanding position and that they scalped the mar ket on the way down, occasionally going against an unwieldly short interest and making turn on the upside for the dou- ble purpose of assessing the bears and making a higher market for the stock they might have to sell. The same influ- ence was at work with the Morgan party and it often happened that the two fac tions were found working in substantial harmony instead of being violently at each others throat as commonly sup posed.
 Both sides having made themselves ab- solutely safe and having put themselves in an impregnable position they are again accommodating securities on the lower basis. This accumulation has been going on for weeks and a foundation has thus been laid under securities. This is seen in many ways.
 The excitement on account of the ship building disclosures has measureably died out in the financial district. After all the commotion was due more to the fear that the revelations might frighten away the public than 10 the exposure itself. There was nothing in the facts revealed to sur prise the street. The methods and prac- tiees outlined in the Ship Building com pany hearings are those ordinarily adopt ed in the organization of corporations un- der the New Jersey laws. Attorneys of that state perfected machinery for easy and quick compliance with the provisions of the statutes and those desiring to avail themselves of the law used this ma chinery. Of the thousands of corporations formed under the News Jersey laws dur ing the last five years probably not one in twenty went outside the regular ma chinery Readers of this correspondence must concede that it has never been over flowing with expressions of high regard for Morgan. Yet, I cannot refrain from Voicing against the injustice of connecting his name with swindling concerns because the same dummies were used in the pre- liminary organization of companies. It would be just as sensible and just to in- sst upon indicting him for murder be- cause one of his clerks happened to ride in the same street car with a thug. This latter view is taken by an anonymous Wall Street community MT. Morgan, Is far from being popular hero now in the street. but there is no disposition in that quarter to do him rank injustice
 MT. Russell Sage has personally ceased to be a factor in WalE street, although his money still talks infiuentially. He still has a vast sum of money loaned in the street on call although he has ceased to give the details of his business much personal attention. l have it on good authority that MT. Sage has an average of not less than $75000,00 GOO loaned in the street. His investments in securities are believed to aggregate anywhere from $15,- 00000 to $25 000000 in addition thereto, which would make his estate worth ap- proximately S100000,000 This is much above the popular estimate which ranges from $50, 600 900 to $4O.000 900. Representa- tives thoroughly conversant with Mir Sage's desires and his policy have charge of his business and handle it with me- chanical precision, with the exception that they do not deal in puts and "calls," formerly the old gentleman's chief diver sion and source of large profit to him. Mir Sage is in Wall street almost every day and is physically as active as he was twenty years ago. He Is still keenly alert to general conditions and probably as good judge of values as ever. He has, however, not escaped the mental infirmi- ties usually attaching to old age, fact which he realized and Is therefore quite willing to be relieved of the exactions of close personal attention to details which was formerly one of his strong points. MT. Sage's affairs are so arranged that his death would not make the slightest disturbance in Wall street, fact which is very thoroughly understood in that section. What disposition he intends to make of his vast accumulations is a secret which is closely held. Probably not ex- ceeding half a dozen persons are in the confidence of the aged financer on this point He has no direct descendants, al- though several nephews and nieces and grand-nephews and grand-nleces are liv- ing.