The Birmingham age-herald., 1903-06-28
GOSSIP FROM NEW YORK Decline in Stock Values Due Flies Refusing Walk
 Into Parors of Wall Street Spiders-Nixon and Schwab
BY JOHN MARTHoL.

George W. Perkins of Morgan & Co. Had MT Nixon the same powerful financier behind him the lamentable story of the United States Shipbuilding company would not now be told. As 1t was the work done by MT. LeRoy Dresser In start ing the United States Shipbuilding com pany when defeat stared him in the face, is one of the romantic and tragic stories of finance. It was a distinct triumph over conditions It is true subsequent events overweighted and destroyed his efforts and buried him in the ruins, yet if 1t had not been for his energy. his grit, his faith, the Shipbuilding company would have died at birth. It was his misfortune to be unable to prevail after the company got to work. Its one year of existence was to Dresser what the sunken road was to Napoleon-his Waterloo.
 Mr. J. Pierpont Morgan has returned. Wall Street stands expectant What will the past-master of finance now do? He has set his presses to work in the past and they have printed goodly issue of stocks and bonds. Some of these are not "digested. Some covers a multitude of shares. The Billion Dollar Steel Trust pays out annually 400000O0 of dollars in dividends. This billion" has a market value Ol less ildn SJO,UUV,UUO, or IS at tn9 present rate of dividends paying in eight years sum equal to its market value Preferred shares allotted to the employees of the Steel company under the profit sharing" proposition, show a loss to each subscriber about 8 per share, and the per cent. bonds have been selling at S5. Reports as issued by the company in- dicate a continuation of prosperous bus mess. It has booked orders at prices sat- isfactory to itself to keep its many plants busy for the next seven months. It has not only paid all fixed charges, interest on bonds and preferred stock per cent. dividend to stockholders, millions for improvements betterments, and new prop critics, with cash from earnings, but has set aside large sum to surplus. It owns vast deposits of coal, coke and iron, pat ents, plants, etc. In view of this why are Its securities selling at such low prices?
 Speaking of rich young men who take an active part in politics. I note that Alderman Honore Palmer of Chicago Is being considered from a practical point of view. Potter Palmer his father, was for years leader in the Democratic ranks, and the boy comes naturally by 1t. A few years hence 1t would not sur prise me to see him head the State tick ct. He no doubt will go to the National Convention as a delegate. and will proba- bly, cast hs vote for Parker
 
 Col. John Jacob Astor am told on good authority, will take an active in- terest in behalf of President Roosevelt Astor greatly admires Theodore Roose- welt. Both these sons of the Empire State made a record during the Spanish American war. Col. Astor Is every inch of him an American citizen patriotic and proud of his flag. In this respect he differs from his cousin William Waldorf Astor. The Astors as a family for a century have been eminently respectable people, taking some interest in public