The Birmingham age-herald., 1903-08-02

inevitable decline in stock market quota tions Is the sensation experienced by those hopeful souls who for many months past have dabbled in stocks like children blowing soap bubbles. 1nflu- eneed by the enormous growth of the country. its products of field and mine and the industrial activity which flows from their conversion to the uses of man, the hopeful investor and speeulator has been acquiring shares either in cer- tificates Or on margins For a while these stocks foated on the atmosphere of speculation lrrdeseent and attractive. but at length they burst like bubbles. That the conditions which have pre- vailed during the past month were des- tined to come to pass have been outlined in this column repeatedly during the past twelve months.
 er-eapitalization has nothing what ever to do with the market except In so far as valuations are iuggled by manipu- lation. The sane public has scented danger for a long time and left the game of speculation to those who are on the inside. For a year and over the insid- CTS have been trying to get rid of the stocks they caused to be printed, caused to be bought and sold among themselves on Change, and caused to be used as collateral at banks But the sane pub lie said 'No.n The grand flasco of the Reid-Leeds contingent to dump the Rock Island eompanys securities on a confid- ing public Is matter of the history of July, 1902, Ii was one of the most pre- posterous bits of fnaneiering perpe- trated to top "the boom which made a score of paper millionaires.
 The failure of the firm of Talbot Tay- Tor & Co, and the blow to the prestige of James R. Keene, is not one of the least of the blessings brought about by the violent decline In stocks Keene Is justly unpopular, Addicted to giving strong medicines to purge other systems he has had a swallow of his own Three years ago he delivered war on the Whit ney-Ryan group He bitterly opposed the merger of tho State Trust company with the Morton Trust company and in- sinuated all sorts of things. Recently he attacked the same group for the lease of the Metropolitan to the Interurban. l do not propose to pass on the merits of his ground of attack. l merely say he endeavored to give physic to Whit ney, Ryan and their associates. A few months ago Keene endeavored to admin ister a dose of Southern Pacific to Ed ward Hartman He accused him of mis- management of that corporation. Har- riman has acquired much of Keene's stock at low figures. Taking a rapid survey of Keenes operations he has scored on the wrong side His career in Wall street has not been one to make him personally popular and he Is not popular. He has cherished no sent- ments and therefore he is not entitled to sentimental considerations. He has sat at the Wall street green table and staked his money like gambler. He has won and he has lost. But being cold. calcu- lating and daring he will yet play and he will win. He won brilliantly; he lost brilliantly; and he will win brilliantly. Who knows how long before he will se- cure the scalp locks of his enemies?
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 Through manys years of hard work by earnestness, honesty and persistency, William L. Stowe came to the front. When quite a lad he was the favorite of that genial Wall street operator, the late Charlie Osborne, and afterward the trusted broker of Addison Cammack. For years he has been important in the man. agement of Mexican Central. In sym pathy with the market this stock de- clined and the difficulty experienced in negotiating it's stocks caused the sus- pension of w. l.. Stowe & Go. Stoves
 
 most popular members of the exchange. This firms embarrassment is merely tenn porary and 1t will not be long before the clouds that hang over their house will be brushed away Wall street will be we'll pleased to see this popular firm re- stored to its full importance and strength. It Is only matter of time.
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 Apropos of George w. Perkins it Is pleasant for me to state that Wall street has acquired in him a man capable of handling large affairs. He Is a man of great perceptions trained in the exer- else ot his judgment Calm, quiet, ener- getic and conservative. Mir. Perkins pos sesses the qualifications essential to man compelled daily and hourly to de- eide important questions. His United States Steel bond conversion plan pro- vding for the retirement of preferred stock has been attacked by the bears Why saving of $A,000000 per annum is distasteful to bears needs no explana- tion As matter of simple finance. 1t is on the lines of the economic policy of the United States Steel corporation and means more profit to holders of common stock. The persistent and malicious as- saults of the bear clique on Steel have extended to it's executive officers and to Mir. Perkins as chairman of the finance committee.
 
 During the last republican national convention at Philadelphia Timothy Woodruff proclaimed himself an aspir- ant for the vice presidency, having an understanding with himself that Roose- welt was with him. Mike Dady, the re- publican leader of Brooklyn. advocated his claim. During a heated conversation recently in one of the leading hotel lob bies. Dady stated that no doubt Wood ruff would be the nominee. Much to his surprise a westerner, who being a del egate and also a power in the conven- tion Inquired what claims could be pre- sented in Woodruff's behalf (surey not his height general makeup or his fancy waistcoats) He advised Dady to imme- diately send him along for the western contingent to look him over. Dady took the hint and did so, and from that time on no more Woodruff But Woodruff has the audaeity now to proclaim him. self an aspirant for senatorial honors to succeed Depew He will no doubt come out at the same hole he went in at. It is absurd for Woodruff to stand under the measure alongside of Senator De- pew Ii would be the case of the pigmy and the giant.
 On hot day in the crowded parks where the children of the poor congre- gate, is always to be found stand sup plying at a nominal cost Pasteurized milk It is interesting to see with what relish the little ones drink the cool milk which is at once drink and food. A more noble benefaction was never afforded