The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-06-14

ton OF those who assisted the Mckinley
campaign IN a financial way to similarly
assist the Roosevelt campaign Is rather
interesting no matter what ones politics
may be, and It is noticed IN this eorre-
spondence for that reason only. The sug-
gestion that Mr.. Roosevelt's prospective
candidacy has helped to depress stock
values is taken seriously by some well in
formed observers. but whether there is
any more to Il than the financial hesitan-
oy that Is Invariably seen on the APP
proaeh of a presidential campaign cannot
now be determined. The great bull mar
ket that appears to have eliminated last
September began Immediately upon the
reelection of the late President McKin-
ley and for two years speculative values
went no way but up. A bull market in the
year OF presidential campaign is an al
most impossible thing It may be that
the large interests, who are heavily com
mitted in stocks, have merely been an
ticipating period of political and finan-
! cial uncertainty next year by liquidating
proportion of their holdings this year
on declining quotations.
On Verge of Smash.
Several times during the month OF May
and twice already In June, the stock mar
ket has appeared to be on the verge Of a
violent smash. Each time, just when
things were looking bluest the Standard
oil crowd has come In and bought stocks
on large scale and each time the Wall
street community and the financial writ
ers have been obediently impressed and
have thought that at last the turn had
come. The market then rallied feebly In
response to more cheerful trading senti-
ment, only, In short time, to resume its
downward course, 1t having been seen
meanwhile that stocks were still for sale
on every little bulge. To the experienced
tape reader 1t is reasonably clear that this
Intermittent support has been inspired
chiefly by a desire to make fresh ground
on which to llquidate more stocks. The
Inference follows that certain powerful IN
terests are in perfect control of the spec
ulatiVe situation. They have repeatedly
demonstrated their ability to avert a
panic and to arrest declines as often as
they threaten to become too violent If
this means anything at all It Is that we
are In the midst of liquidating market
How long 1t will continue no man can
honestly say. The Standard Oil crowd
which has been the dominant force in the
market for several months is believed to
be accommodating stocks heavily on scale
orders, but without any disposition to
support prices, revealing itself as a buy
ing factor only when absolutely necessary
ing violently to pieces. 1t is believed to
be buying back around and below $50 the
st. Paul which IL sold to its friends and
the Gates bull crowd, around and above
190 The same will hold true of nearly all
the stocks in which the Standard OIL in
terest is dominant.
Enmltles Play Big Part.
Personal and professional enmities have
played an important part in the stock
market this year. If 1t is true that every
thing comes out in the wash, 1t is equally
true that all of the hostilities and jeal-
ousies engendered in the course of a big
bull market come to the surface in a
bear market. 1t is most always on de-
clining quotations that sucn accounts are
squared. There Is no doubt that the
Rockefeller Gould alliance has been WIS.,
itng its spleen upon Mr. Cassatt and the
Pennsylvania crowd. Mr.. Cassatt's sur
render in the mater of having his new
stock issue underwritten by banking
syndicate in which the Standard Oil inter-
est is dominant, is said to have armed his
enemies with further demands and a
great many observers believe that press
ure is still being exerted against the
Philadelphia contingent from 26 Broad
way and 80 Wall street. 1t would require
a great deal of space to give one-tenth of
the gossip that revolves around this SUI
Jecl ana no one would be any wiser for
having read It, It is a reasonable pre-
sumption, however, that the final result
will be a truce between the Pennsylva-
mia and the Gould crowd by which the
latter's Greater Missouri Pacific scheme
will be particularly favored. The Cas-
satt crowd exposed itself to attack in I'M
dertaking at this time to issue 800 900, 900
new stock with which to finance certain
extraordinary improvements, including
the New York tunnel project. Mr.. Cas-
satt is looking fifteen years ahead for
Pennsylvania, whereas the public is look
ing to the present, 1t is probable, how
ever, that If the Standard Oil crowd had
not interfered with his plans that the
same would have been carried out as in
tended. There was no lack of money
with which to finance the new Pennsyl-
vania stock issue, for Immediately upon
the formation of the Kuhn. Loeb Bank 4
ing syndicate here the underwriting was
over-subscrbed and a combination of
capitalists this week offered to take the
entire business off the syndicates hands
at a premium. Some of the shrewdest
Judges of value In Wall street consider
Pennsylvania a cheap and very attract
i've investment at these prices, A house
that has been very successful on the
short side of Pennsylvania is now advis-