The Birmingham age-herald., 1903-07-26
GOSSIP FROM NEW YORK Senator John Kean be Eastern Manager for Roosevelt
 n the Coming Campaign-SllY Wall Street Runors.
BY JOHN MARrHoL.

bI JOFa
 New York, July 1S.-Tt is stated by those who are in the inner circle of re- publican politics that Senator John Kean of New Jersey will be the Roosevelt manager in the eastern states during the coming Presidential contest. That The odore Roosevelt will be the nominee there can be no ubtand that his 'n- terests and the party interests are safe in the hands of the senior senator from New Jersey is equally certain. His ca reer in national political life as congress- man and senator covers many years, and during this long period he has made no mistakes as a statesman, no blunders as g. politician and very few, if any, enc mics. His influence has been remarka- ible Quiet, approachable, democratic in manner, adverse to the gallery playing methods of some of his brother senator's, Senator Kean succeeds in accomplishing his purposes without making any fuss or noise. For his own state he has se- cured many benefits and for his con stituents many favors.
 With the party leaders throughout the nation Senator Kean is popular They respect his quiet manner his energy and determination. His vast experience In finance and commerce has been gained in the observation and direction of the great and varied financial and eommer- ciaI interests in which he is so largely in terested. In the senate this knowledge is an important part of the equipment of a senator; and in framing the policy of great party it is more than desira- ble in a leader. These points are now being widely discussed in view of the fact that the management of the Pres idential fight in the eastern states by Senator Kean will make him a potential figure in national affairs during the next four years.
 Stock market conditions during the past fortnight have been repeatedly foreshadowed in this column from Jan uary last. The heavy depreciation along the entire line was due to the process of readjustment. Certain "gilt-edged' IBecurities were "boosted' up to absurd and their decline in prices to normal and rational level disturbed their values as collateral for loans at banks In the readiustment of these lions millions of securities were dumped on the market In consequence of en- forced liquidation low-priced securities were forced lower through sympathy and by the powerful influence of the bears who are ever ready to take ad- vantage of such conditions and force still lower the falling market. To any, one who stands to one side and watches r.the street." uninfluenced by personal Interest, 1t was apparent that the re- sistless gravitation was but the asser- fion of the natural law. Nevertheless. many seeking abnormal and unnatural causes gave utterance to absurdities too numerous and too trivial for repetition.
 Nothing perhaps, better, Illustrates the dire straights to which the Bears Bu- reau of Evil Omen was put than the widely circulated story that George w. Perkins was compelled to unload an enormous line of stocks and in selling them the market was glutted and the depreciation began. It Is an absurdity on the face. MT. Perkins, of J. P. Nor gan & Co.,, is without doubt potential parsonage on Wall street and Is infiu- ential on the Stock Exchange. but he Is no gambler. Indeed. while willing to admit his strength, 1t is the rankest ab- surdity to believe that he could individ- uaily carry enough stock to precipitate a depreciation such as Wall street has now witnessed.
 In my earlier letters on stock conditions I have repeatedly pointed out that the general prosperity goes on unimpeded and that the inevitable decline in the market price of stocks would be due ito finan- ciering" and not to diminished earnings by the properties. This has come to pass. SThe readjustment is over. Some stocks will continue to sag and some will rise. This will go on until the investor re- ceives the full value of his invested dol lar. Security being equal the earning capacity of his dollar must be equal. I do not hesitate to say that the new Steel issue of $200, GOO paying 5 per cent per annum Is selling at less than four-fifths of their value. The net earn ings of the United States Steel exceed $120, ,000 900 per annum. The fixed charge, or interest on s5oO.oOOOO0 of bonds Is s25,- O0O.000. What better guarantee of abil- tty to pay interest can be offered.a Ger tainly none. For assets the most valu- able ore mines in the country, vel equipped plants and fixed and deter mined trade. And yet these bonds sell in the neighborhood of 80, paying there fore. over 6 per cent on the investment In contrast to this are railroad stocks selling at 120 and over. These railroads are paying. I will say. five per cent div idends or less than per cent on the in- vestment Their assets are locomotives cars, rails and ties, all perishable and g fixed and determined trade. The natural law of adjustment must operate, the security of the invested dollar being equal. Steel bonds at 80 must go up and