The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-02-07

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reason of their connection with bucket
shop financing, but they are keeping as
far in the background as possible.
Wall street is in state of perplexity
over the maneuving at Washington for an
amendment to the interstate commerce
and Serman antitrust bills. The conclu-
sion was Jumped SO that Senator Foraker
was acting for the administration in the
presentation of his bill amendatory of the
existing laws on these subjects. Senator
Forake S recent activity as the admins
tator's representative of Ohio gave APP
parent warrant to the conclusion that he
would not take such an important step
without White House consultation and 1t
was accepted almost without question that
his bill had the Presidents approval in
advance of Its introduction. Prompt re-
pudiation by Attorney General Knox has,
therefore, been more or less disquieting
in the financial district and has inspired
fresh discussion as to what the Presi-
dents attitude and purposes on the trust
question may be.
Wall street gossip has it that White
House favor has been transferred open
ly to the Standard Oil people and that SO
long as Mr. Roosevelt is at the head of
affairs ]. Pierpont Morgan will have very
little to say in Washington. For dozen
years or more Mr. Morgan has been the
recognized counsellor of washington adj
ministrations in matters of governmental
high finance. There has never been an i'm
portant move undertaken without calling
him in, and in more than one important
instance he has been given practical SUI
preme direction. If eredence is to be
given Washington news at this time Mr..
Morgan las been superseded by Mr..
James StiHman, president of the Nat
ional City Bank and the recognized finan-
cial representative of the Rockefeller in
terests Mr.. Stillman has lately been a
guest at the White House, and several
other identified closely with Standard Oil
interests have received marks of signal
White House favor. distinguished New
England senator recently allied to the
Rockefeller family by marriage is looked
on as the Standard Oil political agent in
Washington. Altogether 1t would seem
as though the petroleum element had
extended its influence in a very marked
way within the last year and that 1t is
still branching out and extending Its hold
upon large affairs.
Speculative attention Is turning sharply
| to corn. The situation In that commodity
| is felt by those best acquainted with 1t
| as being as full of bullish possibilities as
| cotton has been at any time. Very little
| contract corn is coming into the central
| points of accumulation, and reports from
| interior points of the surplus states of
| the west give little encouragement to look
| for important Improvement In grading.
| The produce Exchange crowd Of New
| York has been bearish on corn and for
| months and is heavily short of the mar
| lxet here and In Chicago. 1t is not clear
where the property is to be secured to de-
| liver on May and July commitments.
Since early last fall a powerful specula-
tive contingent has been bullish on corn.
although at no time Inclined to adopt
| aggressive tactics, preferring to await
| legitimate development of the fact that
the crop Is far below the government
estimate and of inferior quality. This edu-
cational process is now well advanced
and conditions appear to be ripening for
a strong advance In prices. Unfavorable
reports of the winter wheat outlook con-
tribute also to call attention to the gen.
eral market situation in grain.
New York almost invariably takes a
bearish view of the grain markets. The
produce exchange Is composed largely of
men in the export grain trade and their
interest is to keep prices down to point
that will reach foreign bids. The market
is chronlcally full or bids Tor Liverpool
and Continental account Just below the
current quotations This fact explains the
attitude of the New York party towards
the grain market. Very naturally, there
fore. the speculative elemetn which looks
for its news and inspiration to the New
York grain merchants and commission
men sell the market short. Thus 1t in
variably happens that when bull move
ment is started In Chicago and gets un-
her Roadway a bitter strife springs up
between the board of trade Of Chicago
and the produce exchange of New York.
1t is estimated that the short interest In
corn at the present time in this locality
aggregates 25.O00.0OO to 30,000,000 bushels.
The bull leaders are quite willing that
this short interest should be enlarged and
are rather encouraging bearish talk than
otherwise. The bigger the short inter-
est the bigger the killing. havi heard
some Of the most experienced specialists
in corn predict 65 cents for 1t In Chicago
within the next 90 days, and in the Same
breath prophesy q for wheat and 50
cents for oats.
Having gotten wind Of Wall street
scheme to secure advance information OF