Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-12-10
Vail Street Gossip.
BIZ EDWIN LEFEvRE.
NEW YORK. December o, 1905.

b1 EDWIN LEFEFHE
NEW YORK. December o, 1905
More than one observer has been con-
| tent to speak of current speculation as a
specimen Of the Twentieth Century Mar
ket. implying thereby that the phenomena
+ OF this weeks speculative markets were
mot to be accounted for otherwise. At the
same time that call money rates rose to
over 20 per cent and the news from Rus
sia was really serious, the street saw
prices of sundry stocks Jump as sensation
ally az they ever did In the widest BOOM
1t was SO unusual and seemed so illogical
that to many IT spelt danger. 1t is more
than likely that some setback In the up
ward movement may come for fear is con-
tagfous and the most hopeful gambler cam
| not but In time be affected by the constant
shaking OF heads of intelligent ii not over
lventufesome, students of the situation At
| the same time it Is Impossible for two-thirds
of the speculative community not to won
ger what Kind of stock market it would
be II money were cheaper, when stocks
have shown such remarkable strength In
the face OF the highest rates this year.
The radical differences of opinion as TO
the market are not strange in view of the
even more radical difference in the point
of view. Not in many years have the big
men" been SO tactiturn as they are today
You do not find them all under one flag
at this moment Some are optimistic, others
profess indifference. still others deprecate
undue activity at the moment. The aver
age professional is thus deprived of the
moral support of the leaders on whose
plans and views he has always depended
more or less. There are powerful plungers
who have not asked Mr.. Rockefeller's per-
mission to buy stocks; and pools and cliques
have felt the prosperity beneath their feet
solid enough to give them an abundance
of courage. But for all that it would seem
that the reason why opinions differ so wide
~ is to be- found In the uncertainty as to
who 1t is that holds the bulk OF the stocks.
The theory so long. held that a few inn
mensefy rich capitalists, men like Mr. Har-
riman and associates, Messrs. Rogers and
Rockefeller of the Stanrard Oil, Mr.. Baker
and the Fort Sherman crowd Mr. Nor
gan and his friends. were carrying huge
speculative lines. for months was potent
In making the small professional very bull
ish because he enthusiastically argued
that these men must manufacture big bull
market in order to permit of the wholesale
distribution of stocks. For that reason he
Is bewildered at the Conservative" advice
that now and then Is allowed to come from
one or another leader Yet, every time
something occurs tending to show that the
big men are not aggressively encouraging
wild speculation. the illogical cry goes up
that the great captains of finance wish to
buy cheap stocks, just Mr. Lawson says
they DO after successful campaign of
distribution.
1t Is pointed out that prices of railroad
stocks have not advanced much and that it
is only a few industrial specialties that
have made the market look SO active and
strong This in itself shows that the really
big men have not thought it was wise to
manufacture such a bull market as would
be necessary for them to unload in If they
were really overloaded.
" That really summarizes the situation as
II is. But the average trader In stocks
cares much less for the future than for
the present Three months Is too far ahead
to look. Not SO with the big men," It is
very interesting, for example, to hear
member of the Standard Oil party speak of
the plans of Mr.. Rogers and Mr.. William
Rockefeller in connection with Amalga-
mated Copper. Nine out of ten men in Wall
street would like to know whether Mr..
Rogers is going to put Amalgamated to
par next week; but the tenth man, who
happens to be personal friend of Mr..
Rogers, also happens to know what the
moving spirit or the copper company thinks.
both Rogers and William Rockefeller are
parents we'll as finaneiers. Neither of
the magnates desires his heirs to have an
active interest in copper. 1t is not news
that the entire Standard Oil group Is con-
WINGED the connection of Messrs. Rogers
and William Rockefeller with Amalgamated.
Copper is chiefly responsible for the re-
vival of the old enmity against Standard
Oil methods. How the men who organized
and still absolutely control Amalgamated
Copper would like TO get out of it. To do
this they must sell TO the public; not the
stock gambling public, but the investing
public. 1t is not therefore a speculative
campaign that they have in mind, but a
campaign of education.
If Messrs. Rogers and Rockefeller wish
to leave to their sons no copper legacy
1t is to investors that they must sell
their Amalgamated Copper. and invest
ors will buy only when they feel safe.
That is the task before the men who
are fathers as well as captains of in
dustries The game that they must play Is
not q bunco game. but the exact opposite.
They must really sell cheap. This should
come easy because they bought cheap The
high prices that today obtain for copper
are not the result of manipulation or thin
ble-riggIng, but governed by trade condi-
TONS and now 1t must be the effort of
Mr. Rogers to see that in his own life
time Amalgamated Copper comes to be re-
earded as Calumet and Heea Is regarded by
those who hold 1t for the income they get
from the stock. In furtherance Of such
plan the Amalgamated branch of the
Standard Oil set are necessarily committed
to the bull side of the market but not nee
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