Evening star., 1905-07-30


direct sequal to that memorable battle OF
the giants three years ago. There is little
doubt that the Equitable fight was inspired
by persons very close to the banking house
OF J. P. Morgan & Co., and that 1t was in
reprisal for the mercless raid on the Nor
gAn interests. A link in the chain of evi-
dentce bearing on this situation Is found IN
the alliance between Thomas F. Ryan and
the house Of Morgan. 1t is recalled that
something like year and a half ago the
Standard Oil combination got after Mr..
Ryan and the coterie of financiers grouped
about the Morgan Trust Company.
This fight was waged with such intensity
that at one time 1t threatened to terminate
in a gigantic stock-market panic. A truce
was forced and the peace which was patch
ed up marked the beginning Of the bull
markett that set in a little over a year ago.
1t will now be observed that the Equitable
Life as a result of the revolution in that
society has fallen absolutely under the con-
troll of Mr.. Ryan. This astute captain of
high finance had previously gained a dom1-
mating influence in the Mutual Life. where
Mr.. Morgan Is also very strong. Though
George w. Perkins the firm of ]. P. Nor
gan & Co. virtually controls the destiny or
the New York Life.
1t will be seen; therefore that under the
new alignment there is a Morgan-Ryan
combination menacingly confronting the
Standard Oh. Kuhn-Loeb combine, the for
mer backed by the ''big three" life 1nsur-
combination Is at least evenly matched up
in money and in offensive and defensive al
liances. Apparently the Standard on COM
bine is in no mood to resume active and
open hostility against tthe Morgan-Ryan
outfit. but being unhappy unless cunning
for somebody 1t Is concentrating its be f.
teries upon George Gould.
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The stock market is suffering from an inside
knowledge Of the troubles in the camps Of the
mighty. This knowledge has quite as much
to do with the inactivity of many Of the
market leaders as crop uncertainties. Specu-
lators and investors who are alive to what
Is going on become properly timid when
they know of ill-will among the great lead
ers of finance. There is never entire peace
among them. but very often they work in
accord for longer or shorter market periods.
Just now the indications are threatening
and the stock market is especially dull The
fluctuations mark merely the minor move
ments of professionals and the dealings of
the army of chronic tape players whose
continuous commissions keep the game alive
during the summer months.
Talk about a universal coal strike, to be-
gin some time next spring may not be as
premature or /, l,foundess as many assume 1t
to be. The stories which are appearing in
the Wall street news sheets and the news
papers are thrown out as "feelers'' and may
be likened to the advertising tactics en-
ployed by the press agents of rivals for the
world championship of the prize ring. The
demonstration being made by the mine
workers is merely prelude to a demand
for higher wages Their agreements with
mine owners will leave them free to make
these demands throughout the anthracite
regions and many of the bitumtnous mining
districts. They feel they have good ground
for asking Increased compensation.
The price of coal, especially anthracite
has been steadily marked up. and consum-
ers have been taxed many million dollars
annually for the benefit of the trusts. The
workmen have seen this going on and have
not been sharing in the profits of the play.
They have been biding their time. and for
the most part have Loyalty stuck to their
labor contracts They are now preparing
to demand an inning, and II Mr.. Mitchell
and his associates have the ability to keep
their men In line they will go before the
public with their case well made out to be-
gin, with.
There has never been a time in the his
tory of the coal trade when owners and car
riers have made more money than during
the last three years. This is reflected in In
creased dividends on the stock Of nearly
every railroad whose lines penetrate the
coal fields. and 1t is especially true of the
anthracite group. Where there has been no
actual increase In dividends stockholders
have proflted by the rise in the market
value or their securities. Reading common
has more than doubled in price within
twelve months. and every other anthracite
line has enjoyed sensational advance. Now
the workmen. are about to ask for their
share of the rake-of.
The anthracite coal trust had a taste of
public disapprovai while the big strike was
On three years ago. and IL the miners play
their cards right the same arrogant combi-
nation can be again placed In unfavorable
light before the people should aggressive
resistance be offered when the move Is made
terms to the men. Meantime the public IL
watching with appreciative interest the
play and counterpiay between the spokes-
men of the opposing factions.