The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1906-11-11
NOT OVERLOOKED At
ELECTION RESULTS
Wall Street is Between Devil
and Deep Sea
NO LOVE FOR ROOSEVELT
Spectators Are Afraid of Leaders in
Both Parties-Perlod of Tight
Money May Be
Extended.
NO LOVE FOR ROOSEVELT
BY w. G. NICHOLAS.


the financial community believe that Mr..
Hughes, the republican candidate for
governor of New York, would do less
damage to vested interests than the DEM
ocratic candidate. Wall street now is be-
tween the devil and the deep sea. The
republican party, under the leadership of
Mr.. Roosevelt, is making an active cam
paign all along the line against the trusts
The democratic party is just as anxious
as Mr.. Roosevelt to light the trusts. The
great issue in the New York state cam
paign was the curling of corporate power
Both candidates for governor asserted
that many things We're wrong in our body
politics. Mr.. Hearst was more violent
in his assertions than Mr. Hughes, and
more radical in his suggestion of reme-
dies. AS result, the financial commun-
ity did not embrace either candidate with
open arms The enormous vote received
by all the democratic candidates except
Mr.. Hearst in New York City, and the
slump in the republican vote in most of
the upstate manufacturing towns indi-
Gated to Wall street that all these ex-
posures of graft in high places have
stirred up the people and made them
uneasy.
Wall street, therefore. is looking for
ward with much questioning to the next
presidential campaign, and the effect it
will have on prices. Wall street ex-
poets that the next democratic candidate
for president, if it is not Mr.. Hearst,
Will be some other strong advocate of
the curbing of corporate power. Wall
street has no great love for Mr.. Roose-
Welt. 1t took dislike to him when he
xxF1- Of
liked him more since he went to WASH
ington. Some of Mr.. Roosevelt's radical
opponents in Wall street said when he
was elected his war against the trusts
would seriously affect the countrys pros
perity. Nothing of the kind, however,
has happened. During Mr.. Roosevelts
administration the country has been tray
cling along at top-notch commercial
speed, and nearly all branches of indus
try have made new records. Mr. Roose-
velt's opponents say that all this has
been in spite of him, but the evident UNI
rest among the people, and their very
plain desire to administer a rebuke to
some of the powers in the financial world
who have been amassing fortunes at
| rapid rate in recent years has sent the
| Wall street community to specializing
| over what is to be the outcome of the
next presidential contest The tariff issue
was very concrete one party favored
high tariff, the other party low tariff.
| The trust issue is not so concrete. Wall
| sti eet has some idea of Mr.. Roosevelt $
conception of what the government
Should do to curb the trusts, but it does
| not know how far a democratic admins.
| tration might go in this work
Finance Not Disturbed.
The Presidents announced campaign
against the Standard Oil company does
not disturb the financial community. Wall
| street was all stirred up over the North
ern Securities fight when it was on, and
many bitter things were said against Mr.
| Roosevelt by Mr.. Hill and Mr.. HART
man and their friends, but while the
| Northern Securities was dissolved, the
| two railways involved. the Great North
| ern and Northern Pacific continue to do
| business at the old stand. A dissolution
| of the Northern Securities company did
| not affect in one iota the business ham
| died by these roads or the profits result
| ing from this business, and Wall street
| has the same opinion about any campaign
the government might undertake against
| the parent Standard Oil company. The
| subsidiary companies would go on re-
| fning oil and selling their products UNI
| der different form of general control.
| Just at this moment the money market
| is the thing of most absorbing interest
| the money market would be easier to-
| ward the end of the year now believe
| that the period of tight money will eX-
| tend longer The great prosperity of the
| country is more responsible than the spec
| ulation in stocks for the DEAFNESS of
| money. All over the country people ell
| gagged in business are spreading out and
| looking for more capital. The real estate
| boom in various parts of the country, and
| the increased investment in mining ven
| lures in Nevada, Cobalt, Mexico and min
| ing camps all over the continent also
| call for more capital. A further increase
| in the Bank of England rate would cause
| no surprise here. Bankers are looking
| for further relief from the treasury de-
partment to tide us over until after the
turn of the year.
The market situation is that the big
| men have the stocks, to use the hack
| neyed phrase. and that they expect TO
| make a market at higher level on
which to distribute some of their hold
| ings, The big men behind the market
| have by no means exhausted the bull
| ammunition Mr. Hartman still has sew
| eral good things up his sleeve. One story
| is that now that he has taken absolute
| control of the Illinois Central. he Is going
| to lease it to the Union Pacific with an
| S per cent guarantee. This is more or
| less an old story which has been hang
| ing fire for year or two Whether the
| stockholders of the Illinois Central, who
| are a pretty hard-h headed lot of people
| would consent to accept an per cent
guarantee. is question. Illinois Central
| is a wonderfully valuable railroad, and
| many of the stockholders think that some
| day it's stock will be worth much more
| than 8 per cent guaranteed stock ever
| could be. Their attitude is much the
| same as that of Hetty Green, who. as one
of the largest holders of Louisville and
| Nashville stock. is always opposed to
| any scheme to turn this stock over on a
| guaranteed dividend basis One very large
| stakeholder, Mr.. Stuyvesant Fish, who
| has just been ousted from the pres-
dency by Mr.. Hartman, will probably
oppose any scheme of Mr.. Harriman's to
change the status of the stock.
Bull Ammunition.
Much bull ammunition remains in the
Great Northern Northern Pacific situa-
ton Although Mr.. Hill announced a lit
tie while ago that the Great Northern
ore lands had been leased to the Steel
Corpora ton, the stockholders are yet to
learn Just how they come out of it. The
stockholders, by the way, are not wor-
rvjng. for they know from past expert
ence that Mr. Hill will give them all
that is coming to them. Mr.. Hill has
always treated his stockholders with
fairness and liberality. 1t is expected that
the benefit to the stockholders from the
lease of the ore lands will be in the form,
NJ a script dividend Mr.. Hill is now
working on the plan. The Northern Pa
cidc stockholders are also looking for
something luscious out of Mr.. Hills NAL