The Birmingham age-herald., 1906-05-13
ROGERS DUE THANKS FROM SPECULATORS Decline in Stocks Was Stopped
 by Him BEARS EXPECTED A SLUMP Investing and spscuIating Glasses Sat lsfied With Labor Situation-A
 Peaceful Settlement Is
 Expected.
BY w. G. NICHOLAS.

New York, May 2.-(Special )-Bullish spectators and the investor class have MT. IT, H. Rogers and his Standard oil as- sociates to thank for stopping the decline in the stock market and taking a power ful initiative for the advance. As every body will recall. the rally, began on Fri day May l. the day the Presidents mes sage on Standard oil iniqulties was sent to Congress and published broadcast through the newspapers. Usually the people at 26 Broadway have first knowl- edge of what is going on at Washington, but on this occasion they had failed to get hold of an advance copy of the mes sage, although it was in New York Ion release" for quite a little while before it's formal issuance. It was not until Thursday about noon that the Standard Oil magnates had a look at copy of the message. MT. Rogers was mad clear through when he read the Presidents criticism of Standard oil and Commis- sioner Garheld's standardization of the facts in his possession. For two or three days the bears had been attacking the market viciously on advance information from Washington. They were moved to. this course by a belief that the message would create an overwhelming hostile sen timent against Standard Oil, which would take the form of a slump in prices When MT. Rogers completed the perusal of the Washington documents he grimly re- marked that the bears who were expect ing to make a profit selling stocks on that message were going to get the surprise of their lives, adding: ''It will be many a long day before they see profit on sales they make around these prices.'
 Careful scrutiny of prices since that day stamp Mr. Rogers as a surprisingly good prophet. The day following Mir Rogers war-ll1e utterance the stock mar ket took a terrific jump, and for the several days following the shorts had the time of their lives scrambling for cover. Brokers and commission mer- chants almost unanimously advised their customers agailAt buying, the theory be- ing very generaA held by the talent that the advance was too rapid to hold and there must be violent reaction. Those who followed this sort of advice lost a splen- did opportunity to recover losses suffered in the big break which was started by the San rancisco earthquake. About one- half of the great decline was regained before the street awakened to a Snowl- edge that the Standard oil interests were genuinely under the market and had been giving it the benefit of concerted and ag- gressve support MT. Rogers leadership Is now acknOWledRed ana as ne seems committed to the bull side the various cliques and pools have gone to work again with their speeialties. The result of their activities was seen in the rapid marking up of prices all along the line. The burned and crippled speculators who were hurt by the big break are also re- turning to the market in the hope of re- covering some of the money they lost.
 Wall street will be heartily glad when Congress takes final action on the rate bill The discussion has dragged along tiresomely and has worn on the nerves Of the substantial interests conoerncu III the stock market effect of hostile Legislation. The prevailing belief is that the worst has been discounted and that whatever changes in railroad methods will be made necessary under the new law will be bene- flciaI to stockholders and to railroad property in general. Statutory admis- sion that the courts have the right of review, a right conferred by the consti- tuition, which could not be taken away by Congress, will have a distinctly sooth- ing effect and will go along way to re- store confidence in investments. A deep seated fear that legislation and political action might take the form of virtual confscation has given place to a better feeling everywhere, and it may find re- hection in an uplifting of prices Of se- curities A settlement of the question is given as one of the reasons for the better tone in financial circles.