Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-07-15
Financial News Letter
BY W. G. NICHOLAS.

wall street feels that there is no longer
doubt as to the market attitude OF the
Standard Oil party. Leading members and
representatives of the Standard Oil group
reflect the disgruntlement of that powerful
element and make no concealment OF the
fact that it is sore clear through on account
OF the crusade begun against it by the ad-
ministration at Washington. It Is hard to
beat combination OF brains and money.
and Standard OH commands both to an al
most unlimited extent. 1t is very clearly
the present purpose of Standard OIL to give
the nation an object lesson. It's first move
has been against the stock market. Whole
sale selling Of securities has been traced to
houses which have in the past been more
or less closely identified with that interest
and are believed now to be acting for 1t.
Standard OIL is getting itself strong In
money. 1t always prepares for war by
providing ammunition in abundance. Stand
ard OIL banks. which a few months ago
were giving every encouragement to bull
sentiment and bull action. have taken the
other side. They are discriminating against
stocks which were freely accepted as col
lateral down to very short time ago. and
their forecasts are colored dark blue.
Particularly are they Respondent over the
political outlook. In that quarter they see
nothing but harmful agitation and organ
fzed assault upon the vested interests. They
even SeS SpeCt6TS OF anarchy STALKING
through the land. Mr.. Rogers is doing his
best to teach 'em damn en-" by which
broad declaration he apparently means that
he is going to grill the stock market and
I"sell his first so as to be In readiness for
calamity when 1t shall confront him and
the country. The effect of Standard OIL
hostility to prices Is highly discouraging It
has served to create rabid bearfsh sentt-
ment in the street and has built up pow
erful bearish party which embraces two
thirds Of the great market leaders. The list
includes such prominent operators as James
r. Keene. Washington e. Common, Thomas
F. Ryan. James B. Duke. John w. Gates
and Harry Wier in addition to q large and
influential following which usually knows
the feeling at 20 Broadway, the National
City Bank and Kuhn, Loeb & Co. II the
seeds of distrust which are now being
planted by Standard OIL take root in outside
soil in the form OF business and Industrial
depression the Rockefeller party will be
pleased. is the belief current throughout
the financial district. and it Will take strong
proof to satisfy to the contrary.
&k
People are trying to make a joke out Of
the James ]. Hill ore deal with the steel
trust. They have heard SO much about
this deal that they begin to be very skep-
teal and In mock seriousness go about in
quiring II the ore beds referred to have real
existence. There Is woful lack of informa-
ton as to the exact metes and bounds Of
this ore body and Its value; also its actual
ownership. 1t has been variously adver-
tised as belonging to the Northern Pacific,
the Great Northern and to Mr.. Hill person.
ally. Statements as to its value range from
$25 100000 to $500. 600, 600 1t would appear
that the deal whenever 1t shall be made
Will prove of fabulous value to the steel
trust and Of equally astounding advantage
to Mr.. Hill. although the alternative state
ment is made that In parting with the land
Mr.. HIN will be giving away property for
Mr.. Hills habits. this thing of beggaring
himself for humanity. Among the late items
bearing upon the Eli iron proposition Is
news FROM various points IN the northwest
that large independent iron and steel works
are about to be established to utilize the
metal deposit controlled by the railroad
magnate. That Mr. Hill should contemplate
as evidence OF his saeacity and business
breadth. Nobody questions Mr.. Hills right
to do these things In an EFFORT to hold up
the steel trust. but when friends OF John
w. Gates intimated that this spectacular
captain of industry might be doing little
bulldozing to induce the big steel trust to
take over his Tennessee Coal and Iron
Company loud outcry went up that he
was engaged in nefarious scheme and
should be run out of the country. All OF
which goes to show the different views OF
the two men In Wall street. One can do no
wrong and the other can 90 no good. The
Standard on element OF the steel trust Is
opposed to paying fancy figures for the Hill
properties In the northwest. although it had
no hesitancy In accepting ylShOo0 go OF the
corporation money for Lake Superior Iron
mines said to have cost Mr.. Rockefeller
originally about 100000
~
The government win hardly be ready to
enter upon the experiment OF free alcohol
In the arts and manufactures by the tfme
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