Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-10-28
Financial News Letter
BY W. G. NICHOLAS.

NEW YORK, October 27-The stock
market was slow recovering from the
scare into which it was thrown by the
Old Lady of Threadneedle Street (Bank
OF EnglanO in raising the rate to per
cent over night. The rallying power Is
there, however, and In the natural course
Of events matters will right themselves.
The pfkers hear with sinking heart that
London is preparing to send over $25, 600. 600
TO $50 100000 shares of Americans held
there as collateral on New York loans. for
getting that we are shipping every week
SIS, 900, 900 worth of our products To the
European markets. The $40, 900 900 worth
OF securities. therefore, only represents
two weeks exports to the old world-stuff
form, whether it be in gold, credits or
stocks. 1t comes out the same in the
wash. America is the producer of mer-
chandise which finds foreign market in
dollars year. How trivial in the light
OF this gigantic total is $50, 000, 600! And
how provincial the mind that exasgerates
the incident Of return Of a hatbox of Sc
curities into an event Of international mar
ket Importance! 1t is noted that the dis
turbance is entirely in the minds of the
light wasted. People of affairs pay no
heed to the eddyings Of mimic currents
having no more real significance than the
flutterings Of paper scraps. The great
forces are working for the uplifting Of in
Ir1nSlc values ana nlSner prices.
In accounting for the nervousness which
infects some sections H. H. Rogers said
to visitor the other day that the country
seems to be suffering from an attack Of
he was satisfied that the patient would re-
cover and that the situation would pres
emily adjust itself wholesomely and to the
good. The informant quotes Mr.. Rogers
as voicing views to the following effect:
"As to my ideas on the general situation
may say that l take little interest in day
by day or week by week price fluctuations
in the stock market. Price movements of
5 points in the ebb and flow Of trading
sentiment do not mean much ordinarily.
We plan for campaigns and not to catch
fluctuations. We do not try to make con-
ditfons, but to keep ourselves informed SO
as to be in a position to form judgment
what may be ahead and to accommodate
ourselves to the situation. We never ex-
pect to get in at the bottom or out at the
top. and are never in a hurry. We never
attempt to crowd things against the tide,
aiming rather to conserve our energies and
reach the end with smallest expenditure Of
immediate market. but we look for very
much higher prices ultimately. Business
conditions and prospects amply Justify
clusion. The outlook Is very bright, In
deed"
The informant does not pretend to quote
the exact language employed by Mr. Rog-
substance correctly. The interview was
on the occasion OF friendly call by two
distinguished members Of the republican
They didn't get It, either, finding the Stand
ard Oil magnate exceedingly unresponsive
on the money proposition, and for reasons
Which seemed to him quite sufficient.
why" he Is reported to have remarked.
should we give money to the republican
campaign committees? You come to me as
representative Of corporation interests
and capital. The republicans are harassing
inst On11ch the democrats We
are receiving no favors from any political
quarter, and I fail to see why we should
contribute for the success OF one in pref
erence to the other. If we have got to fight
employ lawyers to fight republican assail-
ants as democrats. 1t is six OF one and
half dozen of the other. Take New York
state, for instance. They have $11 ,O00, 900
in the state treasury UP at Albany, and
of that sum 100000 comes directly from
Wall street In the form OF taxes collected
on stock transfer" Turning to the visit
ing member Of the state committee Mr..
Rogers is quoted as saying: Pledge me
that that stamp tax law will be repealed
or the tax cut down and Wall street will
raise 81 GOO. ooo for your campaign fund IN
neither the authority nor the desire to give
any such pledge the interview soon termi-
mated with further expression OF opinion
that Wall street really had little to choose
as between the parties this year, especially
in the matter of state issues.
Others, and many Of them In Wall street,
have been heard to express themselves SINH
larly as to the political situation. They
really are apathetic. and while having
small expectations Of Hearst triumph
can easily be reconciled to such catas-
trophe. They figure that II elected governor,
Of oonservat;sm. u They n recall that IN most
instances radical candidates become con-
servative officials, having an added sense
Of responsibility due to suddenly awak-