The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-07-30
MARKET HAv|.N||G|:'. !. !.
TH| | I S ||!' WAY ||''|
\ Movement Pays Little Regard to to
Prophetic Vision Of Of Wall Wall
Street Forccastcrs. al
RETURN II Of ROC K EFELLERs
Shaw One of#First Secretaries to-
! Force Bankers to Do y :.
i Bidding.
BEyHW. q. Nicholas.


By w. G. Nicholas.
f55 NEW YORK, July 20. .--.,rhe stock z mar
ket has n way 3 going counter 90 pro.
grafrines and charts and forecasts when
4 Is a puzzle and disappo! rtment 20 INC
Wise men who try to look into the fu-55
sure ana tell waiting world what d. is &
going to happen to prices. Last winter WIN e
nothing was palmer, according To- the
very gcnerally accepted theories OF these
wise mon, than that the market was
going to have d great boom during May tdVny,
June ana July In order to permit banKers,E
specuators and inside I'M erosts 70 UNI UNI
load their stocks, thereby escaping the
fight money tliscomforts OF next fall and
winter. This flate-ln-t ic-year period OF
stringcncy was TO be attended by sky &
acraping interest rates ind "a terrific
slump OF stocks. What happened during
the iirnt hnlf OF the year, is OF record
The spring and summer was liKo 2 pa pa
boon.s instep; II made a hole IN the
ground. Everybody Wns seized at the
1 sa me time WITH an Impulse to get IN \
early start and TO sell stocks first with
out waiting fnr tho vortised { nd vance.
THE fall break In the ma ket began IN
aApril and kept right on Tor ncurl three
tronths. resulting In n slide lch carried 4
some stocks down 100 points. and caused
an average shrinkage OF about S2O II q 4
share through the entire az tive ISL. II
now begins to look as though the fore
casters mig ht be An far$ont OF the wa "
the last half OF the year as they were
tho first half. In anticipation OF tight
money later on nearly everybody In wall
Street lns made arrangements f0rs oil
the time money they may need 70 car
them into 1901 "a q. SsG83 RI "a, III
Quantities Of this money are now be-
ins loaned In tho Street by brokers who
ire loaded up with III more funds than
they have any present use for. and there
Is is likely to be d pressure from that az Jar
Ter clear down to the end OF December
all OF which may operate to the lowering
or anutuinn Interest rntes&and IA 10 the en-
enlargement OF bull speoula ton in stocks.
The determination OF Republican lead
ery to run tho Congress- campaign this
year on a stand-pat platform, with Roose-
welt as the grand central figure. has not
filled Wall Street with unnlloyeds enthusi-
asm. There Is general willingness to
subscribe to the stand pat proposition, 50
fur as 1t may tend to keep down tariff
4 1y offset by inward quakings over the
prospect OF TOO much Roosev i. ''ss e The
n fear Is voiced In incorporation oflces that
smother overwhelming administration VIC
tory at the polls Hlight8bc. and, mall
probability, & would be. construed as
popular command upon Congress to so
ia further lengths for railroad and trust
re gulation. Timid people are found every
where who see In the current polltlcal
trend \ an Irresistible movement, having
for Its logical conclusion government ana
municipal ownership and the ultimate ),
dominance OF socialism. Naturally this
does not conduce to quiet among those
I'll. control OF great property interests.
This sense OF uneasness is effected ~
the failure OF ,nnny important and IN
iluentialsinterests TO respond to arguments
and facts advanced in favor OF speculaIs
tive activity and higher prices. Il
With the return OF the two H senior
fe,ers-J ohm p. and William-the
Standard Oil giants have again rea l',
$bled, and the Street is full OF gossip as
t,swhat plans and campaigns they may
hhye in view. Tho homecoming Of VIII
liam Rookie Teller took the Street entirely
3 BY surprise. and Is regarded as being
especially significant Tho William Rookie
teller personality suprenlcly controls ST.
Paul He Is the strongest force IN Now
York Central, and, al Though representing
4 Z j minority, intereat In tho great new
Haven system, he Is, nevertheless. very
strong In that quarter. When he Is with-
4 IN reach, II. II. ROGERS Is n constant
touch with him in the direction. OF arla ~
gamnted and other mining and Industrial
enterprises in which they are mutually
Interested, and In which Standard II on
capital u the extent OF hundreds OF mil
Hons Of dollars Is invested. William
Rockefeller. much more than John D.,
renresonts Standard Oh In Wall Street.
a fact we'll known In financial circles
and on the Stock Exchange. William
ERockefellcr's return Is expected to pc.
followed soon by announcement Of either
INC snle OF st, Paul to the Hartman In
tercsts spr tho adoption OF a plan for the
financing OF the roads extension to the
Pacific coast. "a
Il Mr.. Shaw is ono OF the first secretarys
II the Treasury to arbitrarily bend Wall
street to tho government interests In
doing its financing, The custom has been,
Tnrlthe Treasury at Washington, when
ever II Bhad any bonds to float. to first
f1nd ont what the big bankers In Wall;
strcets might think about tho proposi-
tlnn. and how they would receive II.
There were always 'picklngs," more or
ioaa rich. for Wall Street every time
the government had any honds 20 sell
or any relunding schemes to put through.
On the Panama bond occasion, however
Secretary shaw took the other tack, haY-
Ing received a hint that tho big banks bar
look with disfavor on his project !or
selling a $50, 00O, 900 Issue on terms Whlcn
would realize for the Treasury every
fractton It could vet, instead OF allow
Ing for the customary rake-of z
II, Te virtually took Wall Street by INC
scuff Of the neck and gave It out, cold
and flat that Il tho banks dla not
respond in proper spirit. they neea ex-
y. sTncK BROKERS'. s