The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1906-12-02

Pacific was selling AROUND S75 share and
was paying per cent, and public spec
ulators were wondering whether it was
safe purchase at that price. This only
goes to show what extraordinary things
can happen In a stock market In a coun-
try with the possibilities of the United
States.
Roosevelt on Rates,
Two years ago President Roosevelt in
MS message to Congress had something
10 say about the regulation of railway
rates. Wall street had known for some
days about what he was going to say
But, on the day that he said it the stand
ara OH speculative party. ostensibly to
snow its displeasure, pulled the pegs out
of the market Tom Lawson. by some
Underground connection. learned that the
pegs were to be pulled out of the mar
ket and bombarded the speculative COM
munity with his now famous bear attack
The result was the Lawson panic of De-
cember 1904 We call it the Lawson panic
put IN reality 1t was panic brought on
by the Standard Oil speculative CLIQUE
ito show its displeasure at Mr. Roose-
Vets interfering with the operation of
the railways The Presidents message
this coming week will say much stronger
things about the curbing of corporats
power and the limiting of fortunes than
TWO years ago, but so far as can be seen
the Standard OH party is not going to
throw a speculative spasm In conse-
quence. The reason for this is that the
STANDARD Oil party is now loaded up
with stocks that IL expects to distribute
to the public at higher level of prices
and 1t knows that the public cannot stand
now another blow like that of December
two years ago. Wall street doesn't seem
to be disturbed over the forecasts of the
Presidents message that have been re-
ceived here.
Finding Fault With Hill.
Because James ]. Hill did not furnish 4
diagram with his Great Northern ore
melon some Wall street critics have been
finding fault with him. They are looking
gift horse in the mouth. Mr.. Hill
was really under no obligation to turn
the ore properties over to the Great
Northern stockholders. He bought them
with his own money in the panic days OF
the 90s for less than a million dollars
He turned them over to the Great North
ern because it has always been the Hill
policy to put everything of value into
the company. and to have no family or
personal graft. Now that the orchards
which had for long while only had
latent value, have a potential value in
the lease of the orchards to the steel
corporation. Mr.. Hill has distributed the
ore lands among his stockholders, share
for share. The orchards on the basis of
the quotations for the ore certificates have
a market value of upwards OF $120, 600 600
This sl20000,000 is an outright gift of Mr.
Hill to the Great Northern stockholders
There is another Hill melon ripening on
the vines in the adjustment of the con-
troll of the Burlington. The Burlington
is now owned Jointly by the Great North
ern and Northern Pacific and 1t is Mr..
Hills intention to have the Great North
ern buy out the Northern Pacific interest
and to distribute rights to stockholders OF
both companies In consequence. 1t will
be recalled that five or six years ago
when the Burlington was bought by Mr.
Hill for his stockholders at $500 share
there was an cutlery among the critics
against the extravagant prices. Now,
the Great Northern and Northern Pacific
stockholders are to get a melon out OF
the increase in the value OF the Burllng-
ton beyond this $500 share.
South Sea Bubble Methods.
Tn this correspondence last week refer
ence was made to the South Sea bubble
methods adopted by many of the promo
tiers Of the new companies in selling
stock. Attention was particularly directed
to the United Cobalt Exploration COM
pany promoted by Grant Hugh Browne,
a business associate in the past OF Thomas
F. Ryan and Daniel Guggenheim both
men of greath wealth and high standing
in the community. Brownies stock was
enormously oversubscribed and was trad
ed In on the curb market at three times
the subscription price. It appears that
these quotations are entirely fictitious.
Mr.. Browne sent out a notice to the
subscribers saying that he would not
alot any stock to any subscribers who
refused to pool the stock with him for
six months. This means that no ons
can get any of the United Cobalt stock
and sell it. Mr.. Browne tells his friends
that those who have been selling United
Cobalt in the market, expecting to buy
it of him will have to cover through
their noses. He has the stock locked
up in his safe and he is not going TO
let SPECTATORS have it. This same sort
of a scheme is being worked by other
promoters They want to establish fictI-
tious prices for their stock In the curb
market. and the only way they can do
this Is buying up the stock so that no
actual holder Of 1t can sell It,
Bonanza Promoters.
Another OF the bonanza promoters to
whom reference was made in this cor. |
last week has come into !
the market with placer gold propo-
sition with the name of~the Bonanza Gold |
Syndicate The promoter Is Abraham |
White. Mr.. White in his prospectus |
asking for subscriptions for his stock |
saws that IL is not advfsa BILE for him 10 /
tell where his property is located but he !
affirms that It IL the most wonderful |
discovery of gold ever made in the world. |
His prospectus is like a famous one
in the days OF the South Sea bubble In
which promoter asked for subscriptions