The Birmingham age-herald., 1907-08-11
EFFORT n UNLOAD |S A B|G FAILURE Public Fails to Respond to Call
 of the Sirens MADE CALL !M0NEY EASY Big People Will Enter Season of Tight Money Carrying Their Own Load
 of Stocks-Scheme
 to Unload.
MADE CALL !MONEY EASY
BY W. G, NICHOLAS.

New York, August 10.-The market manipulation for rise undertaken sew eral weeks ago and continued for near ly a month, not only did not attract the public but at Sie finish insiders found themselves with more stocks than when they commenced. Every time they tried to unload prices gave way and 4he big fellows who were engineering the game finally gave up in disgust. The severe decline which has taken place since was very largely the re- suit of liquidation by the same inter ests that had been pulling the market as d preliminary to distribution. The decline was sharper than the rise and left the general average of prices lower than when the artificial stimulus was applied. The interests which were re- sponsiblefor the advance were in con- trol of many of the leading banks and trust companies of New York and s a part of the game hey made call money easy, occasionally letting the rate down to per cent and under. The play was foredoomed to failure, how ever for the public has been educated to keep out of obviously manipulated stocks. There has never been time in the history of Wall street when out side investors were so thoroughly in formed as to what is going on in Wall street and as to the motives influencing fluctuations.
 From present indications the big people will go into the season of tight money carrying tn cir own load of stocks. The public has given ample notice that it will not help lug the burden through the fall and winter months. Possibly, rather than undergo the sweat the big ones will go ahead rINo orl nt whatever prices they will bring. If this should prove to be the case lower prices than have yet been reached may be seen. The bottom levels of last March may yet look high. The banks and trust companies are already pre- pairing for arduous times. They eX- pect a western and south ern edmand this year even larger than usual in spite of the confident claims of country bankers that they will be able to ma~- ket the crops The truth is interior banks west and south of the Alle- ghanies are loaned up closer than usual and will begin making early drafts on their reserves in New York and other eastern citites-either that or eastern and corporation paper now carried in the west will be dumped back on the New York institutions. In all proba- bility both conditions will prevail. The time money market is continually hardening and although there is less prospect of gold shipments than was the case two or three weeks ago tn e danger of a foreign call upon our stores of yellow metal is not over.
 For the first time MT. H. H. Rogers, the iron nerved and lion hearted leader of the Standard Oh forces is threatened with a breakdown. He has been carry ing a tremendous load for years and with advancing age his burdens and responsi- biIlties increased rather than decreased In the carrying out of his colossal en- terprises he found himself uncomfortably spread out and for months he has been an actual borrower of money. There is good reason to believe that very con- siderable share of the extensive liquida- ton which has been going on for the last ten days has been for account of sIdr Rogers and his associates, After the nasty return of MT. Prick this selling proceeded in increased volume The sleuths of the Stock Exchange, who are a pretty wise lot have been saying that Mir. Prick Mr. Rogers and William Rock eteller have been getting out from under, not only withdrawing support from their own specialties but dumping their secur- ites regardless" The sharp decline in st. Paul, Amalgamated. Shelters, Read ing. Union Pacific and other stocks with which these men have been intimately