Daily press. [volume] (Newport News, Va.) 1896-current, 1907-10-27
Reported Thai The Wall Street
Wizard Is 10 be Frozen Out
by FIRsDcIgFs.
G0sTELR0U's ACTIVITY IS CITED
Hin,ed That This May Be in Line with
Such Plan--Looks as if Someone
Were Being eunncd For and That
the Administration Was Doing the
Aiming,


NEW YORK, Oct. 2G-Thc financial
world Is trying to solve the question
whether the recent storm has not re-
suited in the almost complete climina-
ton of Hartman ana the nsccndency
, of j. L. Morgan 10 his place of wizard
of Wall street. Several significant in
cidcnts of recent happenings are point
cd to MS Indicating that somebody was
being 'gunncd for" In the late crisis.
lig game was sought. these say. nn;
in the hunt the little ones had To take
their chances.
1T Is incOnccivabc, OF course said
a banker who has closely watched the
stock market and the banking interest
4 from the beginning OF the present dc.
cline. that government department
should use it's power To accomplish the
downfall OF any individual in an indi-
rect way wilen that result could not he
accomplished by legal means. WI can
only draw few deductions from
events. The conclusions are matters Of
individual opinion. and each one is CT
pablo of forming them for himself
Hartman Within the Law.
Il In Mr.. llnrrlmnn's railroad combin.
! ations he seens 10 have kept within
tho law; No legal Ettotnpt has been
made to undo what he has done, If We
except the isolated Illinois Ccntrnl
case which is stll pending, partly UNI
der court supervision. lie formed his
combinations and was stiil going ahead
with his gigantic schemes when Pres
ident Roosevelt placed him In the class
OF undesirable citizens along with
Haywood. Meyer and Pcttibonc, &c
Western labor agitators. The rccrinl-
nations on the part of both. follow.
ing this statement are of too rcceni
| memory TO be recounted here. II may
be recalled that soon after this case
the publication of some of Mr. Iiarri-
mans private correspondence, in
which was shown how campaign
fund TO aid In the election OF AIR.
Roosevelt was raised.
The most of this correspondence
the President iiatly termed as lies.
With this, however, we have nothing
to do in discussing succeeding events.
II is only an incident of what preceded
and what followed.
Soon after This tho stock market
commenced TO decline. Money became
4 tight. and n general feeling of unrest
prevailed. On the surface there was
no satisfactory explanation of this con
EDITION. Manufacturing industries wcrc
lprospering. so ii was said. Certainly
the farmers were in good shape. be-
cause the crops were fair and prices
romunerativc for all agricultural pro
ducts.
Nevertheless money in the East.
particularly in New York, the great
stock trading center continued scarce.
Banks were cnnry of making loans.
and securities steadily declined. This
went on impcrceptibly. perhaps for
months. Many of those interested in
stocks held them contenting them
selves with the delusion that only Il
healthy shaking out process was go
ing on and that values would soon re
cover and perhaps soar higher than
cver-a vain dclusion. They never did
soar: they never did recover material
~ after the undesirable citizen mani
festo went forth. Occasional gains
would be made. only to be lost aud
greater declines result. Still .lcre was
no satisfactory explanation. Yes. there
was one: The President kept on talk
ing: he kept attacking the trusts anu
interests which by lnnuendo he claim
ed were la.tening on public crchuity
ana questionable inside workings.
Money Kept on Tightening.
II
| steady downward trend in security
| values Money frightened constantly
and those who wanted to borrow, TO
take advantage of the seeming low
basis for stocks. found it difficult TO do
so. Tho brokers got to the point OF
saying no marginal dealings; it is
cash or no trade Still stocks ce-
clined.
"'rhc bankers all remember the NJ
gent call made by the Treasury Dc-
partmcnt a few months ago for special
deposits placed with them. This was
at time when money was stringen:
ana all available resources were need
ed to meet current business require.
ments. We all had to come up how
ever, and S30,0o0,00O was returned to
the Treasury at time when We could
i'll afford to spare it. Many Of us had
to scrapc hard 60 get together what
we owed the government. as It had
gone ont into legitimate business
channels and could not De gotten In
quickly.
"a few weeks ago conditions again