Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-10-20

WallS ana IN the center a great round
much together during the last four or
| five years and the good things were
passed along endless chains of indorse-
ment and commentator. Thus a very
| extensive and widespread community of
| interest was established which took in
! thousands Of men In rev York, Bos-
| ton, Philadelphia, Pittsburg, Cleveland
| and other industrial and financial CEN
| tiers. The whole structure has been sag
| cling for months. and the community of
investors and spectators have been
obliged from time to time to sacrifice
their marketable securities to get money
with which to take care of their otner
things for which no sales could be found.
as their hold slipped. and the struggle
finally developed the stronger inter-
ests and combinations which had been
fighting for their lives and the painful
Wall Street There are still some rotten
spots. and there may be other failures.
but. as before stated, the best informa-
| ton is that the worst is over. If this be
true, then the stock market should be
dragging on the bottom and the next
movement should be in the way of i'm
provement and recovery.
The ordeal has been a severe one and
there has been a wholesale and general
| squeezing out of wind and water Stocks
levels, but great majority Of them are
| at least so per cent cheaper than they
were year ago. To that extent the
hundreds OF thousands OF investors in
securities have paid the debt Of impru-
dence and Ill fortune. The debt will not
have to be paid again. There is solid
comfort in this thought to those who
have been able to endure the strain down
to date.
To surface appearance money market
conditions show slight improvement. In
the background they are getting slowly
better CORPORATIONS and individuals of
the larger caliber have been and are pur-
suing policy of retrenchment and econ
omy. They have been saving wood and
paying off their debts as fast as possible
and will continue in this straight and
rigid line until they extricate themselves
from the slavery Of extended commit
| ments and obligations. No new con-
struction or enlargement of business will
be entered upon for good while. Only
work that was started and cannot be
stopped without any loss will be gone on
with. This condition Is not as yet seri-
ously reflected in Industrial quarters for
and factories everywhere are going under
good Roadway on old contracts. Those
who imagine that the industrial activity
Is going to keep up Indefinitely because
evil prophecy in that direction has not
yet been made good have only to inquire
confide ntially at the headquarters of all
| the large manufacturing and mining cor
porations to undeceive themselves. 1t
must be said in this connection, however,
that the policy Of retrenchment and debt
paying which is being relentlessly pursued
by the important interests will effect the
cure and produce healthy monetary
situation. Not only is this the case. but
health will be restored much sooner than
is enormously rich and more people are
solvent and in possession of SURPRISES
than ever before. The process Of recu-
peration Is. therefore. likely to be COM
pleted before the public appreciates the
fact. An accelerating feature to recov-
cry is the continual Infusion Of new gold
in the currency Of the world at the rate
of more than S1.OO0OOO a day. OF this
amount the United States will have for
it's share more than $1OO.OOOOOO a year,
to which must be added the concidental
increase in bank note circulation. The
silver lining to the financial storm cloud
is already appearing, although not visible
to the unframed eye.
From a source that carries weight in
formation comes of John D. Rockefeller
| from position in the background has
| resumed guidance of Standard OIL. 1t
was his firm resolve never again to take
up the direction of business affairs, but
an emergency having arisen he was COM
PEELED to take more active interest in
Standard Oil matters. Those upon whose
shoulders devolved the management Of
Standard affairs were found to be in
state of semi and without
competent head. Up to the time Of the
enforced retirement of Mr.. Rogers on
account of a nervous breakdown that re-
| markable man was the real commander
| in-chief of the Standard Oil forces Mr..
Rogers always consulted William Rookie
fe,ler, John A. Archibold and the younger
Rockefellers, but his word was law He
was the dictator at 90 Broadway and
| over the affairs Of Amalgamated Copper.
With his virtual retirement three or four
months ago responsibility was shifted to
Mr.. Archibold and William G. Rookie
Teller, a son of William. The latter is
| in nearly as bad a shape as his conferre,
Mr.. Rogers. Mr.. Archibold is an irascible,
irritable gentleman and somewhat of a
demoranzer, it is said. He has passed
| through all wars in which the Standard
OIL has been engaged from the beginning.
| and is in full possession of his faculties.
but he lacks qualities Of generalship. The
younger generation has never been
against the raw edge Of battle before and
has not developed the phenomenal abili-
ties and resourcefulness that character
| lied the operations Of the old guard.
Standard OIL is now face to face with the
hardest proposition of its career. 1t is
literally fighting for it's life. and every
body connected with the corporation
understands this fact thoroughly, hence
the necessity Of a man at the head who
can command the unbroken support of the
entire organizations man of proved
genius and resourcefulness. Manifestly
there is only one man who can fill this
bill. and he has been drafted into
service again much against his desire.
John D. Rockefeller may not allow him
self to be pushed into the foreground
personally. but none the less the burden
of managing the fight has lodged upon
him and he is once more in the Standard,
giving encouragement to the defenders
and Inspiring action for offense and de-
License.
Memberships on the stock exchange
have declined In sympathy with the
| in value from $97 800 to $65. 600 A lot of
fellows are waiting expectantly for the
price to reach $500 at which figure they
/ inland q invest