The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-01-21
MAGNATES OF WALL
STREET DISCOURAGED
Immense Pools Are Forced to
Liqtlidatc and Outlook Is
Gloomy.
BosT0N's WILD COPPER BOOM
Much Specializing on Steel Divi-
dend--Rooscvelt Regarded as
Evil Genius.

Inst week, Wall Street again went
through days of dropping prices,
caused by doubts about the future, by
announcements Of enormous new stock
and bond issues. and by the desire o.
pools. who had accumulated large
blocks OF stocks In expectation OF bLii
movement 10 get out of their heay..
loads. These slumpa have naturally
brought up the question: Arc tho big
Interests Of which we were told that
they own most Of the stocks beginning
to liquldate and are we drifting into
a general liquidation OF securities.
such az we have witnessed at the end
of 1907. and during the first nvo months
of 1902 - 40
A review OF the situation fails to
point TO q general liquidation In stocks
by tho miilionaires. They are not the
kind of people who become az easily.
scared as the small investor or margin
trader., Almost all ere firm believers
in their stocks, and are bulls on the
country" IT Will take some hard
knocks TO shake their confidence In
the future. They are stickers.
Some OF them lang on to what they
hold until the sht!atinn becomes the
Earliest. II Is SAID that Mr., Charles ".
Schwab. who helasa bout 100 900 sf,ares
OF United States-4Steel Common, did
not part with them in 1904 until the
stock broke through twenty. AT tina.
time, large capitalists began to un-
load Louisville and Nashville. when IL
cropped under par and Amalgamated
Copper when Il went under fifty The
rich men are not ithr class of people
who give up hopes so soon. Their var
ious interests cornpe! them to take n
hopeful view 7Tqiad present action NJ.
the security n,nrkAti does not point
10 the sales Of 1srge blocks of stock
80
II IL true that liquidation to certain
extent liz going on. but It comes from
tho numerous pools formed prior and
soon after the last election, upon the
expectation that after the effects of
the Frisco disaster and tho passing Of
the election as a1fnnrket factor. better
days would folowItt These poo1a. af-
ter they had stcodi tire strain OF sharp
money In Deceniberzand failing to sec
their expectations OF an early bull
movement realized. became discouraged
and thought IL wise TO unload
The results OF the investigation OF the
Hartman roads and the announcement
Of the great requirements OF additional
capital By best railroads In order 10
enable them 10 catch up with the Won
derful growth OF trade and industry only
fastened the resolution OF the pools to
get ont OF the market.
The Plans of the Magnates.
notwithstanding all the trouble with
which the millonaires. who finance the
needs OF the railroads. and OF our in
dustries. are beset mt present. the In
vestigation by the Interstate Commits
sion and the attacks on corporations IN
almost all the thirty-five State regisla-
lures that met this month-they don't
seem TO have lost sight of the fact that
the effects OF prosperous years cannot
be dislodged 80 eastlr.5I, is true that the
hundreds OF milltons1of dollars which the
railroads have to raise. will tax the money
additional capitalizatLons have become inn
rerative, unless the natural progress OF
the country Is to be retarded
The railroads need enormous additions
10 their equipments-the car shortage OF
the last few months has proved it-they
need more trackage and enlarged termi-
nails. j. j. Hill the president OF the
Great Northern.l estimates that our rail-
roads will have tor raise about $1,000 Co.,
COO a year for fliesSears to place them
selves in a poKitlonste handle the enor-
nous traffic witKc~hlch they are con-
fronted. IT Is an amount of amazing mag
nitude, but those who shape the financial
policies OF our railroads will find way
TO place these carriers In position to
fulfil their mission. They may have to
bring sacrifices In the exl ,tatipn that
the results will finally CT apensata for
the cost. These Eorporation rulers now
seem to be willink 10 do almost anything
to satisfy the pabift demand for reforms
They have felt tlleforce of public opinion,
of governmental Interference, and have
learned that long suffering public has
awakened to tie rights. The remark, 9TH.
public be d., attributed twenty
to-day like n talk of the days OF the
robber knights. Our great flnancIers and
railroad chiefs have become meek and
mild.
Their methods SKate been revealed by
Investigations, and they would like to
delegate tho results OF those probings
into corporation abuses to oblivion. 1t
may be that their quick submission TO
the demands of public opinion is a case
of when the devil was sick. the devil a
monk would be. but when the devil sot
we'll, the devil a monk was he--''but the