The Birmingham age-herald., 1907-08-25

taken place in prices. There Is no mis- taking the fact that while surface ap- pearances may still betoken more or less disturbance and agitation, forces are forming back of and under the market which will in time lead to restored conf- oence and improvement. The evidence of fear Is giving place lately to returning courage and to the common sense consid- eration of facts and features having real bearing on business conditions and on the making of values.
 It Is very doubtful if the general public mas yet realized the extent to which the decline in securities has gone and what IL means in dollars and cents Indeed ehose who make living by buying and selling stocks and bonds and who should khoW all about it have only dim appre cldeion or the real magnitude of the de- preelatlon measured in money Estimates or the shrinkage in quotations have been pupilshed here and there, but with few exceptions they are all far below the mark. The statistician of one of the large commission houses put in several days this week figuring out the losses represented between the high prices and those prevailing at this time and the tootlngs were so appalling that he did not at first credit them. Revision. how ever, proved their accuracy. The agere- gate loss on the $50, 900, 100000 in stocks and bonds of corporations in the United states was close to $10,000, ,00O,O GOO. Most estimates that have been published here tofore were within a range of s3. 100000. .0Od to $7,000, ,0O0000, the outside amount heinz generally considered extrayagant The appreciation in many of the great rail road and industrial stocks of this country well known in the leading markets of the world was from one-third to one-half and in some cases two-thirds. The decline was general and took in nearly everything that is traded In. Hardly an issue of stock or bonds escaped from one end of the country to the other.
 Just what proportion of the losses may be attributable to liquidation resultant upon over extension and over speculation and what proportion to fear engendered by political agitation opens up a wide field for guessing and for theorizing. The two working together have undoubtedly caused a greater decline than has been warranted by actual conditions and prices at their present range average very much lower than they ought to. They have reached point which compels investors to not only sit up and take notice. but to counsel among themselves what can be done to stop further senseless losses.
 The great leaders of finance and busi- ness have been giving careful consider alton to this subject during the past few days. They are coming back to town earlier than usual from their summer va cations and not day or a night passes that they do not gather together in the back offices of the banking institutions and trust companies and in the rich men's uptown clubs to talk things over. It may be taken for granted that organiza- tion among the big people for self-protec- ton will result from these meetings and conferences and that there will be greater concert of action among important inter ests than at any time for a year or two. It seems to be the consensus of opinion among the conservative who are begin ming to take charge of things that there has been altogether too much loose talk on both sides. and that the time has ar rived for the exercise of self-restraint. The radicals in the stock market and business world have been too prone to charge the administration wich the losses that have befallen them, whereas the pol iticians reckTessly ascribe the entire bur den of the disaster to the machinations of Wall street.
 The open charge made by the President in his Providence speech, that the de- presson was the work of "certain male factors of great wealth for tho purpose of discrediting his administration is no more rank and no more ridiculous than the claim that the President is wholly to blame for what has occurred. Without a doubt numbers of men of great wealth have been obliged to Tighten their loads and sell their securities to provide them selves with money to pay debts and meet commitments, and to otherwise strength en themselves in a business way, but to classify all such malignant malefac- tors working in combination to ruin them selves in order to spite the President is a statement so wild as to receive scant consideration. In many quarters sneer- ing comment on the charge is supple mented by expressions of regret that the President of the United States should have so far forgotten himself as to in- dulge in such loose language. However, the statement Is having one good enect in Wall street-it Is bringing people up with a sharp turn and forcing them to prompt realization that they have been too long moved by fear and that 1t Is time for them to get together and do what they can to stop further violent agitation and further sacrifice of securities
 All that Is wanted now Is firm, conser- vative and courageous leadership repre- sentative of the investing interests 10 change the whole complexion of the stock market This leadership is likely to be felt in the very near future and the re- turn of MT. J. P. Morgan from abroad may mark the beginning of permanent improvement. Mir. Morgan has held aloof from the stock market for many months. He, like MT. John D. Rockefeller and others of wide experience and calm judg- ment, sold theirs long ago and stood aside until conditions improve The men named are probably stronuger In cash than any two individuals in America and the fnan- cal institutions they control are In po- stion to give boundless support to sit- nation which is becoming fundamentally strong and needs only a sign from them to change front. Both of these men and their banks have already given material help to affiliated interests which have been under the harrow and they are quite likely to extend the sphere of their in- fiunce for the good Associates of both John D. Rockefeller and J. P. Morgan have been in deep water-notably those identified with the Hill roalroads. Erie and Southern railway on the one side and with Amalgamated, Union Pacific, St. Paul and Shelters on the other There is reason to believe that the heavy end of uoujdation for account of these two factions is about over and that the in terests concerned are once more in a po- sltion to stand square1y on their feet and fear1essly face any further exigen- cies that are likely to arise. In any event it may be taken for granted that they will not commit financial suicide to get even with MT Roosevelt or supply object les sons