The Birmingham age-herald., 1907-08-18
MARKET Is STILL ALL OF 4 TREMBLE Effects of the Recent Terrific
 Liquidation BIC FOLKS ARE SCARED Large Interests In Wall Street Are Hurt By Action of Political
 Power-Prepare for
 Defense.
BY w. G. NICHOLAS.


 nervousness as to the immediate future This is one of the times when the big people are as badly scared as the little fellows, and they do not recover their nerve as sharply as usual. They are im- bled with the idea that the whole world is against them, and that they are being cruelty persecuted by the political powers. They have been not only frightened by what has happened, but they are really hurt, hurt both as to their feelings and their bank accounts. In some quarters hey are grouping themselves together for defense and forming behind the proper lies in which they are especially inter- ested
 One of the strongest combinations of this sort was formed early in the week, and specific campaign was agreed upon Tor the protection of two or three lead ng stocks notably Union Pacific, South ern Pacific and Reading. The plan as first announced was that Kuhn, Loeb &s Co. had been made the managers of an ag- yressiye bull movement. On the strength >f this gossip the market on Tuesday had sharp rally. Later on information about he campaign was modified, and the cor fected version was that certain power
 
 had agreed to come to the support of the market to the extent of checking further scared liquidation and holding prices against further ruinous decline. The man agement of this programme was intrusted to Otto Kuhn, of Kuhn, Loeb & Co.,. and the story in an exaggerated and incor- rect form found circulation.
 The news nevertheless served as tonic and called the attention of other strong ln- terests to the need of getting behind their own properties if they would save a jeop- ardized market situation. This has been generally done, and today there are dozen groups in existence formed to take such stocs as may be offered at sacri- fee sale that is, provided the stun does not come out m avalanches. This fact Is now very generally known in Wal street, and promises to act as a cure for the fright which was spreading oyer the entire marNei.
 The actio. is similar to that expei fenced at the tune of the celebrated faith eure' when tine banking houses of Wall streSf subscribed $5t, COG. coo tc tlde over a strIn- gent money phase. The mere fact or h fund of Sj LOO ,0CO served ,4le same purpose as though the money t>1 been actually put up. It marked the bottom of tho de- cline, and was q signal for restored con fidence Ol :his occasi' n action for m = provement Is likely to nc slow, but there Is reasonable assurance that the market Is pumping on the bottom, and that with in very short limitations the average low figures of the week will not be broken through. It Is certain that stocks bought around the average of the week will be more advantageously acquired than ten days or two weeks ago.
 To a superficial view the harsh break of the last fortnight was due to Standard oil liquidation as sequence to the LI1- dis fine of s29, ,000,000 and to his accompa- nylng decision lambasting the corporate lawbreakers That this was an impor- tant factor admits of no question but the Chicago judge uld not do 1t all. It so happened that large sums of money were due on variety of underwritings and kindred commitments. These obligations became due about the same time and the principals being unable to secure their usual accommodations at their banks were obliged to sell securities to get the money with which to make good. The stuff came on the market about the same time, and at the period when it was least able to stand the attack. The slump re- suited and innumerable explanations were offered to account for the disaster. me truth is many causes contributed.
 The explanation that for q time held highest favor was that Sts%sdard oil nov ed by a sense of self-preservation, not unmixed with revenge, was causing a stock market smash to give the people an object lesson of what might happen resulting from continued political assaults on capital There was nothing whatever in this theory Many of the people more or less closely identified with Standard Oil had been heavy losers In the market and were in need of money. They were badly spread out and were compelled to ,rfR toe l nOg1ttnnE. It Is one thing to talk about wrecking the world in order to teach people object les sons, but that sort of thing doesn't nap pen except In fiction, or in the dope dreams of dipsomaniacs Sane men do not tear down the temples over their own heads to ruin lot of Phlllistines. It ls nevertheless true that some of the Stan dard Oil people indulged in a good deal of wild talk some of which furnished seeming foundation for the foolish theory referred to.
 The John D. Rockefeller interview did not make profound nit True, MT. Rock efeler denied the interview, but the de- nial was not treated seriously. The story bore surface evidence of fair reportorial accuracy and is generally accepted as be- ing passably correct as those things go. The gloomy picture of universal rum which was drawn by the senior member of the Standard oil family was not com monly accepted as being the right view. It showed too much personal grief over recent happenings, and was voted to be rather narrow in expression.
 There Is another side to this Standard oil case It may be that the great cor poration and it's organizers and principals have been ruthless in their methods at times, but it stands out today as great and undeniable truth that the billions of dollars swung by the Standard oil null ti-millionaires Is most ndustriously and usefully employed. Standard oil dollars have done as much if not more than any other dollars ever coined or engraved to develop the resources of the country and to finance it's commerce and enterprises. Standard oil money is kept constantly exercised. It is aggressive and enterpris- ing. It Is behind railroads and mines and banks and industries of every descriD- ton Tn their personal lives the members of the Standal | party, old and young are about as clean lot as can be found in the whole world. They are freer from scandal and their domestic history Is sin e11larly pure. To brand such people as | these as undesirable citizens. and to indis- | crirninately denounce them as enemies to | their country, is folly. Their work is | along the lines of construction and de- | velopment, and for the upbuilding of the i nation. In the language of John D., ST.. | they love the melody of Yankee Doodle | Ii is sweeter music to them than Wagner | The monetary outlook, while furnish | ing excuse for some apprehension. is really not as bad as many people try