The Birmingham age-herald., 1908-11-22


 More than ever are outsiders placed at
 q disadvantage in trying to Speculate in Wall street. Probably never before in
 the last 50 years has the stock market been so absolutely under personal con- trol as now. Of course, ever since there
 was stock exchange there has been a
 big man to occupy the center of the stage.
 and big pools and cliques, but never be- fore has the market been so broad and
 go important as at the present time. With in the recollection of men still active m
 the stock exchange the pools and cliques or oo,uo shares were considered heavy weight, and when Jay Gould and Com
 modore Vanderbilt swung lines of 75 OOo to 100000 shares they were doing great ex ecution.
 MT James R. Keene signalizes his entry into Wall street after phenomenal suc- cess in mining speculation in San Fan l cisco by buying 35O,OOO shares Up to that
 time nothing approaching the magnitude of this individual speculation had been
 known in Wall street. MT. Keene- realized S5OO,00O out of this campaign, the largest
 single winning in the stock market up to that stage
 The wonderful bull campaign which
 reached it's latest high-water- mark the past week was predicated on the pur- chase of line of not less than 1000 900 shares by MT. Hartman, William Rocke- feller. Henry c. Prick and one or two others who were taken in at the early
 stages of the play. It is believed by those who are qualified to speak from knowl- edge that this initial line of stocks was increased to- more than 10000, 900 shares at one time, which at par value is $1, GOO, ,OO0-
 GOO. In these days of big figures the | amount is not staggering. It represents the capitalization of a single corpora tion-Steel. 1t may have been that the line of stocks held by this combine of gi-. | ants was more than $10, 0,0O0 900, and that | the estibate given above is ultra conserv- ative. In the successful management of | this the greatest bull campaign ever seen | in Wall street it was necessary at all | times to keep the market active and in
 the doing the full machinery of the stock | exchange was kept in continual use. No
 part of it was allowed to get rusty or to
 go unlubricated.
 Since the beginning of the bull move
 ment last spring Union Pacific, the leader, advanced $S9 a share, Reading $50 South | ern Pacific $40 and many others of the
 favorites $4 Oto s60. The average advance of the whole market has been not less
 than $50 a share. The great speculative
 combination in control of the market con |
 specialties, only taking other things to
 keep stocks in line It would not be un-
 reasonable to assume that the profits of l the pool and of the individuals connected with it were 30 points, which expressed in l collars would be somewhere between $2O0- l COG, GOO and $300, ,000,0 ,000 Probably not that amount has been actually banked as prof. | it's, for the men who engineered the cam
 paign are unquestionably still heavy own | CTS of securities.
 l The basis Of their campaign was a pa- | triotic belief in the future of the country I and in the restoration of confidence which would lead to a speedy resumption of &C., 1 tivty in every department of business l They still have that conhdnce and their | eyes are still toward the goal ahead and | higher up. They fully believe that next | year and the year following will mark teremsldous progress and be distinguished | by achievements which will dim those of
 the past. The claim that the wolves of | Wall street. could be influenced by patri- | otic motives or any other motives except
 that of the acquisition of dollars is cal
 culated to excite the disabilities of mis-
 guided outsiders. but it is fact neverthe-
 less that the men who are big enough to
 manage the great industries of the coun- | try are really inspired by something bet
 ter than a mere love for the dollar.
 That may have been the dominating in- i spiration at the outset of thefr careers,
 but as they grew bigger with the enlarge ment of their environment they broadened out and coupled with the love of the dol 1 lar there developed a love Of power. The two grow together in this day and gen | eraton. and underlying 1t all Is a grand | foundation of confidence in the endur- ance and stability of our institutions, | form of patriotism which is crystallzed | in magnificent courage and conquest Without that feeling these remarkable characters could not develop. A mere love of money may make Shylocks and automatic upbuilders of large fortunes.