Evening star., 1909-04-11
BIC MEN IN THE GAME
Street Operators Behind the
Upward Stock Movement.
BULL LEADERS IN SADDLE
Interesting Contest for Control of
the Gotham fractions.
OVER A BILLION ON EACH SIDE
Blissful Assurances Over the Tariff
Schedule-Worry About Gold
Exports-Crop Reports.
OVER A BILLION ON EACH SIDE
Special Correspondence of The Star.

to advance prices to higher levels tnan
were reached on the long-cOntinued bull
movement of last year is point upon
which there is lively discussion and
marked difference of opinion For time
indications favored the theory that the
market was scheduled for a strong up
ward movement which might last for
several weeks. or even longer; indeed, 1t
is by no means sure that this is not the
program Conditions are especially Ia
yorable to a semi-manipuative bull cam
paign. Money is cheap and abundant
All the funds that might be required are
at the command of the big market lead
ers and there is no real reason why they
should not use 1t to push UP the price
of their goods.
1t is true that business in general is In
an unsatisfactory state, but nobody be-
lieves it will continue that way many
mere months. 1t is also noted as fea-
fure of the situation that 1T will not be
very long after general business begins
to improve before there will be a strong
competitive demand for available capital
now lying idle in mountainous piles In
the vaults of the banks and trust COM
panies. At the present time this money
is begging borrowers. and is especially
at the disposal of that all-powerful inside
Wall street combination which controls
both the banks and the machinery OF the
stock market.
While the trade situation remains in a
state of uncertainty and inactivity there
will remain in the stock market an ear
nest and more or less aggressive bear
party which takes counsel of immediate
surroundings and visible conditions, re-
fusing TO look. ahead or to recognize the
impossibilty of retardation of progress.
The optimism which has been so often
voiced by ]. p. Morgan and men OF his
type that anybody who bets against the
prosperity of this country is bound to
go broke does not appeal to the bearish
contingent in times like these. Their
horizon is limited and they can never be
educated to take a long view ahead.
Chastisement only has a temporarily
Christening effect. They lose their money.
but learn nothing. They always look
through blue spectacles. and to them the
future is always gloomy.
Buying and Selling.
To the speculator 1t is matter of vital
Importance whether the plans of the big
people mean an upward movement of
stocks and a sustained market around
the top of the advance or merely play
for the purpose of kiting prices and then
unloading. This latter game is an old
one, and is part of every speculative
market. Those who buy stocks on inside
tips at low prices or on the way up do
not sell out when the market Is to their
advantage before it is theirs. 1t is very
ferent proposition to get tip of when
to sell. More money has been lost by not
knowing when to get out of a market
than has been lost by not knowing when
to get in. There Is legitimate and fair
explanation for this.
During the progress of bull move
ment those who are behind the game
and dealing the cards want company.
Their play Is to make a market upon
which to sell their speculative accumula-
tions. Manifestly it would be the height
of folly for them to take the public
into their condence when the climax
OF the game has been reached. 1t Is
their office and mission to get rid of the
stocks they have bought and realize a
profit therefrom. 1t is theirs to get there
first with the goods. The great house
in that shipbuilding promotion that they
should be permitted to get rid of theirs
first. The insiders in Wall street have
demanded that privilege always as one
of the charges against projects designed
to separate the public from it's money.
1t is regarded as legitimate tax.
really interesting political-financial
situation, Is growing out of the fight for
control OF the New York traction game.
1t is of very much more than local value
in news sense. 1t involves the material
and political fortunes of two very power
full opposing camps. T. +. Ryan, who
is believed to be in absolute control of
the Tammany machine of New York is
engineering the juggle for the reorganiza-
tion OF the traction situation. Interfer-
ing with these Ryan plans is the McAdoo
tunnel proposition. allied to which are
the Pennsylvania, New York Central and
New Haven railroads. Behind 1t is the
great house OF ]. p. Morgan & Co..
operating through Harvey Fiske & Co.
Originally. the Fiske establishment looked
upon the McAdoo invasion of New York
as its own pet proposition. Included in
it's party were almost all the railroads
entering New York and its contiguous
territory, and also the strong men identi-
fled with these great transportation in
terestS.
Millions in fractions.
Almost before anything was known
about the project over $4,000 1000 had
been invested in IL. Then came the panic
IN 1907 and 1t became a difficult matter
to get the additional money needed to
complete the work, something like $50,
100000 to $30,0O0,OO0. 1t was at this stage
that Morgan & Co.'S help was asked and
they got behind their old friends and side
partners Of the house of Fiske. There the
matter now stands with Morgan and his
enormously rich alliances on the one side
and Ryan with his hitherto invincible
connections on the other, facing each
other In deadly hostility.
Financial interest representing more
than billion dollars are, arrayed on each
side. The battle will be for the election
of mayor and city government of New
work which will mean the downfall OF
one faction the other. 1t SO happens
that the better elements are already get
ting I'm line 10 oppose Ryan and his
cohorts The decisive factor will be the
taxpayers, who are already oppressed BY
Tammany misrule and sore beyond
measure at the burdens which have beer
imposed upon them. 1t will probably be
Tammany's greatest fight for life in TWEEN.
ty years. with more at stake. in money
and power and with more far-reachins
effects likely to result. The nervous ac,
tion Of the tape which registers the prices
OF securities involved reflects the inter.
est which Wall street Is already taking ir
the matter.
Wall street indifference to tariff revision
continues to be really wonderful fea
ture OF the stock market. This Is due
beyond question to persistent faith in high
quarters in the theory Tor fact, II you
please to put IL that way) that revision
Is in the hands of its friends. The feel.
ing still holds impregnably that as little
!, harm as possible will be inflicted upor
business and material interests by Con
gress. The noise and flub dub which ii
embodied In the so-calied news from
Washington falls dumb ears in Wal
street. The captains OF industry and the
oyerlords of finance sit tight and advise
patience. They are containing their owI
souls with the cOurageOuS belief that shf