The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-01-09


in accordance with this theory. The
market becomes flooded with speculative
offerings on top of the selling of the real
article. Something of that kind has been
going on since the first of the year SEEM
ingly
Several things have happened to breed
uneasine News from Washington has
not bee.- altogether reassuring. The re-
ception accorded the delegation of six
railroad presidents who invaded the White
House to give Mr.. Taft the benefit of un-
solicited advice as to how he should
frame his corporation and Sherman law
message to Congress was the first chill.
1t gave the street warning that possibly
Washington might not be In entire SYM
pathy with the slet us alone" policy
which the interests" thought was going
to prevail during the next three years.
II the White House visit was really as
much of a feeling out" expedition as 1t
was visit to give wise counsel then the
errand may be said to have yielded re-
suits. These results may not have been
just what was looked for. but they were
sufficient to clear the atmosphere of mis-
understandings and false ideas as to
what could be looked for in a political
way. Clearly neither the President nor
Congress can be depended on to stop the
work of governmental mixing in so ener-
getically inaugurated under the Roosevelt
regime. The tariff may not be meddled
with, but very clearly the political forces
In control are not going to fold hands and
cit quietly giving 1.-THE interests free
field to formulate and carry out plans
for combination and aggression. The
discovery of the actual Washington sit
uation undoubtedly leaves d bad taste in
the mouth of Wall street. although a
brave effort is being made to put cheer
full construction on the Presidents mes
sage which was forecasted in the street
freely in anticipation of its actual deliv-
cry.
Another feature which has been deeply
disturbing to the general business inter-
ests, although widely advertised as
tremendously bullish factor, has been
the steady progress made for CONSOLE
dalton of the great banking interests.
A feeling finds unwelcome Judgment In
the minds of many thinking people that
such a combination as that now being
organized will become a deadly menace.
Under the guiding hand and benevolent
control of the unselfish and unambitious
Mr. Morgan no harm could come to vest
ed interests and legitimate enterprise. Mr..
Morgan, however, is an old man and II
may be that his heirs and assigns will
ing live and let live way that has always
distinguished his operations. 1t may be
that future autocrats of the financial
combination will want to run things with
a high hand. They may have selfish in
terests to advance or vengeances to
wreak. A few years ago. when Mr.. John
w. Gates was learning his lesson in Wall
street. he announced as a sage conclu-
sion that anybody intending to go into
bus tv1AG 1ov Ia yo,1Id ho
hitting financial suicide unless he learned
In advance that tho enterprise would
meet with the favor Of the Standard Oil
magnates and the banks and insurance
companies in their control. II Mr.. Gates
was right in his estimate, then the situa-
ton would be much more dangerous un-
der the new order of things for the
money powers of this country are
great deal more closely concentrated now
than ever before. Not only is this the
case, but the tendencies are in the d.
rection of still further concentration. In
cidentally, also, that remark OF Mr..
Gates might throw a sidelight on his as
tonishing activity in tho Texas oil field
In apparent competition with the Stand
ard OIL. IL he really fighting that ,gi-
gantic octopus, or did he take the pre-
caution to gain the advance approval of
his alleged rfva17
Still another disturbing feature in the
stock market is a suspicion that tho
separation of the Rock Island and
Frisco systems left the factions In Ill
nature toward each other instead of all
being ideal harmony. The eccentric be-
havior of Rock Island and some Of the
other stocks within the sphere of infiu-
ence Of members of the powerful and
hard-hitting Rock Island group has
given enough color to this suspicion to
loose the tongues of the gossip mongers
of the stock exchange section. In the |
absence of definite information as to the |
inner plans of the Rock Island and Haw- |
ley groups the professionals have felt |
free to put any kind OF construction |
they pleased on what might be going ON |
behind the scenes.
Last, but not least, Is the general move |
ment for higher wages. There Is COM
mon recognition OF the theory that there |
IL no escape on the part Of employers |
to grant the demands of labor for q |
larger share of earnings This conclu- |
sion IL still further strengthened by the |
recent very general discussion of facts |
bearing on the higher cost Of living. The |
need of higher wages to meet this In |
creased expense account dove-tan to- |
gether and produce a sentimental effect |
which railroad arrangements and other |
large employers ind 1t impossible to stand |
against. Anything like wage concessions
demanded will find immediate reflection |
in the net earnings of corporations whose |
stocks are listed on the exohangeA
Altogether the big tptnrests eehanA ~ |
stock market DO Mt ana ~ 0h1 =