The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-05-15

the theory that Mr.. Rockefeller has been
given personal coQmand of the great
market manipulation which seems 10 DC
under way for improvement In prices.
Mr. Rockefeller was a close personal
friend of the late Mr.. Hartman and was
associated with him and Mr.. Frick IN the
big campaign which clmaxed last fall
and which enabled these gentlemen to
recoup from the $3.50, 600 losses they in
Cured during the panic of 1907. Mr. Prick
is supposed to be associated with MI.
Rockefeller in the market campaign
ahead. The story is not vouched for, but
it is at least worth listening to.
Many people are wondering why it is
that America has fallen back So in the
expectation of wheat. The explanation
is simple. America cannot spare as much
as formerly because of the Increased
home consumption. The home market
has not only enlarged its absorptive ca
pacity by reason of increased population,
but the consumption per capital has also
increased in the last Is years.
When our population was under 7o'ooo'ooo
the statisticians figured on AZ bushels of
wheat per capita. Now that the popula-
ton is 9O,OOO,O0o, it is discovered that our
requirements are at the rate of 61k BUSH
els per capita. The production of wheat
has not kept pace with this Increased
domestic demand, hence we have less to
feed Europe.
The fashion of the writer's of large
share Of market literature is to dilate on
the alleged fact that the public is groan-
ing and staggering under a stupendous
burden of securities, and that therefore
the situation looks very bad. Inasmuch
as 95 per cent of the securities, both
bonds and stocks that are now afioat.
represent solvent corporations which are
paying interest and dividends, 1t is not
exactly clear where the burden comes
in
To the million or more investors who
have bonds and stocks put away in their
strong boxes the fact of possession does
not seem such grievous load to carry.
There are several millions who are not so
happily situated who would like to be
similarly afflicted. IT does not occur to
the average man that there is special
horror In being condemned to own few
| hundred or few thousand shares In
good dividend paying stocks or to have
stuck away in some secure place a. few
| thousands or hundreds Of thousands OF
| 5 percent bonds, upon which he can rely
| for income.
| Why would 1t not be just as well Tor
| the producers OF financial literature 70
| look at the matter from another angle
and to congratulate the million or more
people who are carrying the burden upon
| their partnership and Joint interest IN
the Industrial progress Of the nation.
They are co-sharers In transportation AND
manufacturing businesses worth approx
mately $4,000. 100000, just as much as
! though they had partnership papers tc
| show for It.. The more OF us who are
condemned to struggle through life WITH
| good marketable bonds and stocks the
larger will be the measure of prosperity
and the greater the number OF people
niassed for protection of vested interests
It will be pleasure to know that thu
new king of England Is financially inter
| ested in the fortunes of at lest one groul
| OF American railroads. The story is tina
he is one of the large stockholders II
Great Northern and Northern Pacific al
we'll as in Canadian Pacific According q
common report, he was put into the Hi
| stocks more than three years ago by MI
very good friend. Lord Strathcona, at {
1 time when Great Northern was arount
about 325 and Northern Pacific above 2OO
What happened to these stocks supse
uuently is part of the panic history o
1907 The experience may have somewha
tarred King Georges faith in the invest
ment Judgment of his antique friend, bu
T. is not believed that he sacrihced al
o. his holdings on the great shake-ou
/ along toward the end of 1907 when tn
market was obliged to stand Tor I'm
mense liquidation for aristocratic Eng
lish account.