The Birmingham age-herald., 1911-06-04
WALL STREET IN
 CURIOUS STATE Uncertainty and Perplexity Mark Transactions FIGHT IN CAMPS Supposed Row Is On Between Nor gan Party and the Standard Oil
 Party-Outs Want More
 Information
BY w. G. NICHOLAS

l lot of things which would be highly i'm portant if true and Is confused as to l just where the truth is located. The thing l which now worries great many peo- ] pie who have interests In the stock mar ket is just what stock to take in the reports and rumors which everybody
 hears and which everybody is discuss l ing with a greater or less degree of
 mixed credulity and skepticism is the row l or supposed row between the rival camps of J. P Morgan and John D. Rockefeller more frequently described as the Mor-
 gan party and the Standard Oil party.
 That there Is ground for ill-will in these
 quarters is true. There has been more or
 less friction between these two powerful l factions for q year or two. In fact 1t
 has been cropping out at times for the
 past decade. It is quite possible that at
 the present time the two active forces
 are out of harmony but just how far
 they will go in battle for supremacy or
 for a larger share of territory is an open
 question. On its settlement hinges to a
 very considerable extent the course of the
 market, and the progress which general
 business may make toward complete re-
 storation of health.
 The latest supposed development which
 now holds the attention of the street is 70 the effect that the Standard oil party
 s behind the campaign for the suppress
 sion and embarrassment of the Steel
 corporation. The first open parting of the
 ways between the Morgan and Rocl6-. lers was when the latter pulled pl%
 Steel about a year and half ago on
 the question of declaring a dividend on the common The Standard Oil people we're strongly averse to distribution of earnings among the holders of common stock, contending that the time had not 1 yet arrived when ths could be done with
 safety and with assurance of perma- nency.
 I On that Issue the two wings dominant
 in the control of Steel split. The Mor-. gan faction won out and the Standard oil
 new and liberal policy by selling out
 practically all of it's holdings and at the same time bearing the general mar
 ket. That changed attitude on the part
 of the Standard Oil group was taken
 about the time of the climax of the long
 Hartman boom and started a decline
 that did not culminate until last August,
 and possibly has not yet seen it's ultimate finish
 It is well known that important menl- | bers of the Standard Oil faction have
 looked with dissatisfaction upon the va
 rious bull campaigns which have orig | in tad wi ha '
 held back ostensibly awaiting the su-
 preme court decision on the trust cases.
 and that nay have been the reason, or partly the reason.
 Now that the decisions are in 1t is l becoming known in the financial district | that the Standard oil powers that be are not pleased with the result. To the world at large it would appear that Standard l OH and Tobacco have been well treated 1 but this does not seem to be the feel | Ing among the great financiers identlned with the two colossal combinations and now the feeling >xists that the market is still to rest under the shadow of Stand ard oil displeasurc. It has suffered from this grouch for a year almost and it would be a severe disappointment if the same conditions were to prevail for any considerable further period of time. 
 By many the slap dash attack of John w. Gates on the Stee corporation is be- lieved to have been inspired by the Stard- ard oil interests. Mr. Gates is apparent ly hot competitor of Standard Oil but nine people out of ten in Wall street believe he is In partnership with the oc- topus and that he does not take a step without the secret or open approval of the ruling spirits of that mighty faction
 p0 nIIt nd ia, Ia the Morgan crowd nobody believes.
 He has gone through some very bitter and educational experiences bucking the money powers and has repeatedly said that he would never try it again playing single handed. Now for him to strut out upon the stage and hurl insolent defiance at the Morgan host recalls the statements he has so often repeated bearing on the folly of raising the black flag in the street. The conclusion is that he has unlimited backing behind him or he would not have taken the position he has.
 Standard Oil influences are also blamed for the Steel corporation investigation now being undertaken by the Stanley committee. There are many things which
 1t is in the power of the committee to have revealed about which silence is much more desirable from the Steel cor poration and Morgan viewpoint. What these disclosures will amount to Is at tiiS stage a matter or sheer speculation. That there will be some juicy revelations of inside deals and schemes is taken for granted, and this cannot be otherwise than unpleasant for those who have die tated the policies and intrigues of the big industrials
 There is another interesting market polnt in this connection. It is well known fact that great masses of stocks are held by banking syndicates for which there mas been no attempt to find mar Ret and for which 1t might be difficult to make market and hold 1t in the face | Of the possibility of an open rupture be | tween the Standard Oil and the Morgan parties.
 Great masses of stocks have been taken out of the floating supply, individual on- | orators and pools doing their own finan- | cling direct with the banks and trust l companies thereby saving the interest | charges which used to go to commission | houses and brokers on the stock ex- change.
 This sequestration of securities bv wealthy people may be an element of weakness or an element of strength, de- pending on conditions. Since last fall 1t has been the mainstay of the stock market. Should an impulse seize any large class of holders to sell out and get ready for storm, the market might break further. faster and harder than if the stuff was held by the public through the regular old-fashion channels. Where fore; traders and speculators as well as investors are unusually wide awake these days and analytically watchful of Ax,orx, c,,rropt nve0t baViup hon rjp