The Birmingham age-herald., 1911-11-05
BARUCH THE NEW LEADER ON STREET. Everybody Now Watching
 His Movements STEEL TRUST PLANS Wall Street Takes Itself Very Seri- ously in Politics But Has Hard
 Time Deciding on a
 Candidate
By w. G. NICHOLAS

By w. c. NICHOLAS
 New York, November 4.-(Speclal)-By common assent, MT. Bernard M. Baruch, more familiarly known as "Berney,' gen. eraled the sensational drive against the stock market "shorts'' this week. MT Baruch has been building himself into leadership in Wall street for more than 15 years, and is now the acknowledged successor to James R. Keene who held that position for many long years.
 He first came into notoriety as a clear headed and bold manipulator by the part he took in running spectacular deal Ill snelters. He took hold of that stock when 1t was down in the 5os and before he got through there was clamorous public demand for the stock above loo. So convincing was his remarkable suc- cess in this great deal that insiders wno had unloaded at s5 and under were eage' buyers of their own goods 75 or 80 points above the range at which they ofigihdiis distributed a large share of their holdings. Baruch is said to have cleared aooul s1,- ioo,o0o on this campaign and since that time he has been actively identified with a oozen or more highly successful deals in the market. He is now looked upon as the representative on the stock ex- chance of the Morgan interest and his op- erations are watched with the keenest interest by the Wall street professionals.
 Very probably he receives larger de- gree of credit in this regard than he Is entitled to or than he would claim. Il Is more than likely that some of the flashing coups that he leads are for per Dnal account instead of for the so called great banking interests At any rate, he Is the big star and occupies position right in the middle of the stage. He is well liked is affable in manner although, having a proper sense of dignity. In tnis last campaign he rush Steel up 0S share in three days. thereby recovering the en- tire loss made on the stampede that fol- lowed the announcement of the dissolu- ton suit brought by the government last week. In lifting Steel, it was found easy b advance the entire stock market. An unusually over-ext tended short interest had been developed on the general slump attending the break in Steel referred to.
 Aside fro the raid on the short inter est. which was a technical proposition, two other important causes contributed to the stock market recovery. One was an linexpectedly favorable quarterly report of earnings by the Steel trust and the other a supposed softening of Attorney General Wickersham s attitude ip his cru 5ade against trusts His arguments at the hearing of the Tobacco trust case were construed in Wall street as Ineap- ing that he had no intention of warning OH business but that he would be satis- fled with honest efforts on the part of trust managers to bring their organizl- tions within the spirit of the law. Mir. Mickersham has put himself on record al haf ha m attemDfi drive big business into impossible posi- tions and to exact of them requirements which could not be fulfilled but that first, last and all the time trusts must realize that they would be, granted no special immunity but that they must conform to the law of the land and adjust their affairs accordingly This has been MT. Taft's position also but the great interests had construed the language of both MT. Taft and MT. Wickersham being uncom- promisingly harsh and hostile.
 Within the last few days, however, change in Wall street sentiment in this regard is taking place. It is beginning to be understood that the administration has no wicked designs upon the business interests of the country, and that 1t Will conduct it's campaign of trust reorganlza- tion along reasonable" lines. There Is now a disposition to apply this phrase reasonable" to the Wall street construe-
 
 ton attitude. MT. Taft's remarks at Pitts burgh shows that he has become very sensitive to what he looks upon as a misconstruction of his position and the modified attitude of MT. Wickersham in the tobacco case Is held to be reflcc- tion of the desire of his chief to correct misapprehensons on this point. There is evidence that the administration and big business will get together on some middle ground that will permit of re- adjustment of organized interests peace fully and without unnecessary further disturbance.
 It is more than likely that an illustra- ton of this improved feeling and mutual desire for 'reasonabe' solution of the .. disturbing problem will be given in an carly settlement of the Steel trust con tention. As stated in my last letter, th. suit interrupted programme of Steel trust roadjustment by segregating it's iron ore properties, it's coal properties, it's railroad properties and its cement inter- ests and turning them over to separate corporations, stock in which would be distributed pro rata among the sharehold- CTS of the United States Steel corpora ticn. The bringing of the suit incensed many of the Steel trust insiders who felt that the department of justice had shown unfair haste, and in the heat of .he moment threats were indulged in to con test the action to the uttermost limits.
 There is ground for the statement that this kind of talk is now regretted by those who voiced their first sentiment Of anger and that the plan as outlined will be put up to the department of jus tice for its sanction. The programme is admitted to be "reasonable' and 1t .s 1elt that under it a satisfactory adjust ment may yet be reached It would be very happy solution of the vexeo problem and affords an honorable meth cd of compromise that would meet -,op- ular approval and still leave the gov ernment In the practical position of con.