Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-01
BEARING ON MARKET
Three or Four Factors Cause
Prices to SeesaW.
BIG INTERESTS ARE APART
Rockefellers and Morgans Oppose
Each Other in Standard Oil.
FEARFUL OF FEDERAL PROBE
Government Prosecution Not Looked
Upon Calmly by Moneyed
Interests.
BY n. ALLOWAY.

BY n. ALLOWAY.
NEW YORK. November 30-The Sc
curity market seesaws uninterestingly.
Three or four factors there are which are
depended upon by the traders for day-by-
day fluctuations. One is European war,
one is home politics, one is financial COM
plexities, another has to do with the
sensitfveness of New York's money mar
ket. These elements take turn and turn
about-each polite enough not to trespasi
upon another's daily territory. FROM
sane viewpoint all this is hit-and- miss,
harum- scarum; not solid basic thing
inf1uential-ail that is actually effective
being hidden. ignored, cavalierly scoffed
at. How long this mannikin manner of
market may continue is open to any
bodys guess. Rule for measurement
there is none, rule for forecast nobody
possesses. What in the estimate and in
the activity of professional Wall street
most operates and commands regard right
now has wholly to do with matters that
cannot be lasting. are bound in, final
analysis to be found relatively trivial.
In this review d week ago it was
pointed out how the two premier parties
Standard OIL group of capitalists indulg-
ing in hurrahS over national prosperity,
processing to be eXpectant OF d big Secur-
lty. while they who are reputed to be
closest to tine interests captalned by j. =.
Morgan assume much more moderate at
titude These two factiOnS-fOr they are
factions however stupendous may be the
II. erestS which either stand for-are
pretty much all there is to What cOnsti-
tutes actual dominance upon the New
IL he, th.1y
together the market is but an miable
echo. When they get into opposition. with
one another the market frets, and the
outsider who then makes money is either
genius or an accident-Very rarely
genius. At this juncture, therefore, ex-
ceptional consequence attends repre- senta-
tons that pass current in high banking
circles that the Rockefelers and the
Morgans are just now apart
Resentful of Prosecution.
1t is a curious development that dis
closes Standard Oil on the bull side, for
it is commonplace knowledge that the
Messrs. Rockefeller, Archibald and their
confreress are still tingling and resentful
because of governmental prosecutions
having gone record elaboratefy and
with vast emphasis as those prosecutions
progressed i'll prOclalming that govern
ment success could only result in bust
ness disturbance, fair profit eXtermina-
ton, commercial anarchy; and allowing
for any rhetoric that may be reflective
merely of defendant eXcitability. there
has seemed to ordinary Wall street OBJ
servers ample reason for expecting that
Standard Oil power to the extent of its
financial ability would strike back against
business generally. SO as to make in final
records some show. at least, of juStitica-
ton for the grueSOme prophecies so long
and so earnestly huckStefed.
Yet the moment the market halts Wall
street has disclosed to it the fact that
there is new leadership in confidence.
new proclaimers of prosperity, new
vouchers for the declaration that because
of what the government has done bust
ness is bettered-that, therefore, stock
market quotations are entitled to go sail
ing upward-these new prophets and
vouchers and proclaimers being the very
forefront of Standard Oil itself.
Quite Content to Wait.
Meantime. upon the other side they who
are popularity scheduled as the Morgan in
main quiescent, quite content to wait and
abide events whatsoever events may
prove to be. Standard Oil millionaires
organize pools. forecast buoyancy. offer
market profits to whomsoever shall fol-
low-going to aggressive manipulation.
And the Morgan outfit merely looks on
lazily.
ST. Paul, representing Standard Oil en-
thuSiasm, steel trust, the Morgan pawn
in the market las indicated in this review
last week., may be regarded as the super
lative present market tests, then was
stated mere; both these stocks may go
up in price, though both already too
high; both have the habit of paying divi
dends that are not earned. ST Paul.
Standard Oil faVorite, has not only been
disbursng unearned dividends. but is
found overloaded with expressing invest
ments, while steel trust operations have
during the past year shown such erratic
moves as to give nervousness to any in
weston who may have been regarding 1t as
having finally passed into an adamant
prosperity. The ST. Paul handicap is
permanent handicap The handicap for
steel may be but transient. But both
handicaps are handicaps real enough to
be ignored only by folks forever foolish
in finance.
In these two exceptional representative
speculative stocks appears the cruX of
what most challenges calculation in the
present market If ST. Paul goes up, the
entire railroad list is entitled to advances.
If steel does not advance, it is difficult
to figure why the general industrial list
can fail to go down.
Mr.. Hill Morgan Adjunct.
One exceptionally interesting element
there is In the st. Paul-steel situation
James J. Hills relationship. Mr.. Hill
is pretty largely lin times passed has al
ways BEEN recognized Morgan adjunct
His great fortune has been made through
Morgan relationship. In the panic which
overwhelmed Wall street when Northern
Pacific control wars at stake the Hill p-o-
gram was the Morgan program--the
actual fight between Hill and Hartman,
won by Hill" through following Morgan