The Birmingham age-herald., 1912-05-26
MONEY MEN TURN
 ID ROOSEVELT Some Men Who Formerly
 Opposed Him MONEY IS PLENTIFUL Money Situation Throughout Civilized World Never in Better Shape. Street Distrusts United
 States Rubber
MONEY IS PLENTIFUL
Bx w. c. NICHOLAS


 an acceptable candidate and President men D whom the mention of his name was like red flag Haunted in the face of an enraged bull down to the time when he began to run riot in Taft pastures and capture Taft delegates by wholesale. Prior to that period they had nightmares of tho White House turned into lunatlc asylum, with Roosevelt as ruling madman ane 90.000,0O0 people cringing at his feet.
 Now they are saying that the country night go farther and fare worse with some other fellow. They point to the fact that among the blanks of the Roose- welt personal platform, to which he has held fast-stayed hitched as 1t were-can b. named his persistent advocacy of federal incorporation law, of merchant marine. of protection of American indus tries, of currency reform, of amendments to the Sherman law, so that ''big busi- ness" might go ahead without being in constant dread of landing in jail. Rail- road financiers and officials remember that on several occasions he has expressed himself as favorable to a moderate freight rate uplift in order to meet the additional burdens imposed by the interstate com merce commission. on the transportation industry.
 They make light of the Roosevelt clam or for the referendum, recall of judges, busting the constitution where it does not harmonize with the vagaries of pro- sressise politics. annexation of Mexico, Cuba, Canada and the rest of North America. They find excuses for all the faults that were so glaring down to few brief weeks ago, anu extol his virtues. People on terms with the Morgan and fStee- interests are openly for Roosevelt. and speech by Judge Gary Is being quoted as presenting the attitude of that powerful and allied interest as distinctly pro-Roosevelt. To such an extent has sentiment changed in Wall street that Roosevelts improving prospects are used as bull card-as a valid excuse for marking up prices of stocks in anticipa- hon of the stupendous boom to date from hin reelection to the presidency. These are some of the latest developments in the Wall street situation.
 Specific happenings have been few and non-sensational this week. The important developments are broadly general. They consist chiefly in the remarkable shift In sentiment above described, and in bud ding confidence that the country is on the eve of a mighty upheaval of prosperity Conditions are felt to be ripening for an efti oStoShtcu III tndI ff1- rection. It may be merely dream, but lots of intelligent men of weight are hay ing visions of that sort just now. Thu gist of these rainbow theories is that the expected boom will overshadow and ig- nore politics and every known and im- agined kind and species of calamity.
 For one thing. the money situation In America and throughout the civilized world has never been in better shape to finance business expansion. The vaults ol every important city in Europe and the United States are bursting with treas ure. It has been idle for long time and the accumulation of capital has passed all bounds. It Is mad to be put to work in developing the resources of the earth The optmlsts say there is room in that field for all the new gold that can he brought into sight even though the vol une should swell to billion a year it- stead of the measly s50000o000 now being annually mined. With such an enormous and widely diffused surplus of money available for unlimited business expan- sion, 1t is small wonder that enthusiasm turns into extravaganza at the prospect However. one of those lightning like changes in sentiment so often seen In Wall street may convert brightest sun shine into deepest gloom--hope into de spdir. break of 10 or 20 points in the stocl; market performs just such miracles. Developments in national politics between now and the national conventions might contain dynamite enough for any sized stock market convulsion, although noth- ing of the sort is perceptible to the most sensitive touch
 Standard Oil interests are commonly supposed to be infexibly opposed to the Roosevelt recrudescence. Gossip attrib- utes recent profit taking and distribution 10 Standard oil activity-not Standard oil a ion 1>.,t +o 1.4~ with the powerful combination. The magical name of John D. Rockefeller Is mentioned not infrequently as the original source of supply. Nothing has yet trans- plred to indicate real excitement at headquarters" Discussing John D.s pe- ouliarities, stock market historians recall cccas sions when the giant financier has deluged the exchange with ofrerings dav after day. week after week and month after month, as in 1907, and bought on the same scale. Convincing details to prove latest theories are lacking, but col lateral facts are often given to form basis for interesting romances. at least. such stories persistently repeated. by and by take on the color of veracious history Anyhow, 1t is not violent assumption to credit reports of Standard oil opposi- ton, both covert and open, to Roosevelt's return to place of power. He was a | thorn in the side of the octopus for many long years. The writer has small faith in the gossip about present or impending crushing activity of Standard oil origin or inspiration. It is only mentioned here as a piece of persistent gossip. A dull market sometimes furnishes excuse for wierd creations, almost too foolish for mention, yet on the tip of many tongues and therefore a part of the record.
 The street distrusts United States Rub Der, despite its masterly market man. agement. The stock was boomed IS point as q preliminary to grand scheme of financing that was to make everybody rich. The publicity machinery was worked overtime for weeks and traders were aroused into large figures and stoyies were put in circulation about fortunes made by the bulls and lost by skeptical and reckless bears. The details of the wonderful plan were published early this week and the price rushed up several ad- ditfonal points. Then the bottom fell out and the stock siumped. The scheme for inAating the share capital from s7o, ,Ooo,Ooe to S120,00o.000 and getting the public to contribute s7.0OOO00 or $io.Oo0.O0 to meet competition" did not make a hit, especial ly as there is $20. .0G0000 bonded debt ahead or the stock, and as the company is ad- mittedly uncertain in the matter of earn irgs. Thus far quotations have been held fairly well at only moderate recession from the higher level, but discriminating public has gone into other things
 Much has been said about the magni- tude of our foreign trade. The estimated totals for the fiscal year are certainly im- pressive. An aggregate of $3,800, 900 ex- ports and imports with balance of s6oo.- 0oo00o in favor of the United States are