The Birmingham age-herald., 1913-11-23

SVElSEI fSlWlElSa
|
| Everett P. Fowler, of Kingston, N ",
appeared In court to plead not guilty
to the indictment charging extortion,
found against him in connection with
the collection of campaign funds from
State highways contractor for the
democratic managers in 1911. Mr.. Fow-
Ter did not offer to aid District Attorney
Whitman in his investigation of alleged
grating of political funds from con-
tractors. He made no statement to any
one, but submitted to arrest
tax, an occurrence from which great ex-
element might have been expected, fell
fiat as market factor, although possibly
$75,000,000 is involved. That mountain high
pile of money picked up did not cause
even fractional stock market tremor.
When President Wilson threw a glove
at Huerta and there threatened to be a
sanguinary war over kerosene oil and
other fiery issues the market was sched-
uled to fly into a thousand ragged frag-
hi1AlS. hidi lldl otNtiOpllcnlS were "
form into tragical scenery and the coun-
| try was to return to it's old order of self
qualification. Nothing resulted from the
Mexican revolution to disturb business or
influence fractions in the Wall street mar
ket. Efforts to convert currency agita-
tion into bull or bear factors, as the
humor of the hour might dictate, fiared
into unpleasant smoke; that was all. And
thus the market record has been framed
and nnbliGbad II rnneiStad of Of
incidents framed for grand displays, and
thus far came to naught, beyond causing
puny demonstrations among the white
chip players"
Stagnancy Does Not Relax
In the language of the Wall street
prophet, there is a silent volcanic force
that may at any time convert dismal
lethargy into bounding activity-give birth
and virile substance to a resistless PRO-
gressive movement" And yet the stag
nancy that holds the stock market in
rigid grip does not relax an iota. Trans
actions in shares are at inside ebb in vol
ume, and practically at lowest range in
the matter of prices. Trades for days
and weeks do not vary beyond the frac-
| tons. and operators are in dead gloom.
Members of the exchanges complain that
they are not making expenses and the ac-
| tive list shortens continuously. Seats on
the exchange have again dropped back
to under $4,000, and crafty buyers can
secure memberships at $4,000 1t is said
| Prophecies of $4,000 are heard. Actual
sales have run down to about half the
normal average, and the ruling quota
tions are close to the bottom markings
| of the year.
Recovery from June low carried prices
to the upper levels, but they didn't stay
there and now drag the ground, dead
to the emotions. 4 The gambling spirit is
inert and argument is hopeless
Power of Money Giant
1t is a strange situation. A large per-
centage of the recent champions of spec
ulation have died and the survivors have
apparently lost heart and gone into state
of inanition. The grave claimed H. H..
Rogers, e. II. Hartman, John Pierpont
Morgan, James r. Keene, John w.
Gates and dozens of others of the same
class. Their surviving associates and
friends are keeping in seclusion as mucn
as possible The biggest financial giant
of the generation is today the most influ-
ential factor, although forever seeking
background hiding. He cannot keep his
personality in concealment, however. His
colossal and widely diffused fortune is In
hundreds of enterprises and investment
He is fearless in the secret leadership
of revolutionary campaigns, but tries to
be ever in the silent background The
chief of the muti-millionaires has been
grumpy ever since the powers that be"
massed for his subjugation and ruin, but
he has emerged from the series of levia-
than battles unbrokenly victorious and
today has doubled the fortune that was
dnder his control five years ago. Before
he made his latest series of coups. secret
appraisal put the total over 81, 600 600 OOO
Should he turn good natured once more
IL Will be as easy for him to institute and
conduct a stupendous worldwide cam
paign of prosperity and progress
The money situation is without impor-
| tant change. There is plenty of money
for every legitimate use, but borrowers
and lenders do not blend. Borrowers COM
plain that bankers are trying to gouge
them into paying unreasonable premiums
for money they can get along without.
Lenders, on the other hand insist that
money is scarce, and as precious as ra
dium-hence it's inaccessibility. Cordial
| ity between lender and borrower cannot
| be cemented for less than to 10 per cent.
| Hence the prevailing dullness in the field
| OF specific transactions. 1t does not ap-
pear that there is actual current scarcity
| of real capital. The main trouble ap-
pears to be that the bankers have plenty
of cash to meet demands, but will part
with 1t only sparingly and on profitable
i
, more capital are against taking undue re-
sponsibilities just at this juncture Look
| ing at it broadly, it can be stated that
the money market is merely nervously
| stagnant. 1t does not appear however
| that real danger exists foolish emo
tion may soon quiet down.
Railroad Rate Schedule
Wall street is without information as
| to the rate schedule beyond the fac,
/ that within a very few days the Inter-
statements, data and arguments for and
| against the petition for a point ad-
vance in eastern freight rates. The dis
tinguished New England Attorney Bran
dais of Boston. will in sense repre-.
sent the government and Mr.. Daniel Will
lard, president of the Baltimore and Ohio
| will lead off for the railroads. There will
be additional argument, followed by testi.
mony of expert witnesses, as needed. The
commissioners are a tr4fle touchy over the
oft repeated newspaper missta tement tha
Mr. Brandais will represent the com.
mission in antagonism to the railroads
1t is stated in correction of this state
ment that the commission Is not EN-
llploying anybody or any agency to com
bat the railroads. What Is wanted 1.
information-unb facts from un
biased sources, and an unbiased exper
who can digest the reports and argu
ments for precisely what they are worth
The idea held by the commissioners Il
that they want to occupy to the end
position of complete impartiality and t.
be free at all times to call for light ant
technical explanation. "On the face O
the returns as the saying Is. the rail
roads seem to have the best contention
/ though their representatives are at grea