The Birmingham age-herald., 1903-04-26
PUBLIC HAS BEEN WELL SHAKEN OUT Some ofthe Recent Features of
 Wall Street HOW FORTUNES VANISH Dedication of New Stock Exchange Was Great Event in the Financial
 District-opposition to
 Schwab Died.
BY ". G. NICHOLAS.

New York, April 25.-The leading stock operators of this day do not run to pie turesque language as did those of former periods. The only one left of the old set distinguished for decorating the Street literature with striking figures of speech or catchy illustrations is MT. Keene and he Is getting over the habit. He has too much to think about In other directions to indulge himself freely in this species of vanity.
 It was the custom of the late Addison Cammack to condense into epigrams and apt sentences the philosophy of a market situation and to do it in a way to stamp the coiner of the phrase as man of originality and claiwoyant observation. It was his custom to advise his friends that 1t was a good time to sell stocks when the bank vaults were empty of securities, and per contra, that 1t was a good time to buy when the bank vaults were heavily lined" with stocks
 His line of reasoning was that the manufacturers, salesmen and eustodians of stocks when they had nothing to sell their interest no longer lay in the direc- tion of higher prices, but when they had an abundance of goods on hand they would naturally and inevitably work for rise In these conclusions he was near ly always correct. Adopting then this theory as wel-grounded it Is safe to conclude that the important financial in- terests are bullish on the stock market and that they will be found on that side for long while. It is the history of the stock market that the banks and wealthy people accumulate stocks on decline and let go of their speculative lines on a rise.
 Strong Buying.
 It is common knowledge that the pub lie has been shaken out' of an enor- nous aggregate of speculative shares during the last six or seven months. Wherever there has been sale there has been a purchase. The selling has been unanimously on the part of the multitudes; the buying consequently must have been by strong interests and in the way of concentration. There has not been time in years when the float ing supplies of stocks have been lodged in stronger hands than at present.
 These interests have proved their abil- ity to take care of themselves. They may have on hand more than they want but that is no reason why they Will liq- uidate at a sacrifice. On the contrary, 1t may be assumed Wllh eHllre sdletS that having put their shoulders under the burden and already gone through sweat they will go further, if necessary.
 The situation as 1t is now found is not an unusual one. It is of periodic recurrence and marks every occasion where there has been struggle between the public and the rich people in Wall Street. When both these clements can work in accord-both wings flap in harmony as it were-everybody appears to be making money. It is only when the necessity arises for contraction and liquidation that there occurs a battle for preservation, one side being arrayed against the other
 At such times it is invariably the pub lie that suffers. The strong men endure punishment too but being strong they outlast the mob When the next rise in the market occurs they have goods for sale and are in a position to realize a profit while the stranded multitudes can