The Birmingham age-herald., 1903-05-03

the traction people that they are going to have several members of the exchange expelled from the organization for lend ing themselves to the so-called conspir- acy against the corporations. They have discovered that the sword they are play ing with has two edges and that there may be such thing as the circulation of false reports designed to skin the pub lie, as well as reports intended to de- press values. This is phase or the news feature of Wall street that insiders do not like to see exploited. According to their view 1t Is entirely proper and legi- innate to use the news machinery of the financial agencies and newspapers to impress investors and spectators on the bull side but 1t Is entirely improper and yillainous to advertise racts or opinions contrarywise. Persistent attempts have been made to commit the stock exchange to the one-sided view of the case held by salesmen and promoters but thus far these efforts have failed. They are like ly to fail again for it is always in the power of members or interests attacked for conducting bear campaigns to fight back by exposing schemes to inveisle the public into buying stocks at fctitiousiy inflated valuation. The public has here tofore, been entirely unprotected Tn this respect and 1t might not be a bad thing if a sure enough row could be organ ized which would result in an exposure of the methods employed to bolster up i.legitimate enterprises. Such an experi- ence might be a good thing for the stock exchange and make it more careful in lending it's endorsement by indiscrimin- ately listing stocks, to be traded in by its members.
 Call money Is abundant at 21a per cent and time money is pressed on the market at per cent for nine months and as low as per cent for six months. New York rates are now lower than those prevail ing in London and Berlin, and as re- suit considerable lines of stock which were being carried in European cen- ters for American accounts are being re- transferred to New York This Is being done without the slightest disturbance to the international money market, al- though 1t increases the pressure here somewhat but not oppressively There Is an immense amount of idle capital in Germany at the present time, due to the industrial and commercial depression which has prevailed so long in that coun- try. The dull times there were attend ed with enormous and prolonged liquida- tion and the attendant accumulation Of idle funds. There are signs of recovery however, and the dead money which has been piled up Is slowly seeking re-invest- ment in fields which give promise of sofety and fair profit. Germany is an immensely enterprising nation and will not be content to remain long in a state of artificial depression.
 
 There have been futile attempts to make the Manchuria incident a stock market factor, but the street has re- mained strangely indifferent to the pos- sibilities of war growing out of the Rus sian aggressions in that quarter. The last disturbance in the Orient growing out of the assault and battery on China by a combination of strong powers, pro- duced slight effect either on American securities or on the grain markets. Re- membering this, specuiators refuse to become excited over the latest warlike dnuelonnnents in the far east.