The Birmingham age-herald., 1904-11-27
| INDIGESTION FELT
 IN STOCK MARKET Eleventh Hour Bulls Are Now
 Being Singed INSIDERS MAKING SALES Estimates of Big Cotton Crop Please Wall street-"Rig steel1 Car rled Up By Campaign in
 Steel Stocks.
BY W. c. NICHOLAS.

New York, November 26.-The stock
 market is beginning to show frequent
 symptoms of digestion-nothlng seri-
 ous like two years ago, but sufficiently so
 to give the speculative stomach periods
 of dsquiet For two weeks or more ex-
 tensiYe profit taking has been going on
 and immense lines of securities bought
 by the banking interests at lower figures have been unloaded on set of new
 buyers. These new buyers compose what Is called in the street eleventh hour bulls" curious fatality impels many people filled with the gambling instinct to wait until a bull movement approaches maturity before taking hold, thereby losing their opportunuity to make money and getting inta the swim just In time to go through a sweat. Speculation in stocks as conducted by a very large element is inevitably z losing game because of a determined effort on the part of the play CTS 10 pay the highest possible prices for the goods they buy. In every other line of business the effort is to buy cheap and sell high. In stock gambling directly the reverse Is the rule of the multitude The mob buys at the top. stands loss and then lets go.
 Stock speculation can be made as legiti- mate business as merchandising or manufacturing and those who make it an occupation and study the game as they would any other business oftentimes reap splendid rewards. They cannot, however, make the gamble in stocks incidental To achieve success in that direction requires wide, general knowledge of business con- ditions and the effect of certain move ments and currents in trade and finance as well as the proper trading instinct. Without these success is impossible and those who engage therein would save time and worry f they would take their money and throw ii In the furnace or bury it.
 Outsiders, as a rule have as little chance to win in the great game of stock specu- lation as farmer has to beat brace faro or loaded dice
 The dominating feature of the stock market for the last fortnight or more has been realizing sales by insiders who were shrewd enough to get possession of the great accumulation of idle money in the New York banks when interest rates l were very low and with it buy stupend- 1 out lines of securities, a performance
 which was followed by manipulation on | a grand scale and a sensational advance
 in prices Now that interest rartes are | hardening and other uses are found for the idle funds In bank this same group of insiders are standing from under" It is more than likely that a large part of the manipulative advance in quotations will be held as business conditions and re- stored confidence warrant the improve ment. Experienced people in Wall street very generally anticipate some reaction. however, but not important. The public is now educated to the current scale of quotations and sees no good reasons for marking down the prices of the goods. It
 is of common expectation that on any striking decline the inside or banking ele- ment will again come to the rescue of the market and prevent unnecessary sacr- flee. They have vast bond fiotations in hand and the process of converting loans
 into bonds an selling them to the public is as yet only partially finished. Less than a year ago more than $500, 900 in rev issues of bonds were in process of manufacture and scheduled for Notation. Probably one-half of this amounut has already been absorbed by investors and the rest Is being worked off rapidly and without a hitch. Several more months. however will be required to finish the job and it is therefore assumed that no radi- cal market disturbances will be permitted in the near future.