The Birmingham age-herald., 1905-10-29
They Buy Stocks Before the
 Starter Gives Word
PREMATURE BULLlSHNESS
Conservatives Preach Pstlence-Stock Market Decidedly Professlonal--All Railroads and industries Work
 Ing overtIme--N. Y. Election.
BY W. c. NICHOLAS.

| many pulls inpatient or reBlrttlilI anu remembering that 1t Is the special prov ince of speculation to anticipate great movements and currents have been get- ting into stocks before the starter gave the word.
 | The conservatives have been for weeks preaching the virtue of patience and l picturing the disastrous consequences like ly to result from premature surrender 10 bullish impulses. They have never tired of calling attention to the inconvenience and dangers of tight money and have gone on record continuously with pre- dictions of snug money market dur ing the remainder of the calendar year. At the same time they were free to ad- init that underlying conditions justified belief in ultimately higher prices and that there existed more than reason- able ground for anticipating general | and important advance from the cur rent range. Being lame' host of buyers have gone out after those ultimate re- suits. Taking time by the forelock and laying in a few stocks they hope to put themselves in a position to harvest some of these promised profits Early in the getaway they will probably be also first | to quit and true to their instincts, VIII let the other fellow have the last end of the winnings. The market is full of these wise traders who insist on taking the lead without regard to advertised schedules.
 | The so-called conservatives do not look with entire approval on the buiilsh ha- neuverings of the clique and pools, al though they concede marked improve ment in the monetary and hnlncial sltu- ation, an improvement which has com menced ahead of time. The return HOW of cash from the west and south has not vet set in, but in other features money tendencies are working for relaxation. In the shifting and transferring Of vast sums in the carrying out or important | deals it has been found that very nttie of the money involved has gone out or | New York, and that the largest or op- erations produce almost no friction. The United States will only get S20,0OO0OO or | the new Russian loan, and that VIII hardly be flea bite. It will occasion not the slightest ripple in the New fork end of the international money situation. Imports of gold have stopped but that Is simply because the money is not need- ed here. There is plenty of gold on tap in the foreign money centers if we shoub require it. That has been clearly demon strated within the last month and a knowledge that such Is the case con tributes in an important sense to the pres ent serenity
 New high records were made this last week in quite a number of stocks of which the industrials figured most prom inently. There were sensational rises also in many other stocks not included In the new high record list. There are as many cheap things among the industrals that the trading fraternity finds it impos- at.A .Aatt t.1A Ant hall of some of them. It has been disclosed that the smaller corporations have shared in the amazing prosperity which has over taken the more pretentious and the deduc- ton is easy that all should participate in an upward movement in the stock mar ket. This activity in industrials is not at the expense of railway shares It takes the form of new business, total transac- tlons showing large increases.
 The bearish element in New York and Brooklyn public utility stocks are trying to work up a scare over the local cleo tions. Their endeavor is to frghten hold CTS into parting with their stocks in local corporations by harping on the direful re- suits which might follow the election of Mir. Hearst and his municipal ownership ticket. The straw ballots indicative of a landslide for MT. Hearst are paraded up and down Wall street with skull and cross-bones impressiveness and not en- tirely without effect. Mr. Hearst has neutralized this sense of alarm by pub licly stating that In the event of success he will make no move looking to a con fiscation of property and that property rights will always be sacredly protected. The reply to this has been that it is not always within the power of the man who starts a prairie fire to direct or re- strict the conflagration for which he be- comes responsible and that MT. Hearst may be helpless in the storm he has aroused It stands to reason that holders of traction and gas stocks will not feel quite secure with MT. Hearst at the helm of affairs in New York as with somebody else who entertains less radical views.
 Exciting as the New York municipal elections are they divert the attention of Wall street only in minor way from the larger situation at Washington. The mighty railroad interests are still deeply concerned over Washington and congress and make no attempt to conceal the fact. They profess to see in the President s latest utterances evidences of increasing moderation in his attitude, but they are nevertheless preparing for vigorous campaign of defense next winter. Con- gress may sit for six months and the bat tie over railroad regulation will neces- sariy be protracted and a trying ordeal to the stock market. Developments and the changing temper of the Washington situation will be closely watched and carefully weighed.
 The reorganization of the Republic Iron and Steel company is said to foreshadow a resumption of negotiations for mer- ger of southern Iron properties. Feelers have already been put out and there is much quiet talk of the possibilities of a deal being put through somewhat along the lines framed by J, H. Headley last winter, but with Headley entirely left out The mere mention of Headley in con- nection with any deal of importance is enough to kill it. It may be doing him rank injustice, but it is nevertheless true that the Street estimate of Headley is that of one whom it Is dangerous to have business relations, and consequently wary capitalists fight shy of him and his deals combination of southern iron and coal properties Is possible without him, but not with him. although he is supposed to be in absolute control of a valuable property which would naturally have to be taken into account in any merger. The management of Republic Iron and Steel is considering extensive ad- ditions to the Alabama plant, which may call for the expenditure of several mill lion dollars during the next two years. Messrs Gates, Guthrie and Berwind are progressively inclined and are said to take kindly to the 'Fs that there is money In bic rod sna wire mill in the vicinity of Birmingham. It was upon the issue of the erection of wire mill that MT. Thompson and Mir. Gates split
 An authority on the subject finds that