The Birmingham age-herald., 1907-03-31
WALL STREET FEELS THAT WORST IS OVER Losses Were Severe in Some
 Quarters HATRED FOR RAILROADS Slump in London Underground Shows Difficulties Met in Trying to
 Educate Londoners to
 Rapid Transit.
HATRED FOR RAILROADS
BY w. G. NICHOLAS.

| New York, March 30.-(Specia1.) 1.-The | feeling in Wall street is that the worst is over both here and in the foreign markets. The losses, however, have been so severe in many quarters that good l judges of the market do not look for any considerable recovery in prices for l some time to come. There are still some 1 soft spots in the market, and liquidation | in particular stocks on every rally in the | market may be expected. Many rich men | have taken severe losses in speculation, and they are forced to patch up their | finances by selling securities out of their l strongboXes when there is a favorable ] market. Some of the leading interests have joined hands for the first time in some weeks and have agreed to protect the market from raids. They have not 1 taken an aggressive bullish stand, be- | cause they. believe that many of the factors that brought about the severe decline il. stocks are still to be reckoned ! with
 That there are investment bargains all through the general list is as certain as that the sun will rise tomorrow morning.
 
 may come to an end overnight-but if the sun doesn't rise none of us will worry very much over investments. The two big bearsh factors in the market are lack of confidence and lack of money But this country has gone through these hysterical periods before. and has always come out of them whole This country is going right ahead for many years to come growing richer and more powerful l-I1 opinion are the ones who will have least to regret in the future. Those who will go around in sacl1cloth and ashes some years hence will be the army of muck rakers, who are now going about the country telling the people how rotten things are. But there is going to be reaction from this hysteria of muckrak- ing and when the reaction comes the one great bearsh factor in our markets lack of confidence-will be removed. The lack of money is a temporary factor, and some reaction in commercial activity throughout the world will cause easier money.
 Heretofore the industrials have broken all to pieces in bear campaigns. In the bear market of 1903, when the steel boom collapsed, and prices of industrial stocks just faded away. But here we have a panicky market, in which many railway stocks are selling below the prices of 1903 with industrials holding up their heads against the storm. Who would have believed at the beginning of this last bull market that after a break of $50 to $50 a share in seasoned railway stocks, Steel preferred would still be selling around par? Or that Shelters would be selling at considerably above par, or that Amalgamated Copper would be selling in the neghborhood of $90. fr q Attnn n hn1 around $6O? Who would have believed that when stocks like Pennsylvania, Northern Pacific Great Northern and Union Pacific were selling around per cent basis, Steel preferred would still be selling 2 per cent basis?
 Back in 1903 when the investing public woke up to the fact that it had been squandering it's savings on watered indus trial stocks, a great hue and cry arose a short time before, had been the public idols. We had such a period of muck raking over the industrials as we are now having over the railways. The same things were being said about MT. Morgan then as are being said about MT. Harri- man now-the mucl<rakers said he was lucky to be out of jail. The collapse of the shipbulding trust, the asphalt trust, the Atlantic shipping trust and the col lapse of the market in the steel stocks, gave the whole industrial list a black eye that some thought it would never recover from. The worst word in the