The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1908-03-29
NICHOLAS WALL
STREET LETTER
Patiently Held Stocks Are Ii
quidated
PUBLIC TAKES A HAND
Steel Corporation Figures Are Astound-
ins-Has $15o,ooo,ooo Free Bank
ing capital-5ookkeepins
Marvel of the Age.
BY w. G. NICHOLAS.

New York, March 2S.-(SpeciaL)-On the
advance, which was largely manipulated,
there occurred a very liberal liquidation
OF patiently held stocks and of stocks
bought by the organizers of the buu
campaign. The public came in quite
freely after the market had enjoyed
considerable rise and at this time is carry
ting the great bulk of the tloaung supply.
This has been the first real chance over
loaded banks and trust companies have
lad to get rid of stuff which has been
encumbering their vaults since the panic
and before. 1t is almost unnecessary 20
say that they took advantage of the open
ing to tighten the burden and get rid o.
their surplus collaterals.
The way the market kept on advancing
confused and amazed the sober sided
people who had entirely underestimated
the lifting power of hot air, political and
otherwise. The news from Washington
and other. centers of political inspiration
all contributed for a time to the bull cam
aaign. 1t couldn't have been made to
order to fit better into the plans of those
who had organized the play The public
was found in the right spirit to accept
. everything that came along as q Dull
factor and a powerful element In wall
street gave a healthful boost every time
a fresh bulletin came over the wires. The
PRESIDENTS manifest anxiety to do some
thing to offset the harm he may have
previously wrought by alleged 1ntemper-
ate outbreaks against capital and credit
was construed as being especially bullisn.
1t has been a good while since the Pres
ident could be utilized as a bull card IN
tile stock market. The experience was
nd that
deduction of the civic federation Comp
e-s Bonaparte and others was hailed as
about the biggest thing that ever nap
had to getr Id of stuff which has been
coming millennium, when our entire 3d.
900 people and the rest of the world
would lie down together in happiness and
content. Later on those who gave them
selves a chance to think express some
doubt as to whether the suggestion for
a Capitalization of autocratic power over
all the business of the United states n
tie President might represent the acme of
wisdom felt a chill come over them. The
Wall street crowd, however, elected o
take the joyful view and continue 10
wLoop it up OF course later on Congress;
may take a hand in the matter, although
as everybody knows who is familiar with
Washington, Congress is always delighted
to adopt and enact into law bills framed
ty self-elected guides and instructors.
Congress is always willing to admit that
1t does not know its business and to
humbly accept the guidance of outsiders.
The records are full of cases where Con-
gress has broken it's neck to carry out
the half-baked ideas of volunteer guides.
philosophers and friends; Aber NIGHT.
However, the congressional outcome viii
Zoe known later. 1t usually is Then
there will be the occasion for another
story Meantime the dance will proceed.
The message of the President, following
the introduction of the amazing Hepburn
grand pacification bill, was found to have
yeen discounted to a very large extent.
1t was also found on examination that the
supreme court decisions on the rate bills
of Minnesota and North Carolina were
less important than first supposed, they
] OF denying previously established rights
of states over the matter of corporate
regulations but merely calling a halt in
state attempts to go too far. / was con
oeded finally that the legislatures of the
states named might re-enaet the rate
laws in conformity with the court decis-
iuns and still retain 9 good many tee Il
and claws
1t is really shame to throw in dis
cordant note when everything is so bound
lessly pleasant, and when everybody is
bent on feeling good and making the
WnOle community Ieei BOOu, Dul lllt COil
fact is that of actual visible improve
ment in the business situation there is
very little to justify the uproar which
has been witnessed in Wall street during
the last two weeks.
The uplift in prices of stocks may be
very largely attributable to political, eff
fort to Great a restoration of good times
by proclamation of good intentions and
/. by conversational effort. This effort has
been backed very industriously by large
Wall street contingent. which had stuff
to sell and it was laboring might and
:, main to put prices up that it might I'M
: load. There was great deal of confu-
sion in the popular mind what might
be really going on, but nobody appeared
to give much thought to that fact
Such little divergences as supreme court
decisions knocking out state rate laws,
! the introduction of administration
. Civil Federation bill, centralizing all mum
dane authority in the Presidents hands,
and of Secretary Taft making speech In
advocacy of state rghts-these all in one
day and evening were taken as of one
piece, all halcyon and all reasons why