The Birmingham age-herald., 1909-12-26
WALL STREET HAS
 JOLLY CHRISTMAS Dealers In Securities Have
 Prosperous Year WEEKS MARKET IS DULL Europe Is Absorbing a Good Portion of American Stocks and Bonds.
 Railroads Watch Interstate
 Commerce Legislation.
BY w. c. NICHOLAS.

N9ii eereet IS experiencing a fairly 1ol- ly Christmas season. The manufacturers and salesmen of securities have had a good year and in the main they are pros porous. This statement may not apply to the majority population of the Walt street district. but it certainly does to the larger interests and to the men behind the payrolls. With great many people the wave of prosperity which is supposed to have overwhelmed the country at large has not stuck in very deep With a great many little people in Wall street as elsewhere it is as the cynic remarked "There may possibly be general and sur passing national prosperity but so far as I can observe nobody in my class has any money''
 Tn other respects tho prosperity slogan is all right. To those who may have missed prosperity this year or who may not have gotten in the way of gathering in the shekels it is meet to remark that the future always holds out a bright promise. Also hope springs eternal, etc. Many of the large institutions and bank ing houses having intimate relations with Wall street made glad the hearts of thou sands of employees by generous distribu- tion of Christmas gifts Others will malI New Years the date of distribution Of similar favors. preferring to have the transaction look more like a business d. vision of profits than of largesse.
 Historically. the week just past has been one of extreme dullness in the stock market. The Suggestion" passed along the line by the great money powers that 1t would be advisable for traders to in- dulge in speculative spasms or to en- gineer any bull campaigns until after the turn of the year had It's duo effect and everybody settled down to wait with as much patience as might be at command The fluctuations in prices were within very narrow limits and were significant of nothing except the minor activities of the professional element or a desire on the part of pools and syndicates to keep up an appearance of doing something.
 Professional traders in the stock market are like professional card players at a gambling table. When not engaged in real play they must be lingering chips or monkeying with the deck The feature which has commanded attention right
 
 of the general market It has been found very unsafe and unproftable to sell stocks short. The ! -,rket is chock full of buy ing orders just under quoted prices and every time stocks sag back under pres sure or for other causes the stuff goes Into waiting and willing hands.
 There is no hesitation on the part of the great investing class and bullsh spec ulators to take stocks offered anywhere around the current range. This applies to practically everything on the list from low-priced tndustrials and railroads away up into the "fancies"
 Europe is absorbing many of our stand ard stocks and bonds these days and there are many indications of increasing activity in that quarter. International banking and brokerage houses are hay ing plenty to do and a canvass among them reveals the fact that buying for for eign account has assumed proportions which will be certainly reflected fn an important Scaling down of the balance against us. The narrowing difference be- tween our export and import trade makes it necessary for us to find a substitute for the wheat, cotton and other products with which we have been settling our for eign indebtedness and 1t might just as well be stocks and bonds as anything else. The old world Is only too glad to lend us money, but there is no need of whole sale borrowing so long we can produce securities that old world capital will go into.
 It is always better for a nation as well as for individuals to get money by sell ing something than by borrowing it, Bor- rowed money has to be repaid and cred itors are prone to demand repayment at inconvenient times. With stuff that has been sold no such unpleasant contingent cies can occur. True, in panic seasons we are sometimes called upon to take over again stocks and bonds which the old world feels like reselling but that, after all, is not like paying back borrowed funds.
 The outlook is promising for the dis tribution of enough standard stuff in the security line to make place for goods of l fresh manufacture. Our manufacturers and salesmen strive to keep their shelves full of merchandise to suit every demand which may arise. As long as the engrav- CT, printer and paper maker are alive and doing business there is no likelihood of the shelves becoming entirely denuded of goods
 The railroad interests do not take kind-l ly to the urgent recommendations of the