The Birmingham age-herald., 1909-03-28
NICHOLAS WALL
 STREET-LETTER Market Has Not Yet Developed
 a Tendency" A "GRAVEYARD MARKET" Those Who Are In Cannot Get Out and Those Who Are Out Do Not Want to Get In-Effect
 of Tariff Speculation.
\ "GRAVEYARD MARKET"
By w. G. NICHOLAS,

New York, March 27-The market has not yet succeeded in developing what is Known as a tendency" Fluctuations are within narrow limits and operators are not talSig any decided new position. The cynics say it is graveyard market that those who are in cannot get out and that those who are out have no desire to get in. That is very clever description, but it hardly fits the case. In reality it Is a market upon which any amount of stocks that any operator or group of op- orators cares to sell can be disposed of without very serious break in prices, whereas those who wish to buy very rarely met with deluge of stuff. It is in fact a waiting market.
 Which condition suggests the remark that the market is in a waiting state about 10 months out of F. Its most nat ural condition is that of waiting for some- thing to happen. The trouble is that the walters do not half the time know what they are waiting for and would not rec ognize 1t if they were to meet it face to face in the broad highway in the full glare of sunlight. The phrase is a con venient one to use when people do not know what course to pursue or feel them- selves incompetent to properly gauge a current situation. Just now it pleases
 
 are waiting for tariff revision" In this particular instance the statement is more nearly correct than is usually the case. The whole country is waiting on tariff re- vision, and it is entirely possible that the final action of Congress on this issue will be the signal for the beginning of a grand forward movement Neither is it unlikely that the actual vote will be an- ticipated and that the stock market will early reflect settlement of the trouble some business.
 What is most extensively in view at the present moment in connection with this same tariff agitation is the widely adver- tised demoralization in the iron and steel trade. It would appear almost as though the men in that branch of industry are more than willing that the public should know the worst that can be said and know 1t hard. For instance, everybody knows that the independents and the Steel corporation are engaged in a deadly com- petition for the meager business and ev- cry new and ugly development finds winged currency wherever it would appea that the most publicity would result.
 So plainly is this to be seen that the sus- picion is engendered that the advertise ment is for Washington effect and to aid in the formation of public opinion. Ev- erybody hears that contracts are made for u within a few weeks of $11. The whole world knows also that pig iron could be bought at almost any price, sales being made as low as $14 for bessemers and around $11 for Birmingham. It is ob- served, however. as an offsetting circum- stance that business on this bankruptcy basis is of the quick-action variety. No contracts at red-fag prices are made be- yond a period of 60 days. Anybody de. siring to avail himself of the under the- hammer quotations must be prepared to take the stuff at once.
 When the situation mends and business begins to improve the iron and steel mak- ing companies do not propose to be found l with their books full of orders for long, distance delivery at prevailing figures. It l looks almost like a 'job' among the | rulers of the iron and steel industry Ac- | eompanying the smashing and slashing in | classes of iron and steel products Is heard l the waling chorus about wage reductions | which must follow the enactment of a law | along the lines Of the ways and means | bill. It is pointed out that inasmuch as the greatest item of cost in iron and steel | and most other industries Is labor, that | the burden of the cut must fall in that | quarter. This, of course, Is not news that | l am giving, but it is the thing which is | talked about. in Wall street as we'll as | throughout the length and breadth of the | land. It is, therefore, fitting subject for | mention in this connection. That it is regarded more or less as a I mere tactical play incident to tariff re- | vision is shown by the stock market dead | lock. If it were really believed that Con- | gress would put through the bill in the | shape that is now before the House. there could hardly fail to be general smash | in the securities of many of the indus trials. As 1t is there is an obstinate re- fusal tosacquiesce in the theory that Con- gress will go as far as the ways and means committee pretends to ask in the initiative Hence the reluctance of hold CTS of stocks to market their shares at current quotations.
 One thing that acts as a sustaining in- fllence to prices is the fact that investors |