The Birmingham age-herald., 1909-08-15
BULLS ARE EAGER
 ID BUY STOCKS New Investors Enthuse Greatly
 Over High Prices BIG WINNINGS IN SIGHT Public Is Tn the Market to a Greate1 Extent Than for Years and Trans- actions Reflect the Interest
 In the Market.
BY w. c. NICHOLAS.

New York. August 1A-(Special. 1.-The belated bulls are far more enthusiastic in their prophecies for higher prices than the old stalwarts who have got in early and who have been staying with the game. The eleventh hour boys have very good defense for their position They say it is very much safer to buy stocks at the current high range than it was to take them on 30 to 100 points low CT. They say that the speculative ele- ment has been entirely eliminated and that while those who had the courage and foresight to bet on a return of pros- perity while the market was still strug- gling made Dig winnings they are well entitled to the extra profit, for the situa- tion was full of uncertanties and gam bling features up to within the last fort night
 Nothing was really settled to the extent that 1t could not be unsettled, whereas now not a cloud is visible at any point of the compass. The stalwarts think the same way but In very much modified degree apparently Very few of them are taking profits out of the market at this time but they are philosophically await ing the season when they will feel that stocks are too high priced for them to carry any longer. They are like the business man who was offered $5O00 for a roadster he had bought for $250. He hated to let the horse go but he said he could not afford to own s5000 trotter. They are looking for the time when they will be able to realize somewhat along the lines of the proprietor of the $5000 nag.
 There Is still much superficial talk about the market being entirely profess sional and no public in evidence. This Is nonsense It is a dead moral certainty that when daily transactions range from 600,000 shares to $50 900 shares there is public in the market and a good one. Furth ermore, it is a stronger pub lie than the street has seen in many a long day.
 Commission houses exact heavy margins from their customers and traders have learned to like that sort of thing. It gives them an added sense of security when their brokers demand 20 to 30 points margin and appear to be more or less indifferent whether the client makes good or draws down his account.
 The warning given by the board of gov ernors of the stock exchange that mem bers hereafter play safe and that the shoe strngers do business with their class, is having a very salutary effect. 1t was just what ma jority of the members of the ckCudise ftdu Deen SllHhlnS dDOut anu they were only too well pleased to have official announcement behind them A- knowledge that there are rewer heavy and dangerous weak accounts in the market adds to the confidence of the rank and file of traders.
 To be sure, the weeding out process which has been going on among the light-waisted plungers has caused some re- action in prices here and there, but such reactions are almost invariably followed by sharp recoveres. a new set of buyers taking the place of those who went out. This gives to the market solidity very attractive to those who like to think that they never speculate but buy as an in- vestment.
 1t is sometimes almost humorous to see how quickly a successful speculator will turn himself into an investor-in his mind. It is a fact that some of the heaviest capitalists in Wall street were at some period of their lives desperate gam blers. An enumeration of conspicuous ex- amples in proof of this statement would make list haH column long and would provoke wild indignation among those thus distinguished In cold type. Most of them are now in the strictly conservative class and frown on everything having the slightest color of chance They have