The Birmingham age-herald., 1910-03-13
.., K MARKET
 y7as HAS REACTED X ~ sked Up From Low Level - Month Ago
BEAR PARTY IS STRONG
Central Is Looked Upon With 3n1s1sfer fin Wall Street.
 New York Traction
BY W. G. NICHOLAS

New York, March ! 1s~<snecial. )-The low level ot prices N shed just about a month ago ana N the fn- tervenine period the maas Ms been Steadily working up until ab, half the losses of the previous four 1l1> ths' de- cline have been recovered. Technically there should be moderate setback, but this is by no means sure to occur, as the swing is now unquestio up ward.
 For several weeks these letters have called special attention to the large buy ing for inside account, buying not then for the purpose of putting prices up but for accumulation The big interests hay ing secured their lines began to feel about for company. By the usual wiles and machinations the public was gradu- ally let in and now there is witnessed an increased outside interest in the mar ket
 Commission houses report very mark cd improvement in the volume and diver sity of business. Their old-time custom CTS are getting active again and every where may be seen signs of the renewed hustle and hustle incident to the early stages of bull campaign The sap is be- Ginning to run up the tree and the spec uiative spirit of man is surely reviving.
 It by no means follows that the bear party or the bear sentiment has become extinct. Neither is the marked one Sided. Far from it. There is a large and very important element in Wall street firmly welded to the theory that stock prices are too high and that they will be lower six months or a year from now than the current range.
 arf 1fif- ton. It is based on a belief that the general situation will be disturbed and depressed both by polieai and labor situ- ations, by international complications and by the bad consequences of over-specua- tion and premature bursts of enterprise not warranted by existing real conditions. The feeling is strong in this quarter that the recovery from the panic of 1907 has been entirely too fast and that a halt of at least another year IS inevitable in order that the real improvement may catch up with the speculative discount a s reflected in stock market advances and other enthusiastic trade adventure.
 The bear party is sufficiently powerful and sufficiently stubborn to make itself felt on any and every weak spot that may develop. It is not likely to go into retirement at any stage of the proceed ings and may become stronger and more Influential the higher prices go.
 The marking up of the New York Gen. tral dividend from per cent to per cent is the incident of the week which has provoked the mostly lively discussion. On the hand it is held that the n- crease is decided bullish factor and will be strong and permanent help to the market. On the other hand it is held that it is was very ill-advised move at this time, in view of the fact that the company has enormous expenditures im- diately ahead of it and that 1t will be certain to be used by the labor organi- zations as a lever and weapon in their fight for a raise in wages. This feeling seems to be growing, especially among the interests back of the other impor- tant railroad systems of the country.
 It is all well enough, s the argument, to play for Wall street favor by making dividends as high as possible, but it is all wrong to forget the reactionary effect of playing too hard on that key and of trying to present false appearance of overmuch prosperity-a prosperity which does not go deep enough to be genuine in all respects.
 In other words. the charge is made that the Central had no right to put itself on a per cent dividend basis at this time. and that by so doing it has furnished fuel to a flame that is making altogether much heat for the comfort of those who