The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-02-13
CALM R FEELL G
ON WALL STREET
Hysteria Seems to Have Disap-
peared Entirely.
COURT SCARE BUGABOO
Fright Was Worked overtime--When
Labor Asks for More Pay Cor
poration Returns Suddenly
Tumble TO the Bad.
COURT SCARE BUGABOO
BY W. G. NICHOLAS.

new fOrK, Fepfuafy I'm c 40
SENS to have disappeared from the market
and a calmer feeling prevails. The mousse
cleaning appears to have been very thor
oughly done. The weak and objection
able accounts must have been weedeu
out completely. The banks effectuaily
eliminated bad collateral from the en-
velopes of commission houses and broK-
erage concerns The big interests VINO
were out to discipline unruly and i'm
prudent operators have come back on
the reservation licking their chops ana
looking satisfied.
Washington was duly given its object
lesson and properly impressed with
sense of the awful things when mlshl
happyl to this country if congress ana the
administration persisted in passing laws
designed to keep the big CROOKS fairly
honest. or at least decently observant OF
the rules of fair play and legal equities.
All this having been done to the salts
action of the great interests and their
willing allies, the stage machinery mas
been set to work shifting the scenery ana
changing the colors from sombre TO cheer-
full.
1t is suddenly discovered that the Pres
ident is not remorseless ogre seeking
the destruction of property and striving
to throw the nation into bankruptcy.
The scientists announce that they ran
to discover in the signs OF the times any
immediate proba blity of an unusually
large harvest this spring of earthquakes
cyclones and tidal waves. Neither can
1t be learned that the railroads are going
to stop running trains for the transporta-
ton of passengers and freight, or that
the great industrial enterprises are about
to go out of business permanently. Like
wise, the stock exchange Is of no I'M
mediate danger of retirement from the
scene though the legislature at Albany
in its wisdom should do some law making
to compel that unique organization TO
treat the outside public more fairly and
prevent it from shearing the lambs too
close to the skin or too frequently. Such
legislation might really operate to the
advantage of the exchange and TO the
ccmorants who fatten on the business
done through its agencies.
The dreadful danger which threatens the
country in the event OF adverse supreme
court decisions in the Tobacco and Stan
dard Oil cases did work overtime. So
earnestly and urgently did the spokes-
man for the banking combines indulge In
scare talk based on the impending court
decisions in these cases that in many IN
stances they were impressed with their
own efforts in that line and became i'm
uine as far as they went. Much talk was
heard in quarters usually accounted sane,
as to the calamities which would result
from the dissolution of lawless trusts
and monopoies and the Capitalization OF
power at Washington. The soft spoken
and pussy-footed Judge Gary of the Steel
trust was first to call halt on that sort
of discussion by announcing that the
United States Steel corporation would
cheerfully incorporate under a national in
corporation law "if it were found prac-
ticable to do So Mr.. George Perkins
speaking for the other Morgan interests
gave utterance to similar views. and then
the whole line of orators voicing the
views of 1.-THE interests dropped into step
with the leaders and a full chorus of
tentative approval of the administrations
purposes filled the air Some of it was
genuine. but most of it was for effect,
and to forestall the criticism of the pro-
lorariat.
The immediate Wall street effect was
to produce a better feeling in the stock
market and to make people think that
possibly the end of the world was not
yet in sight. 1t served also as a warm
ing to over-strenuous bears and was
taken advantage of by the element to
close up commitments on the short side.
The coverings by the shorts caused a
very sharp rally in prices and led great
many traders to believe that a perma-
nent recovery In quotations had set in.
The majority of experienced professionals
did not subscribe to this view, however,
and ascrbed the recovery as largely
technical.
In other words they preached the gospel
of secondary reaction after the shorts had
filled their contracts and thereby taken
away valuable support from stocks. And
that is the situation at this writing. The
I'll at afaftr ot1 bae fxfn cir n
the background there is yet remaining
considerable nervousness. 1t would not
be surprising after what has happened
during the last six weeks If the market
should enter upon a period of dullness.
After such a terrific decline as we have
experienced people must have time to
nurse their wounds and get themselves
in shape for another season of activity.
Severe as the decline was the statisti-
clans note that the low range of prices
did not bring the average down to the
level that prevailed just about a year
ago. Reading, for instance, at the bottom
quotation this week was 40 points higher
than last February, Southern Railway
9 points higher, Southern Pacific points
higher Union Pacific 6 points higher,
Steel 33 points higher, Pennsylvania 5
points higher, Rock Island common %
points hibher, st. Paul and Northwestern
points higher, Shelters about the same,
Illinois Central the same, Baltimore and
Ohio points higher and New York
Central points lower. This is not
bad showing after all, when 1t is re-
membered that the figures ruling year
ago were only a moderate recession from
heroic bull campaign run with prodi-
gious success throughout nine months Of
1908 and with the leadership of Mr.. Harri-
man. The situation might be worse
very much worse.