The Birmingham age-herald., 1910-11-13

bunch will get so infatuated with its its own creation There Is some sus- picion that this Is the present situation, and that the Morgan crowd has been caught with the goods in large amounts at the continuation of manipulated boom. Some of the insiders are believed to have been heavy buyers of the Nor gan specialtles during the last week. One very rich publisher Is openly named as having bought hundreds of thousands of shares of Steel within or 3 points of the highest quotations. He may have been supplied from headquarters. as he was on previous occasion, when he over stayed his market and lost back $6,oo0,000 of. a s9,O0O,ooo paper profit.
 Obviously, the managers of the bull campaign cannot afford to let the mar ket go all to pieces at once. They would lose too much money if this catastro- phe was to be permitted. Furthermore, they are financially able to let prices down in an orderly fashion if 1t develops that the tide is against further ad- vance. They have all sorts of resources and have shown many times of late that they can do about as they want to with the stock market, for a time at least. or course, no man or set of men can mass sufficient strength to buck against a un- iversal adverse current. No clique or combination has ever proved big enough to nullify natural laws for any pro- longed period. If we should be scheduled for year or two more of business cur tailment the bull crowd will have to stand to one side or get run over. That Is thor oughly understood, even by those In charge of tbe management of the cam paign
 It Is really amusing to witness the ef- forts of old-line republicans to figure out a market advantage from democratic victory. It Is a new thing for them and they are not at home in the undertaking. The best they can do Is to try to convince themselves and others that the defeat of .he republican party throughout the coun- try Is due entirely to republican votes. and that 1t was necessary to administer a rebuke to alleged imperialism even at the cost of two years of opposition con- troll They argue that although the cost may be high, 1t is a good bargain. They say that it was a case of either purging now or being obliged to undergo an op- eratfon for appendicitis. Of the two evils they have preferred the lesser one, al- though not blind to the possibility of con- siderable suffering at best. By that they mean that they are prepared for lower prices in stocks and for further business depression.
 The big decline in the price of wheat, corn and oats since 1t became possible to measure production may have deterring effect on the plans of southern cotton planters, made ambitious to extend their area. Reports from the south which are being received in New York all tell of plans for greatly increasing cotton acre. age in the hope of another year of 15 cents a pound for the staple. A decline Of 20 cents a bushel in the three leading cereals as a result of bumper crops has not yet seeped into the consciousness of the south apparently, for indications still noint to a settled determination to go ahead with the project for adding 20 to
 to per cent to the annual production of he great cash crop of that region.
 One of the things which the next Con-
 gress is very likely to take up will be the nractice of over-certif1cation of checks by New York banks. Disclosures in connec- ton with the bankruptcy inquiry into the affairs of stock exchange houses that
 went under by reason of their part In Hocsing Coal and Iron over-speculation bae directed attention to this wholesale
 viola lion of the law which cannot be ig- nored The law is very strict against over-certifying checks, and It does not anpear that the suDterIugeS auopted Dy the New York banks and stock exchange houses exempt them from the charge of actual criminality. If this fragrant eva s,on of the law could be stopped. as it | or eht 10 be, 1t would no doubt interfere seriously with the operations on the stock exchange and might cut down the volume of transactions half or more. It would bevond a doubt compel an entire recon, structionI of the system of speculation and might result in scheme something like that which is followed on the Londor stock Exchange, where settlements arc
 made every fortnight. Enforcement o inc law viii be good thing in any event
 and there Is very little doubt that the
 navt Congress will make an earnest ef
 sort at reform in that particular. The scbeme will be very popular in all parts n, inc country except south of Fultor street. New York city.
 The big copper producing companies art l yainv ahead with their efforts to restrie
 nrod,,ction. They are making a bad ifs
 pf If but are trying their best to con
 vince inc public that the plan is howl
 ng success. There Is no branch of th'
 stock market where manipulation
 S -..tdanco than in the COpperB.