The Birmingham age-herald., 1910-04-10

1,,o snr;ng elections, significant though +bey are In many respects, created very Iittis excitement in Wall street. This IS orobahlv due to the fact that It IS an off year and that the business Worio mas fa1,en into the habit of regarding tnese biennial outbreaks of political oiscon'eh' and independence as almost rou'ihe something not to be treated 100 seriousiS. There Is also an underlying feeling that a,,er though the drift of sentiment, as disclosed by the balloting last Tuesday ho carried on into the congressional elec- ,tons the worst or best that could nap nen would be democratic house III oeau- lock with a republican senate, sltua- tion which could be regarded Wltn eouanimity and as a result whieh might S,oaan two years of comparative peace in financial, industrial ana coiii'iiei oiai circles. It is too early yet for even the manufa cturers to look forward with real alarm to the prospects of another tarin revision That contingency is hardly dis cussed at this moment, and Is certainly not counted as a market factor.
 The export of nearly $6,000, 900 in gold in the beginning of movement which is quite likely to reach $25.000,00o hardly caused a ripple. New York is long on funds and can spare the money without disturbance. The deeper meaning of the
 
 gold and the simultaneous increase in our paper currency is a theme which only interests the banking community thus far, and is rarely referred to as bearing on stock values or on market tendencies. Later on, when the relation between the cheapening gold dollar and tho higher cost of living becomes better it's importance in a market sense will take more conspicuous place on the stage. At present traders and brokers do not like to work their gray matter too much thinking of subjects they are pleased to call academic. They had rather listen to tittle-tattle about what individual plungers and speculators are doing and about the rows and ruc- tions in corporation arrangements. These are things they can see and feel and bite on.
 Professional sentiment in Wall street is still decidedly bearish and the bulk of comment continues to be in the gloomy vein. Dark gray is the color operators like best At the same time there are many signs going to show that another bull campaign is on the tapis. A canvass among commission houses discloses the fact that while there is very large short interest in the stock market. there Is light floating supply of stocks The great overplus of certificates that were weighing down the street a few weeks ago seems to have largely. disappeared. It has either gone into the hands of a multitude of small investors or else into the accounts of the heavy-weghts who are able to command all the banking capital they need for stock market oper- ations. It looks very much as though the latter explanation is the correct one and that the important interests have put themselves in shape for another up ward movement in the security market The banks and trust companies and great underwriting syndicates are loaded down with a mass of undigested bonds To make a market for these bonds, a stalwart demonstration in the stock mar ket will be a natural and almost neces- sary prelude. A very general improve ment in the makeup of reports of earn ings of railroads and industrials is noted, a development which may contribute strongly to a campaign for higher prices
 Tho homecoming of so many financial and market bigwigs is also regarded by the wise ones as being more than symp- tomatic of a nearby bull market.
 
 The specialists are trying to give an object lesson which will prove to the world that the stock exchange governors made a mistake in cutting their claws and putting them under restrictions in tended to prevent them robbing custom CTS by scalping the orders given to them. The specialists are those who devote their whole time and attention to in- active stocks and who, by reason of their patient devotion to these stocks and a study of their conditions, become exceedingly expert in market sense. They learn to know about where all the issue of their own particular stocks is located, and about where it will come out or where more may be wanted. This knowledge enables them to buy or sell just { little ahead of orders. and to ac-