The Birmingham age-herald., 1910-11-27
MUST STOP ANTICS ON STOCK EXCHANGE Big Bankers Take Hand to Re-
 store Normal IS FAR FROM HELPLESS Bull Party Is Now VariousIy Called the Morgan Party and the Eugene
 Meyer Party-waits on
 Rnte Decision
IS FAR FROM HELPLESS
BY W. c. NICHOLAS

1 B1 N. G. NICHOLAS
 New York, November &-(Special)-
 The crazy performances of a group of
 reckless speculators drove out of the
 market such a large part of the public that the authorities of the Stock exchange
 were obliged in self protection to call q halt. The consequence has been that l for the past several days business on the exchange has been conducted in a most orderly manner. It is true that the rec ord of sales shows a big reduction from the figures of 10 days ago but what is done now bears the stamp of genuineness. Left to Itself the market will probably soon become normal again and the pub lie can resume it's interest without feel ing in danger every minute of falling into trap or getting the double cross. It is. bad enough for the public to spec ulate under the best possible conditions but to have the sensation of being bush
 whacked and skinned at every turn by gang of Irresponsible traders was a 1 little too much
 The big banking houses which are really the foundation and hope of the stock market were behind the move ment for the suppression of the reckless speculation which has characterized the
 market since the elections, and for that matter for a week before They saw
 these people were wrecking their plans and frightening everybody out of the
 market. The general supposition is that l these big people wanted to see the mar 1 ket broaden in order to make a basis 1 for an enlarged trade in bonds and also I to be used in case of need for a general l distribution of concentrated holding of stocks Of themselves they could do nothing to stop the pyrotechnic plays on the floor of the exchange. They impress ed the board of governors however, with the need Of action and as soon as op- portunity offered effective steps were taken to put an end to the disgraceful ex- hibition.
 The incident which gave the excuse was a loud-mouthed duel between two floor traders of small calibre, one of whom wanted to sell an unbroken block of 29O0O shares of Steel common at 79B, while another broker of about the same fi- nancial responsibility noisily proclaimed a willingness to buy an unbroken lot of lS,0e0 shares at 7S2. The commotion drew a crowd and it looked as thougn '4aN tfb AAi9il HtlG dbOul to DuS ana sell the entire capital stock of the s1, GOO OOO,- co corporation. They presently locked arms and went out to get drink and a moment later 100 shares of Steel Was traded in al 79s4; and then another lot Of 20 shares. The affair was so rdicu- lous that it aroused the anger of in fluential members of the board of gov ernors and solemn warning was given the offenders that if anything like that happened again they would be subjected 10 severe discipline Word was passed along the line that further monkeying would be dangerous, and the practice H.as brought to a summary close Which was good thing all around. One of the, two verbal duelists, who felt that he had been made goat of went home and got sick. He sent word downtown the next day that he was under the care of four doctors and three trained nurses.
 The market is far from being in a hopeless condition, although it is checked full of artificial features. Beyond a ques- ton the banking syndicate which began pulling prices the latter part Of July inn mediately following the liquidation of the -Farquahar syndicate are today carrying enormous lines of securities There were times on the upturn in the market when they might have unloaded l. does not appear. however, that they did so, preferring rather to increase their lines than to diminish them. In this re- spect however, the big fellows were not in entire harmony. The Standard Oil element stood aloof al lthe way through It not only did not get aboard when the movement began but it stood angrily or sullenly on the sidewalk and watched the procession go by without taking a part. They saw prices rise 10 to 25 points without making a dollar. Naturally they are a grouchy, grumpy lot and they are predicting that something dreadful is going to happen. Among other things they are sore because one branch of the bull party made financial arrangements abroad for a large sum of money with which to finance a speculative cam paign which might last three months or six months. Reports as to the amount borrowed on the other side ranged from $40. ,0O0 to $75.G90. GOO Both of these es- inmates are probably too large.
 The bull party is variousy called the Morgan party and the Eugene Meyer party. It is quite safe to give the rank ing place to the Morgan coterie. It was first in the field and it's interest in the market to that of the Meyer crowd is probably in the proportion of dollars to dimes. It is less tumultuous in it's mar ket methods, however, although at times it is enough In evidence 10 suggest the criticism of ''too much Morgan" That was the cry raised back when Morgan was trying to float almost anything that came along, climaXing on International Mercantile Marine. The cry of "too much Morgan was used in very ugly way at that time and there are those now in the field who feel quite as ugly to- wards the big financier and his asso- oiates as they did then. They say that
 it is Morgan that is really hanging over the market and that until he and his friends realize that they must cultivate the saving habit of modesty and keep themselves more in the background, the market cannot be expected to amount to much. This is the language and the spirit of men and interests made jealous by the expanding fortune of the great house.
 What the market is really waiting on is definite line as to what the interstate commerce commission will do in regard to freight rates The people who pretend to know best as to the stand the com missioners will take in the matter are the men who pretend to speak for the | ;Iroo6c and inc haD1xipo ipteracfc ba-