The Birmingham age-herald., 1911-01-29

market has not been regular even movement, but is accompanied by more or less nervousness.
 It is not exactly the nervousness of fear or special doubt but rather a lease of nerves"-one- of the features of long wait It represents the effects of a strain. The tape registers day by day the ebb and flow of this minor nervous ness or tremor.
 Price changes these days are made more by the operation of room traders who find it impossible to keep still. They are ever under the curse of restlessness. They must be doing something, even if nothing more than matching pennies or gambling on trivialities. The background of the market Is solid, a fact which is discovered every time any organized effort Is made to break prices.
 One attempt to smash the market was made the day MT. Morgan sailed for Europe. Prices were depressed a point or two and then a waiting mass of buying orders was encountered. Steel was made the center of attack. It was sold enor- mously and quite possibly some long stock was dislodged but there seemed to be no end to the willingness and abil- ity of the bull party in that speciality to absorb offerings. The result was an immense enlargement of an already un- wieldy short interest.
 Steel has been a favorite stock for the bears to concentrate upon. Now and then they are allowed an inning and get away with small profits which they do not seem able to keep. They play their winnings right back into the market again Experts on the stock exchange Tn shorts on large scale would put the price up to 10 points. and this regardless of the condition of the steel and iron in- dustry itself
 As for the latter 1t may be said that those best acquainted with the real con- ditions agree that some further inn proyement Is taking place-not enough as vet to arouse wild Enthusiasm, but sufficient to give genuine encouragement to those who keep their fingers contin- uousIy on the pulse of trade.
 The demand is unquestionably picking un in structural steel, tin plate, wire products and rails. Except in tin there has been no advance in prices nor does any seem to be imminent. Bars and tub ing products are still slow and dragging, hut on the whole the outlook IS more encouraging than 1t has been for year. | | known to the leaders of the formidable hull party which has been specializing on the steel issues for q good while past and, which is now more strongly en- trenched than ever. Steel common reach ed the highest point that has been made on this movement only two or three days | ago.
 The reduction in the Bank of England discount rate was 9 bullish incident whose importance Is not underrated by | the leaders in the stock market. It har nlonizes with the local conditions and I 1 is the common belief that we are goins 1 into a period of abundant surplus cap l ftal-which the same will not be allowed l to remain idle. Plans are being pushed | forward rapidly for the Notation of new 1 issues of bonds and stocks for railroad and industrial expansion and these plan' will be put through regardless of the in | terstate commerce commission, supreme court or legislation. state and national l Friendly action in political and judicia | quarters will accelerate, but nothing tha | is likely to happen can cause more thar
 halt In the programme as mapped out Active use will be found for all the dol lars that are piling up in this and othel l centers both at homo and abroad. Furth l ermore, 1t is certain to command good in | terest.
 Call none may be cheap at times bu
 for long periods rates are to be main tained.
 The successful Notation of the S6O. 900. 0O0 issue of Now York city AZ per cen
 bonds (stock) was not . startling stim