The Birmingham age-herald., 1911-10-08

much the condition it was at the time the last big decline started The principal point of difference acording to the strict
 ly local view, is that there has been change in active stock market respons
 bility. On the first occasion the great house of Eugene Mayer & Co.,, stood in
 the forefront and acted for the bull com-
 bzination. Low prices were made by
 spectacular liquidation of the bull account through this house. The experience was costly and the concern declined to con tinue in the conspicuous and widely ad
 vertised post of honor. Shearson, Ham, mill X Co. are now the leading bull house and attention is directed to that quar ter as it was previously to Eugene Mayer & Co. It bought vast quantity of stocks at the low range and has been the big buyer on all breaks ever since. This is the concern that has long been the favorite with those who have made speciality of Steel stocks. Insiders of the trust have done the bulk of their trad ing through that channel, it is said. Shearson was formerly an official of the trust and was associated with Judge Gary in the deal by which the Pocahontas Coal company was absorbed into the biz. corporation at a fat profit for insiders.
 The market is usually described as
 thin by those who make a study of it's technical. phases. One cynical com I QeScTlDeS II as DelnR lke drum, presenting a smooth surface of ap- parent firmness upon which a great noise could be made, but with nothing behind it but air. Puncture the top of the drum and bottom is not found until the other side Is reached, 10 b or 20 points away. The illustration may be humorous, but
 the bulls regard 1t as a very grim joke, and refuse to laugh.
 ba mi hos
 been much interested in reports of row between MT. J. P. Morgan and MT. H. C. Prick and frequent mention is made Of scene between the two men at the last meeting of the board of directors of the
 United States Steel corporation. 1t wasn't much of a scene after all, but it gave color 10 reports previously ina circulation that these former two great friends have latterly been drifting apart. Mir FOX
 used to be the whole thing in the Steel
 trust and for years dominated it's policies and management. When Judge Gary su-
 perseded MT. Prick as the real power in the administration of the huge machine,
 MT. Prick was peeved and has never been entirely cordial with MT. Morgan since.
 He has conducted his own affairs in his own way without conspitation with the
 great banker and has been a very infre- quent visitor at the Morgan offices. Some of his latest moves, particularly his liqui-
 dation of Union Pacific holdings, ran dl- rectly counter to the Morgan policies. MT. Prick has seen fit to deny any intent to
 resign from the Steel trust directory but 1t has become known that he has put his affairs in shape for long absence from
 this country. He will spend the winter in Egypt and may not return to the United States for year.
 Prices, although 20 to 30 points under the highest range of the year, are still a long ways above the low panic figure of | 1907. To reach the 1907 low level, St. Paul | would have to decline another F points. Atchison B points, Baltimore and Ohio 20 points, Erie IS points, New York Gen. | tral Il points, Reading 75 points, Union
 Pacific 5 points, Southern Pacific 37 points, Copper points, Shelters points and Steel 32 points-these from the inside | quotations made two weeks ago.
 | The country. as whole does not seem | to be doing so badly. The bank clearings l of more than 100 of the leading cities show
 an increase of about 10 per cent over those of 8 year ago, although a little under those of 1909 at the corresponding | date. This is a feature that Wall street | in it's present mood pays small attention | to. It's eyes are concentrated on every
 bear point that comes in sight. It has
 no time for anything else.
 ] The fractions and gas companies of | New York take in about $135, ,000, 600 year. | With Brooklyn added. the total will reach
 nearly sl70,0OO,OOO. There would appear | to be something really substantial be- 1 hind the various companies representing l these industries. The trouble with many
 of them is that they have been conducts