The Birmingham age-herald., 1911-07-09

vieldinq resistance to bearish attacks on stocks and has been the discontinue and overthrow of many well ofsanlzed raio on the exchanges. The people Wno nave invested their funs in securities because they could not invest it elsewhere sec nothing in the situation 10 pecoiie alarmed about and refuse resolutely to be stampeded into converting their funds into liquid cash to remain in ldleness III the bank vaults. They are satlshed Wlth the situation as it stands ana are ui- willing to make a change until they see real business revival and a chance to employ the capital in more famlilar places. Railroads are not earning as much money as they would like to but they are getting along fairly well ana there is now no danger of important re- duction in dividends in any or the sea- soned stocks. Railroads nave thelr ex- penses well in hand and see plam sailing ahead. Their treasuries are full or DOT rowed money and accumulated earnings and they are feeling easy for the time being.
 Leading bankers and their spokesmen still pretend to be more or less put out because of the tendency m the part or politicians to investigate the affalrs or corporations and of combinations In re- straint of trade, but they are really not so much alarmed as would appear. They realize away in the background that 1T the people who are accused of conduct ing business in violation of the laws would try half as hard to do business in accord with the spirit as well as the letter of the laws as they do to evade and circumvent these laws, they Wouio get along smoothly and probably do Just as we'll in the end. The intent and mean ing of this popular sentiment which is behind the political movements referred to, Is the enforcement of laws so that they may bear equally upon the rich ana the poor and lead to the abolishiNent or special privileges. This is what the move ment is working towards and its meaning
 is as fully and as clearly understood in Wall streets as in the most remote town ships of Iowa and Mississippi and in the councils of the socialists and the gather
 ngs of the populsts No amount or kicking and grumbling is blinding any body to the real facts of the case. The country has made great and substantial progress in the general direction of uni versal fair play during the last 25 years, as much as this statement may be de- ned or criticised All of which is to the general advantage of the millions of big and little partners in the organized bus mess of the nation. It is a growing guar antee that the little people will get all that is coming to them in the future and eventually be saved from the plundering machinations of insiders. 1t is the com ing triumph of publicity in corporate af- fairs
 In spite of the serious break in prices which occurred the middle of the week. the net average changes In quotations have been unmportant, They have not been sufficient to dislodge stocks in any large volume, and the position of the really influential elements remains as it was a week ago, a month go or 50 days ago. The great forces In control are in no mind to let market prices off to any appreciable extent. Fluctuations of suf- flcient swing to keep alive the spirit Of speculation is about as far as the con- trolling clements seem willing to go at this juncture. Of course, any such thing as broad, sweeping crop catastrophe would br'ng about & radical change of front but nothing of that kind Is now in sight
 There is disposition to regard Judge Gary's International Steel love feast as something of joke, although the press dispatches rive the affair serious treat ment There Is a suspicion that the judge Is taking himself and his lad altogether too seriously--thar like many another