The Birmingham age-herald., 1912-09-29
LEADING INTERESTS PUT ON TIE BRAKES Don't Want Prices to Jump
 Too Rapidly FINE WINTER AHEAD Good Feeling Seems to Prevail Every where and Market Leaders Seem
 Absolutely Indifferent to
 Political Outcome
FINE WINTER AHEAD
By ". c. NICHOLAS


 New York September 2S.-(Speeial.l- The leading banks and finaneiers of Wall street gently put their feet down on the
 bull movement. not because they are un-
 friendly to an improving market, but they
 object to too much speed. They would like to see the market value of the stocks and bonds they have as collateral go
 higher, but they have serious objections to anything that looks like deludins or rainbow chasing. Their reasons for this
 are very plain and logical. They think
 that any demonstration which looks like artificial or monkey work would drive away the public instead of attracting
 them-that it would shake instead of building up confidence. Hence the simple device was adopted of marking up the
 price of call money. They put the screws on just as a warning to the. over-adven- turous ones to slow down. It was case of I've like you, boys. and approve or your general ideas us to what the mar
 <et ought to do, but you must put on the brakes and slow down a little
 The market is broadening out and be-
 coming more active. in the right way.
 Sales on the stock exchange have been running 600,000 to S00,00o shares day.
 That is in sharp contrast to the avei SSe
 days doings throughout the summer
 months when the totals ranged l50,oo0 to 10000 shares a day for weeks at stretch Trading includes almost every
 listed stock. instead of being confined to a handful of leaders and fayorites like Union Pacific. Steel, Reading, Can, the Hill stocks, the Coppers and probably dozen others of lesser importance. Now the big blackboards In the brokerage ol- fices are covered from end to end and top to bottom with figures registering the continual movement of prices throughout the long list of securities It is q cheer full sight for the brokers and commits sion houses and is construed by them as 1 foreshadowing lively fall and winter
 And there is substantial basis for this expectation. The early forecasts Of bump
 CT crops and of improvement in every line of industry and commercial activity have made good. Actual results have even gone ahead of predictions and esti- mates. Earnings in every quarter are big,
 in many cases going away ahead of any thing dreamed of, This is peculiarly
 true with the Steel and Iron industry, with every line of business connected with the electrical division, with textile fabrics and in fact with every line of manufac- turing and merchandising. As for the railroads, they are doing the biggest busi-
 ness on record from one end of the coun- try to the other. Gross earnings show increases beyond anything known In railroad history. The increase Is net entirely satisfactory owing to the added burdens of higher wages and the high cost Of everything entering into the eX- penses of transportation. The whole situ- Gtion is full of encouragement and there l is no reason why the stock market should f tof 1 of national politics is for the moment creating no disturbance. The discussion | turns on the extent to which Wilson will 1 triumph--the majority of electors he will | have in the college and how many strong republican states he will win by minority vcte on account of the struggle between | Roosevelt and Taft. It Is a more or less interesting topic for conversation. but is
 not amounting to much as market fac 1 tor.
 l There is going to be plenty of money 1 with which to finance a reasonable mar | l0et. but not enough to buy and burn fire worke or indulge in unnecessary and un-
 wise band playing. It took hard work 1 and the exercise of a superior grade or ability to gather together resources neces- | sary to take care of the crops and meet | the absolutely essential needs of the great l business communities and leave anything worth mentioning for Wall street. That dll1lculty has been surmounted and tne future now looks fairly serene provided i reasonable restraint is observed. And the | big people are going to see that 1t is. , They are on guard against indiscretions and will make 1t their business to hold rein on the situation. Gold is beginning | tc come in from the other side and Sec 1 retary McVeagh leaves no doubt in the minds of the public and of bankers that
 the whole of his $S0.0oo, 900 loose change or any part of it can be drawn upon should there be legitimate demand for funds with which to finance actual needs | of the people. He is not going to put | it at the command of Wall street. This frank expression of MT. McVeaghs posi- ton Is not entirely pleasing to Wall street but it inspires general confidence and will have the effect of subduing any Shy lock instincts which might otherwise crop out.
 A development which pleases the real | i. .t-l..