The Birmingham age-herald., 1912-07-21
IS MORGAN COMING ID AID ROOSEVELT? Gossip Says Big Business
 Will Line Up BUSINESS PROSPERS Odds Recently Offered in Wall Street That Wilson Will Be Next Presi-
 dent-Crops to Be Enor-
 nous This Year
BUSINESS PROsPERs
By ". G. NICHOLAS

New York July 20.-(special. )-wan street attaches importance to the return of Mir J. Pierpont Morgan, who is scheduled to arrive here the early part of the coming week Announcement Of his departure from the other side took the street by surprise, as 1t had been an- nounced onR a few days ago that he would proong his stay in Europe until September. What brings him here,' peo- pie are inquiring MT. Morgan has not taken an active part in business affairs for at least two years, and that he should now find it necessary to come home strikes many as being at least un- usual and entitled to comment and speeu- lation.
 MT. Morgan has been hearing great deal lately about the improved condi- tions in America, and has been urged to give at least his moral indorsement to an upward stock market movement Natur- ally bull on America, MT Morgan, it Is said has given friendly ear to this sug- gestion, but 1t deemed it only the part of prudence to come and look things over before reaching a decision. It is under stood that he Is not entirely satisfied with the bond market, and would like to reduced somewhat before giving his un- ,qualified approval to a campaign in the stock market And then, some of his close friends have been trying to persuade him that big business" ought to get behind Roosevelt and financially back his third term movement. The gospel has been preached industriously that Roosevelt is the man to lead great boom in Ameri- can business and blaze the way for the greatest whirlwind advance in our ma terial affairs ever witnessed George w. Perkins is the recognized leader in this uplift crusade and he seems to have made an impression on quite nuHhber of em. nent financiers of acknowledged influence in the shaping of large affairs. This state ment is not idle gossip. It has basis of solid fact. There are many who really believe that the Roosevelt campaign will become formidable and possibly, a de- termining factor in the November elec- ton.
 The stock market is in unquestioned need of leadership. Professional senti- ment is chronically bearish, excepting dur ing the actual progress of whirlwind bull campaigns. It has talked and acted bear ish for several weeks, and q reaction of 5 to 15 points in prices from the high fig ures of early June was a result. There was a big general, although scattered, liquidation of weakly margained and timid accounts. It would not be ascertained that many really important people or in- terests had parted with stocks to any very great amount, although rrofit taking by some of the big plnngers was in evil denee. Several of the acknowledged lead CTS sold out preparatory to their annual va @ the same people left undisturbed their principal holdings,
 The market bumped on solid ground early in the week. It was proof against bearish assault and the discovery was made that stocks had been oversold'- that the bears had gone too far and cre ated dangerously extended short inter est. That gave the bull party decided technical advantage and q rally was tlss natural consequence. Sentiment had be- come altogether too unanimous on the down side. It almost invariably happens that when everybody in the street thinks and talks one way, 1t is time for change. Many of the veterans in the street make money automatically by bet ting against the crowd after market goes one way for long time and then gets dull.
 Actual conditions that underlie the stock market and business In general are better than they have been any time this year. Factors that entered into the calculations of the big buyers a few months ago are no longer speculative. for the most part The crop outlook, for instapce. is meet ing the most hopeful estimate of early sun,r'er and late spring. It. Is now plain t., ts seen that unless something entirely u.itl rd happens, farm production will best all records. Prospects are that the tiller of the soil will realize at least s1,- 00O,000.o00 more than last year. a gain of more than 10 per cent. The money stua- ton is as good as could be desired There will be plenty of capital available for the moving of the crops, and in all probabi- ty something left over to finance the stock market Some of the banking insti- tutions may be cramped by inability to work off bond issues they have under written, but nothing very serious is looked for in that quarter. The undigested DOT tion of these bonds is slowly finding it's way into the strong boxes of investors. It IS a good thing the market Is heavy in that quarter else voluminous new issues