The Birmingham age-herald., 1912-05-19
ODDS AND ENDS ARE IN THE L|MEL|GHT Small Specialties Hare Ab- sorbed All Attention ROOSEVELT IS FACTOR Many Are Selling Securities and Put ting Their Ships in Order Against
 Squally Weather and
 Storms
ROOSEVELT IS FACTOR
By ". c. NICHOLAS

|
 "cats and dogs pups" "bobtail pools
 lightweight syndicates and groups of
 spectators who like to experiment with
 odds and ends and new things when
 market conditions are right for that
 kind of diversion. The bulk of the bus mess on the stock exchange for several | days has been in specialties of small l importance and many of them entirely
 unknown to the general public Daily
 dealings have run up into thousands of shares in strange stocks like Bag and Paper. Malt, Leather, Corn Products,
 Paper Mexican Petroleum, Pittsburg
 Coal, Quicksilver, Cast Iron Pipe and a
 dozen other unfamiliar things. Specu- lative ambition had cooled on the stand ards and had to find something to get lousy on. It was a rare opportunity for persons who were interested in new and Speculative stocks, or dormant old | stocks, to stir up some interest, and | they proceeded to take advantage of the
 chance Publicity agencies were set to I work and the street was saturated with tips and advance information as | to bull movements in these queer
 things. In many cases these tips were
 made good and the blackboards were
 enlivened with figures showing advances | of to 10 points sin as many days It l was found an easy matter to mark up prices, and by the time the bulges were | advertised, miscellaneous public was
 ready to begin buying. On this artificial
 and foolish demand insiders cheerfully lsupplied stocks, and the public at the present time has more of this in- digesfible stuff in its stomach than at
 any time in years.
 | While this was going on there has been considerable distribution of stocks in the older companies and in such speculative favorites as Amalgamated I Copper, Shelters, Steel, Union Pacific and Reading. After the deed was done, 1t was discovered that one heavyweight t speculator has sold out 75,000 shares of Il his Amalgamated line through one house. He is a representative and l member of an important group havin g close alliances with Standard Oil. This
 incident gave rise to gossip that the iRockefeller-R Ryan interests had been | getting out of Coppers and were ready for reaction. This theory is very widely held in Wall street, and applies not only to the Coppers, but to Steel, | Rock Island. Lehigh Valley, Reading. and in fact most of the issues that have been conspicuosly active on the long upturn which began about February 1. E IL was StHeTdlly believed lndI tho big insiders had liquidated freely before
 the sharp reaction of last week, but if
 such was the case the distribution was mot completed, for the same people who were believed to be heavy quiet Iselfers gave the market strong support land brought about a recovery that car Tried quotations almost to the highest lpoint reached early this month, when the bull movement cu1minated. On the rally of thee urrent week, liquidation was undoubtedly resumed on an ex- Itensive scale. The street has a larger lsupply of floating stocks than at any time in many weeks. It is probable
 that a dangerously large short interest 1 has developed in Union Pacific and
 Reading. and also in Steel. which will
 make it easy to organize little bull furries. Aside from that, however, the market tendencies are weak, and sur- face signs point tos reaction.
 The commanding position which Mir Roosevelt has taken is beginning to be accepted philosophical1y in Wall street When he began to forge to the front a few weeks ago, the development pro- duced a mild panic. Apparently there | has been a change of viewpoint from this end. People in the financial dis
 trict are saying that MT. Taft's ex- lposure of Roosevelt's intimate relations 1 Wltll DIE interests mas taken away the terrors which had previously en-
 yeloped his name. They argue that if The was really sympathetic with Wall street and condoned the offences of the alleged "malefactors of great wealth '' l as his enemies are now charging then
 he Isn't such a bad sort after all. This talk may not really represent the feel
 ings of the important people of Wall street, but they are talking that way | at the mOmapf Thara fc I lieve, however, that many of them are mot shooting the way they look, and That while putting a brave front on the situation. they are selling their se-
 curities by the wholesale and putting their ships in order against squally weather and storms. The undertons is one of uncertainty largely based on
 disturbing speculation. as to what may
 result from a hopeless split in the re- 1 publican party growing out of the Roosevelt-Taft rivalry
 | The old fogy element which has been long in control of the New York stock exchange was unhorsed at the annual
 election of officers this week, and new order of things is promised. The ex-
 change has been becoming more ar | rogant and intolerant as the years grow older, and strong spirit of pro- test has been developing among the mem bership. The criticism inside and outside of the exchange has been that the governing faction had been making too many enemies for the organization and that 1t was time to adopt a more Friendly and conciliatory policy toward the public. The governing body of the lexchange had become self perpetuating It was close corporation and the pol icy of the entire exchange was shaped and executed by a coteire of not mora than 90 members ouS of a total of 1000 The spirit of revolt has been intensity ling until there was an explosion. From now on the public may expect rather more friendly treatment on the part of the brokers who buy and sell stocks for the multitude. Of course. there will be no immediate revolution in the ex- changes policies and no Instantaneous reversal of attitude but the leaven is working. The New York stock exchange is merely a great market where securf- ties are bought and sold. and if the pub He is driven away. it vii he so much the worse for the exchange. The very great increase in the bushes of the New York consolidated exchange was a develop ment which could not be overlooked or ignored by the big exchange. Lately quite list of leading members of the little exchange bought memberships on the big board and others have been told that they would be welcome. Hereto fore when "a consolidated exchange
 member wanted to break into the higher
 circle. he had to crawl on his hands and knees. 1t is now case of Wei lcome. Gentle Stranger"
 The new big figure in Wall street is John D. Ryan. the acknowledged head iof the greatest copper combination ever formed. He has succeeded the late H.