The Birmingham age-herald., 1912-02-11

cured The stocks that were sold short had to be bought back again. Important liquidation appears to be over for the time The big people who wanted to get out did so on the bulge which culminated about the end of the old year. While stocks were high, they converted their speculative lines into cash, and great many of them went off on their winter vacations, either abroad or at the winter resorts of the south and California, leav- ing the market to take care of itself. That is what it has been doing for sew eral weeks. Naturally, the tendency was downward for while, and, in thesopinion of a majority of professional and exper- fenced operators, now active in the mar ket, values are destined to seek still lower levels on that issue, there is radical difference of opinion. The market has distinctiVely two sides, and powerful ar guments are brought in support of both positions. An earnest battle is going on. and experts in Wall street matters be-
 ieve that in the very near future we
 will be called upon to witness a decided break or advance from the present level
 The question of politics continues to ab-
 sorh attention in the financial district, ranking ahead of almost every other as
 the liVest factor. The alignment of the administration machinery in vigorous and effective opposition to the stampeding tac-
 ties of the progresives and their allies
 under various guises, has brought Wall street to the conviction that MT. Taft will triumph in his fight for a renomination. The skies are clearing in that direction and, to a very considerable extent. finan-
 cial interests are shaping themselves to accept Taft and a Taft platform as a foregone conclusion. Interest, therefore, is being directed more and more to the democratic possibfities-the democratic
 candidates and their platforms Less is heard about MT. bIarmon, not that he has lost in the regards of Wall street, but the feeling grows that he would be un- popular with the mass of voters, be- cause of his supposed friendship for high finance and high financiering. Governor Wilson is believed to be losing ground Geographic reasons form the basis oi about the only argument heard against Mir Underwood. Champ Clark Is consid- cred fairly good material, but hardly ot presidential size. Governor Marshall oi | Indiana appears to be coming more into | the limelight, and there is real anxiety | to know more about him. Wall street i. sending out scouts to look into his career and characteristic tics-to size him up" ai | It. were. A feature that adds to tn, | chances of the Hoosier governor is eth' l fact that he has done almost nothing down to date to advertise himself in tn
 east, phase. of modesty that appeals
 and is really making him more friend | than anything he could do in the way O | brass bands and red fire.
 As matters appear to be shaping. it i
 within the range of possibility that afte
 the conventions are held in June, the line
 will be so clearly defined that business 1 can adjust itself in advance of the cleo
 tion The secret hope is that the presi
 dential campaign may take on the com plexion of the last fight between Harrison and Cleveland, substantial interests no
 caring particularly who might win. Tha
 such a situation should develop is how
 ever, regarded as something almost too good to be seriously anticipated, muci
 as the desire exists. It is one of tn,
 things discussed. however, and prayed 1 for The mere fact that 1t is being ac tually being considered has a quietins effect on the stock market, and in gen.
 eral business circles. The stage of hys tercs, so earnestly and actively promoted
 by the so-called republican "progressives'
 seems to be passing away although there | is always the chance of its being revived with intensified fury. That, too, is 2
 theme for speculation inJthe financial dis. | trict.
 Price changes this week have not been
 important. The total volume of transac- | tions on the stock exchange has been | above the average. thus indicating the ex- | istence of varying opinion among people of affairs. and convictions as to the fu- l ture. The enormous amount of idle money