The Birmingham age-herald., 1912-01-14
BURDEN ON BACK
 OF OFESS|ONALS General Public Is Doing
 Very Little Selling THE EQUITABLE FIRE Financial World Would Have Suf- fered Calamity If Securities in the Big Vaults Had Not
 Escaped Flames
BY ". G. NICHOLAS


 New York January 13.-(Special.)-Mo of the big people in Wall street are in- different to the course of the stock mar ket at present. Everything goes to con firm the theory that important interests are largely out of their speculative hold ings, and that they have left the bur den of manipulation on the shoulders of $ professionals who operate on individual opinion or are backed by pools or syndi- cates responsible for the specialties. Standard stocks are inactive and price fluctuations within narrow limits. For the time being, the more important inter ests arc concerned chiefly with the bond market. Money is getting into plethoric supply, and the great bankers and bond underwriting combines have big fotations to work off on the public, which will ab- sorb hundreds of millions of dollars in the aggregate It thus happens that the ruling powers of the financial world have fl first lien on the assembled capital in New fork for the use of their corpora lions in the way of bond issues. The bond market comes ahead of the stock market. and will probably hold that po- sition for another 60 days. If there is
 
 ftocks during that period, it will be for inc purposH of making the bond distrihu ,ioa easier. At the moment there ap- years to be no urgent demand for such d demonstration, and the stock market Is Very quiet in consequence. Speculative sentiment among professional traders is decidedly bearish, blT for some reason long stocks do not come out The float ing supply of stocks in the street is smaller than normal and prices yield re- luctantly under the moderate pressure.
 The principal reason why the public is not selling stocks, in the face of threat ened downward revision of the tariff, po- litical disturbances of all sorts and gen. cral business depression, is because pro- ceeds of such selling could not be rein vested anywhere else to as good advan- tage. It comes to pass, therefore that the public is buying a larger volume of securities than it is selling. There is no chance for investment in business or man. nfacturing enterprises. and land specu- lation has halted, excepting in parts of the south where the attention of capital is being directed to long dormant tracts which can be utilized for agricultural purposes under modern farming methods For immediate returns, however, the stock market offers better chances than are found anywhere else. The action of the New York savings banks in reducing interest rates on deposits is also having a slightly stimulative influence in the stock market, and there has been very notice able increase in small lot buying The number of shareholders in dividend pay ing properties continues to increase stead fly This great and growing class of small investors finds ready welcome in Wall street. The more individuals who have their money in the stocks and bonds of railroads and industrias. the more potent the opposition to political radical ism. Every male investor in a five share certificate of stock or 5000 bond, repre- sents vote and can be depended upon to cast of ballot for the protection of vest ed interests and for the promotion of legitimate enterprise.
 That general business is not picking up as fast as prophesied a month and two months ago is becoming evident. The i'm mensely favorable report of the United States Steel corporation in the matter