The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1912-07-28
Wall Street Becoming Rec
onciled to an Overwhelm-
ing Democratic Victory
NOT SINCERE IN IT'S
ROOSEVELT BOOTS
J. p. Morgan Returns From Europe,
But Has Not Been Here Long
Enough to Make His
Presence Felt
nr w. G. NICHOLAS

| NEW 1orkf july 1ts-topoSlSiJ- w GA
street is wondering what the stock mar
ket Is waiting on or waiting for. Stocks
have been practically at standstill for
three or four weeks. That Is, the great
majority OF them have been in the
apathetic class Some of the specialtios
have gone through eccentric gyrations.
| part of them climbing skywards and
others taking the rapid back track. Most
of the seasoned things that the public is
familiar with have done very little either
way.
Not so with quite a number OF the
newer issues and with some of the. old
ones which appear to have taken on new
life. The shares of the Electrical Manu-
featuring company, for instance have
assembled to higher levels. making great
speed In the travelling. The TobaccoJ
stocks, too, have caught their second
wind, and are showing remarkable agility
on the up-track. Sears Roebuck, de-
scribed by many as freak stock, has
been doing some wonderful stunts, and
has become quite favorite with traders
whose operations are conducted strictly
in the gambling spirit and who do not
care what they gamble in so long as they
get quick action. National Biscuit one
of the highly successful industrials. has
sold off u points in the last 10 days. There
is reason to believe that inside interests
stopped the advance in this stock, not
caring to take too conspicuous place on
the stage. There is a prejudice among
the controlling interests in some of these
money making industrials of the food
producing class against too much noto-
riety. They do not care to be identified
in any way with the high cost of living
and naturally prefer background quiet
Meantime, conditions are steadily i'm
proving. Stock exchange prices are about
where they were a year ago. and the
general situation is unquestionably very
much better Business expansion Is re-
ported in every quarter. Unsklled and
partly skilled labor has never been in
such demand. immigration is at food tide
and the demand for low cost labor is uni
yersal Not only are the farmers clam |
oring for help, but the large communities
are similarly situated. The advertising
sheets of the New York Sunday papers
contain scores of solid columns of adver-
tisements for male help and weekday is
sues are crowded with the same kind of
help wanted" advertisements in only
slightly minor degree. Manufacturing
centers are alive with action, a condition
that is almost universal. Railroads are
now being worked almost to their full
capacity, and already cries for help are
being heard In the farming regions where
they have great surplus crops to move to
market. In four large communities out of
five the country over, building operations
are very large, and construction COM
panies are having all they can do. Not
only is the Steel Corporation up .to its
6xr wi rf,.lr hut t,a.31
are crowding on steam and exacting high !
er prices for product. For the first time
IN several years consumers are paying
manufacturers prices without grumbling
Altogether the present situation is salts
factory in material sense and prospects
are bright. Therefore, why is it that the
market remains dumb and stupid? Why
does it not do something? is the perpetual
query of Wall street. The whole market
is waiting for somebody to come along
and start something" 1t is waiting for
a leader
True, Mr.. J. p Morgan has returned,
but he has not been back long enough
to make his presence felt. The fact Is
that he is here quite as much to learn by
personal contact Just what conditions are
as he Is to lead of. He has been away
from home seven months, and feels the
need of making a personal inquiry into
L
with entire accuracy that he is taking a
live interest in politics. although 1t is be-
lieved he has not made up his mind exact |
y what he would like to see happen On
one point there appears to be very little |
doubt, and that is that he and his asso-
eiates are very unfriendly to the Taft ad- |
ministration. Nothing has gone right dur |
ing the last three years and half at
Washington, viewed from the Morgan |
standpoint. Combinations of capital and |
financial institutions have been subjected |
to more governmental supervision and di- |
rection than the big people like, and they !
seem to be powerless to check the move
ment looking to still further restrictions |
They seem almost to have made up their /
minds that inasmuch as they are sched- |
uled for continued oppression, they might |
as well face the music and stand for an
ellopathic dose while they are about II and |
be through with 1t. For that reason the |
Wall street conviction is strong that Will |
son and an overwhelming democratic |
Congress will be elected In November. To |
that conclusion the street Is becoming rec
oncfled.
There is very little sincerity in Wall |
street In the apparent friendship of big
people for Colonel Roosevelt In the
background they look upon him as a dan
gerous character whom IL is very unde- |
sirable to see restored to power. The
real reason why he Is encouraged to GO |
ahead with his third party enterprise is |
tho hope that by making a good strong
demonstration he Will make Taft's defeat |
certain, and at the same time commit no
litical suicide--efface himself permanently
and definitely as a factor to be further
considered seriously. AS nearly as can
be ascertained such is the Wall street at
titude and Wall street hope politically |
The Wilson letter or speech of acceptance
is being looked forward to with keenest
interest. The declaration OF principles
and purposes therein set forth will give
business men a clearly defined base line
upon which judgment and plans MAJ be
predicated. 1t Is felt.
The drift of speculation continues
strongly in favor of industriais in pref
erence to railroads. The reason for this
has been explained in previous dispatches
but little more on the same subject is
particularly timely just now. The feeling
Is that railroads have gone about as far
as they can under existing conditions
whereas the field for industrial expan-
sion and exploitation is practically bound
less. The result is that the market Is
filing UP with a lot on new things, many
OF them OF very doubtful value, and some /
of them actually of the widest of Wild
cat order There is almost as much al
furement however in fl1a ip1t1ctrfal effro- |