The Birmingham age-herald., 1912-08-04

All these good things are at last be- ginning to be reflected in the stock
 market As yet there has been no sen sational advance in prices. but the ten
 dency is unmistakable. The ground be-
 meath the feet pusates with energy,
 and the air is becoming electric with the impulse 10 start something and do something. It is one of those sensa- tfons which everybody feels and un- derstands and for which many explan- ations are given. The fact is the
 country has had a long rest. It has
 been economizing and saving more money and was never so full of re- sources as now. The situation is dead
 ripe for action and the stock market | is beginning to reflect living condi-
 tions. It is burying the past depres- sion and is turning hopefully towards l a bright future. Political develop
 ments have also contributed to confi- | dence. This has been most marked | during the last day or two--since it has become knowR fairly well what
 the presidential candidates will say In | their letters of acceptance on many of
 the important issues. It has become known definitely that there will be no wide divergence of opinion on the ta- riff question. All hands want revision, the only apparent difference being the road to be travelled and how far to go The suggestion advanced by Gov ernor Wilson that the most satisfac- tory way will be a reduction In duties
 on a graduated plan, seems to meet
 approval, although 1t is certain to be confronted with strong objections from
 many quarters. The theory is not a new one. and there are those who con tend that the better plan Is to cut the cats tail off at one ampntation than to reduce 1t by inches--an inch a year. However. in these days of CO.,
 caine and other pain-killlng drugs, the horrors of surgery are greatly softened. However, that may be the feeling for the moment is that of satisfaction, that there is to be no chance of radical re- vision-no rough-housing, nothing that business cannot adjust itself to with a minimum of disturbance.
 Spectators have been indulging In | a good deal of thought and discussion as to whether the big bull movement
 which most people. seem to think req sonably certain to take form, will be- gin from around the present levels or after a break frrkl present prices. As a rule bull campaigns are organized and taken in hand by great plungers
 or by powerful syndicates with head quarters in strong banking houses. In most such cases, 1t is the desire of the prime movers to accumulate great lines of stocks at low prices. To do this it was the customary thing to raid the market, bring about grand shake out of poorly margined holdings. and buy in the sacrificed property. By this device the leaders of the play were enabled to start in on favorable terms. Generally speaking. manipulations do not like "too much company" at the outset They do not want to be obliged to stand in the gap and pay
 the profits of a multitude of little fel-
 lows who unload at high prices. The time the big fellows want company is
 when they have put the price up and are ready to unload. The purpose of all bull manipulation is to make a high
 market for securities and property. bought at lower figure To that end
 the public is invited to participate
 when the stage IS about to be reached
 for huge proft-taking by the insiders.
 On this occasion, however, there does not appear to be syndicate or banking leadership in the accepted sense of tho
 term. The great banking institutions
 are connected up with scores of under
 writing com hinations which have on
 hand masses of undigested new bonds
 of the last years production and their
 main interests are in that cirection at the moment. To encourage tho cnsi-
 neerire of break in the stock market
 would be to stiil further dol5y tho dts-
 tr!bution of this mass of "undi gosto cd"
 securities and that is tho one thing
 the banking powers do not want. The