The Birmingham age-herald., 1912-12-13
Bankers Discuss Effects of Bear Raids Recently Made
 in New York
CASE OF PACIFICS IS
 BASIS OF THE RAIDS
Birmingham Men Say Conditions Are so Prosperous That Business Men Pay Little Attention to
 Wall Street

market. following the United States
 supreme courts dissolution of the Union
 Pacific-southern Pacific merger has
 had no appreciable effect on business
 throughout the country and none what ever on the Birmingham district. This
 is the opinion of local bankers and
 financiers.
 Prominent business men in discussing conditions stress the fact that there has been unusual activity in every
 branch of industry and commerce here abouts. and prosperity. it is felt, will continue.
 Here are some of the replies made by
 bankers when asked about the bear movement in Wall street and business lconditions in Birmingham President w. ". Crawford of the American Trust and Savings bank:
 "I have been so busy getting our new
 banking house ready for next Tuesday, the day we open that I have paid lit- tie or no attention to Wall street. l Whatever exciting fluctuations take place there had no effect on Birming- | ham.
 "As every one knows, this has been
 a year of great prosperity in the Bir- mingham district. Business is in n healthy condition, and it has been won- derfully brisk for some months past
 During the consideration of the tariff in the extra session of Congress, which | is to be called, manufacturers will find themselves in waiting condition. This ! is always so when tariff revision is
 pending. But in spite of any waiting
 game business in general promises
 to be large in 1913.
 ! "The iron market is still strong and
 the steel trade is exceptionally active.
 The Steel corporation has double the
 volume of it's unified orders on it's
 books that it had year ago and that
 certainly is a great barometer of gem
 eral business conditions. l 'Yes, Birmingham has had great
 l. year and we have bright outlook for l1913."
 MT. Barr's Views J. H. Barr, vice president of the First
 National bank: 'I look over the New
 York stock market reports in order to be informed, but there is little interest | in stock market affairs in the busi- iness world. Here in Birmingham we
 have a notably healthy state of busi-
 ness. There were never. perhaps, so
 many wage workers employed here as
 now; that means, of course, large pay Trolls.
 | "The mining business has been good all the year-unusually good. The pig iron market has been high and active and there has been a great demand 1 for our steel products.
 "Birminghams merchants have been busy this fall and the retail stores are enjoying fine holiday trade.' Steiner Discusses Conditions
 Leo K. Steiner of Steiner Bros: 'T do
 not own a share of anything that is
 on the New York stock market and am, l therefore. not affected in the least by the recent furry and it is that way with most of the people here. hold a good many local securities. and so long as we have prosperity in Birmingham do not care how much excitement the bears create in Wall street. The slump | in stocks was caused directly by the decision of the Union Pacific and South ern Pacific. Many spectators took ad- vantage of the situation and joined the bear side I read the stock market news 1 just as I do the sport page or the gen eral news coluIns of our papers. The business of the country has been, and will continue to be sound. The | Birmingham district has had splendid l year. The coal mining business. in which I am personally interested, could not we'll be better. Merchants are having | large holiday sales and I predict that 1913 will be another year of prosperity. The future of the Birmingham district never looked brighter"
 Marx Explains Situation "The disturbances in the New York
 stock market concerned the two Pacific l railroads" said Otto Marx, and was caused by the decision of the supreme | court that the Union Pacific must divorce 1 itself from the Southern Pacific. The | former company owned AZ per cent of the latter company. and it's showing in the !, past has been made because it could cpn-
 trol traffic by reason of the non-existence | of competition. The situation indicated
 very strong bear raid.
 | Yesterday it was understood hat Kuhn. Loeb & Co.,. had purchased 15o.0JO l shares of Union Pacific That quieted
 the market some, but the stocks have fully recovered. The court has announced 1 that the two companies must sell cut l and the owners of the Union Pacific stocks could not tell whether the fine 1 showings would be made in the future by that stock, inasmuch as the Southern Pacific will be a strict competing com- 1 pany. am not of the opinion that a great amount of harm will result from the disturbance coming at the time 1t did, although there was considerable ex- citement."
 l John H. Frye, president of the Traders
 National bank, said: 1 "A bear raid in Wall street would not
 per SC affect conditions in the Brming-
 ham district and Wednesdays raid was brought about primarily by the supreme icourt decision in the Union Pacific case
 and this case is naturally of no im-
 mediate interest to the Birmingham district.
 However, think there is a slight feeling of unrest all over the country
 as a result of belligerent conditions in
 Europe. This unrest is purely sym
 pathetic. and l think will not become
 serious. for even though the big Euro Ipean nations should be plunged Into
 war, we are far enough away that wars
 horrors would not be of direct concern to us.
 The general sympathetic unrest in
 America extends even to the south. though as say 1t is so far purely sym
 pathetic