The Birmingham age-herald., 1912-06-09
WALL STREET SEES GOOD TIMES AHEAD Much Friendlier Feeling To-
 ward Roosevelt PROSPERITY DREAM Street Hears if Roosevelt Wins He Would Attempt to Go Down With
 Most Prosperous Era
 in History
PROSPERITY DREAM

AfACot AOotfNsOSS
 in History
 By ". c. NICHOLAS
 New York, June s. Especial. )-There is an uplifting force under the stock market which prevents any important recession in prices. It Is strong enough to resist bear raids and to present rock like resistance to the effects of liquida- tion by timid or disturbed holders The fact is that a very large majority of desirable stocks have been taken out of the market entirely by vast army of investors and that there Is no pressure from any quarter of sufficient import ance to adversely affect values. Of course, the banks hold immense quanti- ties of high class stocks as collateral on loans, and the moral influence from that quarter Is a friendly factor which must be taken into consideration. Banks do not encourage the growth of sentl- ment adverse to any stock market, unless there Is real reason for con- traction. No such reason is now ac- knewledged. For several months the entire country has been feeling the i'm pulse of a healthier and stronger busi- ness development. Wall street was slow to admit the fact, and the large and important bearish element fought the advance religiously. They would not admit the obvious fact of improving conditions until the lash of the tape forced the conviction upon them, and now tardy admission is made that the advance in stocks which has taken place may have been justified, and that the improvement may hold.
 Latterly the bull feeling has been all most buoyant. The sentiment has grown strong that nothing that can happen can seriously depress values and that great many things may happen to put securities on very much higher level. The gospel has been industriously and possibility has been discounted, and that the advance which has already taken place is merely the beginning of a grand boom, not only in stocks, but in every grand division of the coun trys activities. The people In Wall street have been feeding on this kind of encouragement for quite while and
 
 kthe morbid condition of mind so-long prevailing hereabouts. The Wall street state of mind' has changed most rad ically.
 This is striklngly illustrated by the revised theories which are being ex- pressed with regard to Roosevelt and the possibility that he may be Presi- dent again. Men who only a few weeks ago frothed at the mouth at the very mention of his name and proclaimed l that his election would ruin the country are now saying that they are not only prepared to endure the calamity if 1t should befa1 them. but that they may have been mistaken in their judgment. They are hearing the propaganda from inspired" Roosevelt sources that if the militant candidate again breaks into the White House, he will bend every en. ergy to make his administration a stu pendous success by organizing an ire sstable campaign of prosperity. They say that he will endeavor to make him self the heroic figure in American his tory not by any military expansion or Caesar like seizure of power, but that he will be the great leader of com mercial and industrial development in the world. That he will be a down to date and revised edition of Napoleon, with the difference that his triumphs will be those of peace instead of war that he will strive to make the Ameri can republic the most powerful and the richest nation on earth by crowding on the steam of development of our natural resources and quiclSening our mercan- tile and industrial life to such degree that 1t will be the commanding force in international commerce. By leading successfully in spectacular march to- ward the heights of sublime prosperity, f~ !, ,se Hat 1.f fa h4tIl faP himself a monument that will take rank with those of the greatest historical characters since the dawn of civiliza- ton No. one will deny the impress sive eness of this dream picture in monu- ment building, and as it is accompanied by assurances by Roosevelts iptimates that he is in deadly earnest and will stay hitched" on the propsition, it is coming to be accepted in Wall street as being the real motive behind the Roose- welt candidacy--not generally accepted IS unchangeable. but sufficiently so to justify some of the big men of the street in turning friendly front in the direction of Oyster Bay.
 sordid version of this marked in- crease in respect for Roosevelt Is that early in the week the men in charge of the Roosevelt campaign dough bag" had to make definite and positive pledges along the described line before they could secure the additional con. tributions necessary to carry the cam paign 10 a spectacular and impressive finish in Chicago. MT. Roosevelt has been at pains to deny this story, but Roosevelt denia1s are not everywhere accepted at full par value. His gift for denying his denials has made many people sceptical when he is particularly earnest in making statements. So, if it should come to pass that MT. Roosevelt triumphs in Chicago, joyous paeons will doubtless sound throughout this hitherto hostile district in celebration of the truly gigantic boom which is to be inaugurated and led by the versatile and always energetic champion of the people It is a curious and startling change of front that has been witnessed in the Wall street section in the last four weeks.
 Reports from the agricultural regions are getting better every day. The out look is for the largest gross farm pro- duction. and if prices should continue anywhere near as high as they are now in average. the tillers of the soil will reap the fattest returns of any year since the republic was born. Under the leadership of steel and copper indus trial development Is extending into every important branch and division of activity. Big men are indulging in optimistic interviews. and their talk is