The Birmingham age-herald., 1912-03-24


 in the stock market, but in the general business situation.
 That is what is behind the stock mar ket and what is the underlying force that is making it easy for prices to advance with the application of only moderate ley craze. Some of the active traders may think that they are responsible for the movement, whereas they are only minor factors. The market would probably have advanced if they had been thol- sands of miles beyond communication with Wall street. It would not be surprls- ing if there should be a sharp reaction after an advance so strong and so stead fly continued. Technically the market is ,.ue for substantial setback. There has not been any great amount of dangerous "pyramidng," but the market has every indication Of being lover bought''-that is l to say, over confident buyers have pressed the limit beyond the bounds of safety. Several times on the way up it looked top heavy and the professional element quick iy shifted front but on each occasion minor reactions have been followed by full recovery and still further improve ment. II has been an exceedingly per- picking and painful market for the chron- ic short sellers. They ahve ms judged the underlying conditions entirely and stub born opposition has speeled heavy loss At the same time it Is more than likely that the short interest is as heavy if not heavier, than it has been since the upward movement began. If that be the case, and the judgment of many of the shrewdest operators on the exchange confirms it, then stocks are technically strong instead of technically weak Time and time again speculators for the rise took their profits only to go back into the marKet again at higher figures Disbelief in the permanency of the advance has been striking feature throughout every stage of the movement, yet those deep and powerful forces give solidty and strength to the situation. It has been in many respects surprising and unusual market. Public interest has been steadily growing and the activity has extended from the top of the list to the bottom. Stocks that have been dorment for months are coming to life and the volume of business is swelling almost sensatlonally The whole spirit of Wall street Is changing from one of depression to that of buoyant hopeful ness. The stock market Is at last coming to life. The resurrection is grateful to those who make their livelihood in the financial district.
 Rapid action in the political field inter- ests Wall street immensely. MT. Roose- velts progressive" il-temper over the
 
 stampede the republican party into nom mating him for the presidency is accepted as confirmation of the popular theory that he is engaged in a losing game, and that he is succeeding in arousing the substan- tial interests of the country to the necessi- ty of massing together for protection against what, AIr. Bryan's enemies call wild and dangerous heresies," Until Mr. Roosevelt threw his hat into the ring MT. Tafts chances of reelection were con cededly bad They are now believed to have been greatly improved and there are those in Wall street who go so far as to hope that the eX-president will con tinue his opposition to MT. Taft clear down to election day. This may be pour politics, but il is the reflection of very substantial bulk of sentiment.
 The street refuses to be deeply i'm pressed by the current developments in the labor situation. The belief is deep seated that a way will be found to avert any protracted strike, although it is con ceded as altogether probable that the miners as well as the engineers on eastern railroads may make a demonstration. having very much the appearance Of d walk out. The conciliatory attitude taken by Mr. Baer has had d very marked quieting influence. Mine owners and all- roads in the anthracite carrying trade have been very well satisfied With the re- suits that followed the findings of the anthracite strike commission nine yeas ago and they would like a continuation of the same arrangement which they say in a recent signed statement, produced bnundless prosperity and happiness throughout the entire anthracite coal .e- sion. The stand taken by the men in con- tro sr the railroads and mines in this ie- spect is likely to have an important
 
 gineers. Identically the same men will be very influential in determining the atti-H tude of the railroads in their dealings with tie complaining engineers Belag committed to the efficacy of strike com mission in the settlement of disputes with employees they arc not in position to oD- iect to the same plan of settlement with the engineers. Indeed there is excellent reason for saying that they would well come such a plan although almost unan- imously opposed to arbitration under the terms of the Erdman act.
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