The Birmingham age-herald., 1913-06-01

ent securities situation, as they appear to
representatives of the active interests in
Wall street. Conditions are novel and
beyond the comprehension of students of
keenest observation and longest expe-
rlence. New and unanalyzed forces are
In operation, and past experiences count
FOR little or nothing in the forming of
conclusions. From speculative and in
vestment standpoint Wall street is an un-
charted sea. For the most part traders
tusually active) defend their inertia. with
the assertion that they are not afraid to
play, but that they do not intend to take
a position until the real leaders make up
their minds. There is general express
sion of kindly feeling toward President
Wilson, but through it all mental reser-
walton that he must prove up" better
than he has yet done before he can be ac-
cepted as the Moses of the hour.
On several recent occasions coming
events have been discounted, the record
shows. Foreknowledge of the cut in New
Haven's dividend from to per cent
caused break in the price from around
1876 to nearly par: since which time the
stock has been as solid as anything on
the list 1t has seemingly permanently
Joined the per cent group. Frisco broke
10 points, or thereabouts, right into the
lap of the receiver, there TO stop for a
rest. About all that could happen has
happened to several of tine specalties
and they, too, have gone into uneasy
sleeps. When Distilers slipped through
an air hole in the rotten ice to the loss
of AZ points In half an hour it excited
hardly a ripple. The sugar issues rule
weak generally on the prospects of tariff
cut-another case of discounting the fu-
ture. Steel, although under the harrow
of all kinds of persecution, has been one
of the strongest of the active speculative
stocks for several weeks. 1t was, in
fact, the backbone of the situation.
Dawson Offends Newspaper Men
Partner Dawson of j. P. Morgan & Co.
has gotten himself "in Dutch with the
New York newspaper men of the financial
district by subscribing to his firms denial
of a London interview cabled to an Amer
lean newspaper. The writer of the inter-
view enjoys an exceptionally clean repu-
tation, and his associates are taking his
side of the contest of veracity. The in
cident virtually puts Mr.. Dawson on the
defensive among the financial writer's,
most unenviableTpostion for an active
financier TO be in, many have found to
their sorrow. This by no means implies
blacklisting. but it does convey the idea
that the writer's have regulations to pro-
tect, as well as other folks, and that they
40 not hesitate 10 go TO snow down on
their records. They are a trustworthy lot
and stand well at the home offices, as all
newspaper men must do IL they last with
the cashier
President Yoakum of the Frisco COM
mitted the indiseretion of scattering his
banking patronage, and when he went up
against real trouble there was no one
strong house to come to his defense. He
acquired this habit of diffusiveness from
his crony and business associate, the late
Edwin Hawley, and when the latter died
a vital support was lost to him. The rail-
road companies that have the easiest time
are those that tie up to one or two bank
ing houses. Incidentally they also buy
loyalty and guarantee of help in hours
of need-an alliance that does not attach
to corporations having scattered financial
attachments. Banks do not like to COM
pete for the favors of borrowers, except
ing in unusual cases. Mr.. Yoakum over
looked this popularity of the street and