The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1913-10-26
New York Has Practically
Ceased It's Opposition to
Currency Legislation
EVEN MEXICO HAS
/. CEASED TO WORRY
Rate Question Which Will Probably
be Decided Before End of Year
Is Still of Absorbing
Importance
BY W. G. NICHOLAS

New York, October 25.--(Special 1.-THE
stock market was narrow and nervous at
q somewhat higher average price level
than last week; no decisive tendency de-
veloped, although sentiment was at times
rather more friendly. Indeed, In some
quarters the opinion was voiced that the
end Of the heart breaking depression had
been reached and that from now on there
would be substantial and permanent i'm
provement.
1t was noticed, however, that this glow
of budding courage did not infect or
glowingly encourage the banks. In fiscal
quarters sentiment was without influential
change. The bankers were vocally hope
full and generally prophecied better times.
For the present, however, they suggested
inaction and the cultivation of watchful
patience The market is full of cheap
securities, they are prepared to admit,
but the situation is still one of uncer-
tainty, and should times not improve
radically in the near future, stocks now
seemingly dirt cheap may descend still
further. The average OF quotations Is
lower now than a year ago and then the
course of values was going to keep right
on travelling upward without end. 1t was
a hopeful prospect. The banking contin-
gent Endorsed bullsh gospel but main
tanned professional caution when 1t came
TO actually lending money. A handful
of big corporations concluded to act con-
trary to this wise counsel and borrowed
on a liberal scale-and on terms that
seemed almost usuriously prohibitive. AS
matters have turned out the early bor-
rowers obtained the cheapest money of
tol in, H.
cradle amounts Is now a scarce article,
and to make the situation worse those
who have it on tap won't let go. at any
price. And still the parrot echo Is heard:
Don't be alarmed or In hurry There
is plenty of money. Just wait awhile and
there will be a big surplus at cheap fig
ures." Meantime the flow of capital Is
toward the vaults; not into the pockets of
those who can make the best use of 1t.
And so the bull market is thus far large
~ saturated with uncertainty.
Explanations Do Not Explain
Explanations of the business perplex-
flies do not explain. Arguments and
statements of alleged facts do not sat
isfy, nor do they solidify badly shat
tered situation. Solemn assertions from
"head centers" do not restore confidence
or stimulate investments. 1t CHANGED that
on this latest occasion the market was
to cover an actual scarcity of securi-
ties was revealed. A quick recovery OF
to points ensued, then a halt, with
recurring hesitation the feature. Another
season of grumbling, uncertainty and
tim4dity followed, and once more the ac-
tore on the Wall street stage are called
on to listen to the song that has been
sung into their diled ears for months.
And. still, with all this repetition of false
prophecy and keen disappointments, the
situation may change for the better any
moment.
Conditions Are Wholesome
1t is solemn fact that in spite OF dis
appointments and establishments actual
conditions are in the main wholesome.
tcorn excepted, the Industrial setback
due to reduction of duties is by no
means as serious as anticipated and re-
covery has already set in with quiet
earnestness, Railroads are harder pressed
than any other classified industry and
If not given relief by the interstate COM
merce commission will almost inevitably
heavily handicap business recovery.
Thinking people will be likely to lose
whatever faith they may have as to the
sanity of radical politics, il the commits
sion should yield to pressure from ir-
responsible opposition. This rate ques-.
ton is felt to be of UNNECESSARILY greater
Importance as a stock market Influence
than new banking legislation, or anything
else OH the schedules. The issue Is now
squarely before hte commissioners and
they may begin the Formally of set hear
ings before the middle of next month. 1t
is not beyond the range of possibilities