The Birmingham age-herald., 1913-03-23
possible.
Dawn of Great Reform

UdWU vi rulcdb ltNlOth hh
We are in the dawn of a great reform IN
this respect, down in Wall street. Ihe
system of interchange of condolences be-
tween the big banks, out Of which mas
grown vicious system of espionage ana
control over mems financial affairs, is
doomed. The practices connected with the
| illicit confidential circulation of private
affairs are now being recognized as wnoiy
improper and dishonorable. The business
community is in process OF liberation from
a species of slavery--snameful subscr-
vience to the dictates of self elected guar
dians of public and private financing.
Personal independence may soon AGAIN
Iecome permissible, and with it exemption
from the humiliating sense that personal
affairs are under dishonorable surveu-
lance.
The confusing reports incident to the
Union Pacific-Southern Pacifc's contro-
versy have done a good deal this week
to unsettle the minds of the traders on
the exchange and reduce the general
market to q state of semi-stagnatlon.
Next in \point of interest was Steel FOR
some unaccountable reason there Is at
ways a dead weight of heavy selling III
that speciality, yet on every important re-
cession a solid, impregnable support
makes it's appearance. There seems to
be unlimited buying between SO and 81.
Whether this is strictly inside buying IS
something nobody seems able to ascer-
tain to a certainty. 1t looks very much
as though a party of multi-miliionaires
have supporting orders in around that
figure for all stocks that may be offered.
This is what has happened before on sew
oral trying occasions ,uno the result has
| Invariably been the punishment OF a dis
tended short interest. Trouble of that
kind seems now to be breeding. The re-
| port of the United States Steel corpor-
alton for the year would have been an in
| spring presentation under normal CIR
| cumstances. 1t was a living illustration
| of the tremendous industrial activity
| throughout the country. but for the rea-
sons described in tho beginning Of this
| letter, and for other uncomprehended rea-
sons, the market could not be stirred into
| life. Later on demonstrated Industrial ac-
tivity will have it's effect on bringing in-
vestment capital from its hiding place.
Money Awaiting Investment
| An incident occurred in one of the
clubs which fairly illustrates the prevail
| ing sentiment among operators of -he bet
ter class. A party of well to do and rich
men were assembled around dining
| table and conversation naturally driftei
| to Wall street conditionss One of the men
casually remarked that fhe would like to
get into the market again, but would not
make move until the skies cleared. 81
have $4,000 in bank he said, "and it
has been there for three months. ! sold
out some of my stocks and put the money
on deposit, intending to relnvest in a
very short time. I expect to put all of
that money and more into good stocks
one of these days, but I'm not going TO be
In a hurry about it. The situation don't
suit me. OF course. conditions, will i'm
prove, but people who are waiting for the
Improvement must not be in a hurry. 1t
may be some months before I will know
just what to do, and I am not going to
allow my impatience to induce me TO pre-
mature action. My money is safe where
lit is, and / am not sure II would be as
safe anywhere else"
One after another of the gentlemen who
were at the table confessed that they,
too, had money on deposit in bank wait
ing for the right time to invest in stocks.
Altogether there was more than $1,0O0,000
in that little party waiting for the right
time" to reinvest in securities. 1t is
quite possible that an enormous aggre-
gate sum is precisely in the same position,
saved up for the purpose of buying stocks
and bonds when business quiet is re
stored.
Railroad earnings continue to show
enormous totals by comparison with pre-
vious years. Gross revenues do not tell
the full story, however. The great bulk
of the increases goes back into property
for account of greater cost of transporta-
tion and maintenance of property.