The Birmingham age-herald., 1913-03-16

American finances ever since the object
lesson was administered after the Bal
kan-Turkish crisis became acute 1t took
months to digest the mass of American
stocks and bonds that were dumped over
by frightened European holders. Buying
for foreign account has recently been a
manifest feature of transactions on the
exchanges and through the International
banking channels. The foreigners are
unouestionably beginning to buy back
the merchandise they sold in the paniclSy
days of last fall.
More Friendly Toward Wilson
The pacific utterances of President Will
son and the rapid unfolding of his poll
cies have been pacifying upon the Wall
street mind. The impression that he
might be iinpracticable and academic is
Icing slowly corrected The expression is
often heard these days that "Wilson has
made no mistakes and it looks as though
he was a bigger and broader man than he
was supposed to be by even his warm
| est advocates" All of this Is tonic In
Tits effects as well as being soothing to
surface irritation.
1t is becoming clearer every day that
he is not a trouble maker in any sense,
and that he is earnestly striving to make
good the declarations both before and
since election, that his highest hope is to
assist in building up the country so that
when he returns to private life 1T may
be with proof that he is a great upb1ilder
the greatest the country has yet pro-
6uced. That is his acknowledged ambi-
tion. That he Is a man of almost ideal
courage in the expression and mainten-
ance of. his ideas of what ought to be
done to produce the greatest beneficial re-
suits is becoming conviction among think
ing men. The business interests so far as
they are expressed in the confidential in
terchange of views among the leading rep
resentatives of every line of industry CEN
tering in and about New York. are be-
coming more cordially friendly with the
President every day. He Is making hit
and unless the radicals obtain absolute
control in Congress, it will not be i'm
probable that with the adjournment of
the special session of Congress. the coun-
try will enter upon period of crowning
prosperity and progress. 1T was never in
better position for such a development.
1t has now been six years since the panic
of Isvi, and that time has been put in to
great national advantage. The people
have saved money in spite of the seem
ing extrayagances of the very wealthy,
and the gmulfitudes have never been bet
ter situated to take part in a monumental
revival of commercial and industrial ac-
tivity.
Low Prices of the Year
The low prices of the year We're reached
early this week. Bankers and brokers
are telling their friends that while they
would not be surprised to see a still
further reaction, that the real crisis has
passed and that it is the part of wisdom
to place surplus capital in securities at
current quotations. The extent to which
this counsel has been followed has al
ready made an impression on the market.
The foundation seems more solid than
for a long time. !.
When men buy stocks and bonds now
there is less nervousness and timidity
in the transaction. There is growing
sense of safety and a feeling that the
worst Is over. From every bank and
brokerage office the burden of the litera-
ture that goes out is that thrifty and
prudent people will be making no mis-
take in putting their spare money into
seasoned shares and bonds that yield
Is to Z per cent. This sort OF campaign
can be productive of only result. The
goods that Wall street deals in are pass
ing from the shelves and counters into
the strong boxes of a multitude of men.
women and estates. The supply has not
yet become exhausted by any means, but
the process of absorption Is going steadi-
ly forward and the theory strengthens
that advancing prices will ere long be
the permanent feature.
New Industrials Safe
Some of the new industrials have suf-
fered badly during the last few days, but
after all this class of goods has very
nearly held its own with the most sea-
s0ned issues. The biggest loss, for in
stance, has been In Canadian Pacific, gen.
orally classed as way up among the gilt
edged Investments. 1t has broken nearly
80 points since the decline began a few
months ago. Union Pacific has declined
nearly SO points. Reading, Steel. Leingh
Valley and other active speculative issues
OF the better grade have declined from 20
to 20 points. Few Of the wildcats have
general public has lost SO on the good
things. where 1t has lost 81 on the "rain-
bows" That Is because the shares of
the seasoned nronertias uere mora dnlu