The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1913-12-28

LIE ANI-
enough to count noses The hosts in
| hiding are already emerging into the
sunlight and preparing for a resumption
OF the peaceful activities of other days.
Fluctuations Very Narrow
As price maker the stock market
| has not been a sensational performer
lately. There have been days when &c
centric specialties jumped up point
or two or slipped back as far, and
| occasional flurries were engineered by
the professional fraction chasers, ut
the great forces remained practically
| stagnant. The important factors In
the financial world insisted on the pro-
| longation of quiet. 1t may be claimed
| that the influence of the almighty dol
| lar is over-estimated, but that is a mis-
take. The active force is not always
visibly evident, but 1t Is thtre and its
present insistence is a further appli-
cation of patience. The argument of
| the silent giant is that the small but
even improvement in the situation is
not the signal for a storming raid. but
rather, the order for prolongation of
quiet, until there has been a series of
reassuring moves. The argument is
| that while a wild bull demonstration
might be safe. it is best to go slow
for the time being. And that is the
controlling force at this juncture. Yet
| 1t is not good reasoning to assume that
patience in the least jeopardizes the
outcome.
Nothing now commands more atten-
ton in the financial district than the
railroad rate problem. The uncertainty
that has been surrounding it was and
Is the perplexing feature of the stock
market. There were o few who had
| the temerity to say they positively
| knew how and when the interstate
commerce commission would hand down
decision, but the conformation of
such impudent prophecies was open de-
nunciation. 1t Is said that while the
commissioners are under no pledge of
secrecy their unwrltten and unbroken
rule is to observe sacred silence even
| among themselves what the final action
will be. 1t is on account Of the ac-
knowledged skepticism of bankers,
brokers, politicians and officials in the
integrity or value of these Washington
| tips" that so little trading is done on
that line of inspiration. For variety
of deception and ignorance the freight
rate tips from the center of action are
| the worst.
Study of President Wilson
| Wall streets principal study is Pres
ident Wilson. He is ever interestin g
and inscrutable. There is not an hour
in the district will not express an opin-
ion about him. Few of the theories
agree and few men can be consistent
| for a week at stretch. He is either
the nations savior or its ruin.
Inquiry into the terms and arrange
ments for the dissolution of Western
Union and American Telephone and
| Telegraph companies reveals that ii
was rather an alliance than corpo-
rate blend, and that the act of separa-
| ton is merely formal. This explana-
| ton is just a trifle raw, but as nc
| interests would be either advanced or
reduced by a diffused discussion the
tendency in interested quarters is to
iron out the rough spots of adjustment
with minimum of delay.
| AS a general proposition the new cur
rency law has been favorably received
1t will be a long time before it's intricacies
/ will be generally understood, but in the
| meantime it will be sturdily studied in
every live business community. The
wealth of opinion among bankers, mcr-
chants and manufacturers is overwhelm-
| inely favorable and friendly. The income
| tax, the tariff law and tho reconstructed
| currency law are three highly important
| issues for favorite stock market consider
! alton.
| The virtual reorganization of the Amer
| lean Hide and Leather company is one of
| the minor incidents of the street that has
| interested great number of people. The
company has been busy and a money
maker, but practically all net revenues
have gone to the payment of extravagant
| salaries and collateral expenses. Tile
t h epty bag, Willie fe f pF9oesttt 10 h ole
| saddle split up" the velvet in salaries
! The elect pay roll was spectacular and
finally the poor stockholders let out roar
| and demanded a new deal. The result ha
been the retirement of 100000 per cent
| bonds out of a total issue Of sSS, 500 0oG;
| also, heroic scaling down of fancy sal
aries and the application of all the arts
of economy and efficiency in operations
| The act is described as something unusual
| in the turn over of leisure game. For a
little thing the American Hide and
| Leather incident caused a lot Of talk.
| Canadian Pacific had another slide OF
| several points this week losing a goodly
percentage of last weeks rally. The big
giant is being tossed apout with apparent
utter fearlessness. Meanwhile a strong
bear sentiment is forming in this wonder
| full speciality, and the prophecy is a
shrinkage of 40 points within the next
| few months, or weeks. London is gener-
ating especial soreness
]