The Birmingham age-herald., 1913-04-06

There was an instant change of front.
Passion for ruthless action cooled and
now in place of dark hints Of implacable
conflict are heard cooings and prophecies
OF general concilation and cooperation.
flans Tor hostile campaigns have been
apparently abandoned
But have they? The street Is fuu of un-
helievers-hard headed veterans of long
experience and trained to suspicion anu
DOUBTS. These men question the SIM
certify of the professions 'o= reverence for
the memory of the dead king and of good
VIII for the heirs and the trustees of his
fortunes and the executors of his politics.
1t Is weird complication. When the
problem will be settled and how, is an is
sue of vital concern, to Wall street. Also,
now long any unwritten peace mct VIII
last, and what the guarantee will be?
Upon the duration and sincerity OF re-
organization of centralized capital will
depend the course of large business man
agement. Will the new order of things
command the faith and confidence Of the
public, or leave it longer a slave of I'M
certainty, unrest and, suspicion? Nothing
that has ever confronted Wall street is
as important as the pending financial re-
adjustment The immediate prospect is
for surface calm-but the ice is thin and
full of air holes
1t was something of a shock to Wall
street TO learn, through the authorized
channels for the dissemination of White
House advance" news, that the Presi-
dent had determined to shoulder the en-
tire responsibility of tariff revision on
Congress-, instead of becoming a party to
deal for a satisfactory law-satis-
factory to specially favored interests.
The street had been lulled into the belief
that Washington had been fixed in the
good old way. That position seems to
have grounded on mistaken theory. The
latest is that the President will simply
inform the Congress majority that it i5
pledged to an honest teal, and was elect
ed on that premise, and let it go at that
specifying his construction. of some of
the leading points in order to make his
meaning clear. The idea that Mr.. Wilson
feels that the democratic party is under
contract obligations with the public to
give it what it voted for is an embarrass-
ing political novelty and confusing to
those VAo had planned on different lines.
Now - be told that unless Congress car
ries out this prediction contract for
square deal. there will be endless further
agitation. fills traders with alarm and
perplexity. They looked for something
different, and had laid their stock mar
ket plans accordingly, The newest polit-
ioal development at the national capitol
would seem to compel a reconstruction
ways. The market during the last few
days has felt the effect of the announce
ment of the White House purpose. II
Congress lays down on honest revision
there will be no trouble in -locating the
responsibility is clearly the purport of the
warning that has been allowed to escape
from the White House in contradiction OF
supposedly inspired advance information.
There was palpable manipulation in the
latest bull movement in the stock mar
ket. 1t was on the eve of decentralization
and had to be braced up. The job was
well done. It's management was in mas
terly hands and was backed by the
strongest interests in America. A
''hunch" to that effect was given proper
and influential circulation, and produced
a remarkable change in speculative senti-
ment. strongly bullsh sentiment de-
veloped and active speculation ensued.
The rally ranged from points to points
and excellent support appeared. The in
terests responsible for the advance sue
ceeded in unloading a goodly share or
their earlier purchases at a profit, be-
sides accomplishing the main purpose OF
the rescue movement. 1t was clever
piece of work and contributed potentially
in restoring general confidence. Now that
the necessity for bolstering prices has
passed. the immediate course of prices
is problematical. The market is being
seemingly left to itself once more. On the
rise the trapped bears were large buyers,
and as a result the technical situation was
considerably weakened
Memberships on the Stock exchange sold
down to $4,000, and there were rumors of
private transfers at still lower figure.
Within the last day or two $4,000 mad
been bid for seats Members of the eX-
change profess TO be greatly encouraged
by the check in the downward movement,
and predict a return to $4,000 before the
end of the year The exchange is under
going many practical reforms aside from
those proposed by the statesmen in Al
bany and the outlook for the organization
is really very much improved The poll
ticians have lost interest in some of the
alleged reform bills at Albany, and the
usual gossip about graft Is ahoat. IL
is not believed however. that there Is
anything to these stories The job of
lighting unjust legislation was too big to
be undertaken along the old lines.
The trade of the United States wltn
South American countries is steadily in
: