The Birmingham age-herald., 1923-07-14
USUAL DULLNESS
 FOLLOWS BEAR|SH SPREE IN STOCKS
Market Has Succeeded In Soaring Itself Over Future
 Developments
Ny WALTER H. BROWN Editor New York Commercial

IeH@e0 Wire to The AGe-HerHfd.J
 NEW YORK, July l3.-Wall street. having had its spree of bearishness, nas settled down for the usual period of dullnes,. Daily transactions arc so small in volume that it is i'm A.possiblo to say whether the market :s strong or weak. It is entirely ss'~-colorless, out there seems little doubt -t that tke bear drive is ovec for the ,, present, and the pessimistS are nov ts ,'Maiting to check up on their p:e- ,s~ .dictions. This in fac. describes tho # .Dresent situation-Wau street has s'TF S@en working itselt into franZy of apprehension s to what might he s,- eXpectcd to happen and has been x cling stocks accordingly, even .s.. though it may tuCn out. ns :t prob aoly win, that most of it's scare "ns over nothing st all
 IL has been oue of the most re- a.;."kaole episodes lt yhe history of tho stock market wherein u has sue necded in soaring itself like R child afraid ot the darE. So far. none of rc&Iiz2d and 1t is bold prophet wno Nill point n,s finger at any ore par F iCGlsr th:E. a;d say that it is due came to pass within time
 Negative Analysis
 "---~ If one is to analyze the market at . present l. mast be done from the negative side. It is necessary 10 record events that have not hap VI n0lied. but which tle theorists who ,tt3Nc been GIdlnS iu' HldIAeN M N'!1 Sra ,'ast weeks nave set down on thelt - s, hyrts and diagrams as being about As-a--'',It. T. is n fact sort ot zero iv'@ riI4ur whe@eiH it is only possible to s.entS.
 There A4s, in fact. been ,'.i. .,,il one i'm, t%e week. but aot of the kind looked for. Trance has ratified the treaty for the limitation of armaments and " e.t is therefore fully operative It IS r,ya opl4i ieN-a SPCre- tary Hughes. who has held steadily to his purpose despite the lack of faith of almost everyone else. The thought naturally arises as to why this same procedure cannot be fo!- lowed with regard to other impor- tant questions. No doubt Europe would like the United States to take the initiative in other conferences, and it may be that some of them will come to pass, but there are many delicate questions involved. particularly from our standpoint, and the arrangement of such confer ences is not as simple as 1t might 7 seem. Ney rtheless. there is strong sentiment among the American peo- pie for ou doing whatever we can in htis direction if it can be don" 55 without involving us in European sn politics. N,
 Coal Strike.
 Ao. From the oomestN standpoint the .s- question that looms the largest IS -ss--- the possibility of another coal strike sst particularly among the anthracite t- miners whose agreement expires August 31. The demand which the conference at Atlantic City Is now considering Is for practically the same terms which were fought over last year and which were not granted fssa.The conservatives among the miners kyAsare willing to allow things to stand ssss- as they are but the radicals, who seem to be in control, are insisting upon 20 per cent increase in wages. Consumers on their part are demand ing decrease and not an increase seems to them impossible that there should be anything approximating a buyers strike in regard to coal. but is they were to study history little closer they would see that an eco homie necessity always develops it's remedy.
 Oil Comes Into Use.
 Fuel oil as a substitute for coal even for domestic purposes is coming rapidly into use and high or higher prices for coal will stimulate it. The coal industry as whole IS over manned. It is estimated that there is a surplus of 100000 men in the coal fields and the high wages are being insisted upon that they can all work part of the time and aver age a fair wage at that In other words consumers are called upon to support 100000 men In idleness all the time. If as the Secretary of La l,or points out they could be trans ferred to the steel industry 1t would solve both problems. At this writing
 it seems as if a strike will be averted. The men were idle five months last wear and high wages cannot compen- sate for that As market factor, however, the coal strike is merely a possibility. It is in the class with ali the other bogies that have been