The age-herald., 1901-04-07

N A ham being in all things, the
 O large Birmingham Iron and steel and coal plants have practically con- solidated.
 The offlcial announcement comes from Baltimore. The young fellows of the h. ternational Trust Company who picked up a furnace, a mine, and an ore bed here and there a couple of years ago are the people who have gotten this consoli- dation of properties into form, or else they are the first to tell about it.
 But however that may be, all the iron furnaces and coke ovens and steel plants, and rolling mills, and many of the coal mines of the Birmingham district will within moon or two be in one great concern with one president and one set of officers.
 The financiers interested in the respec- tive concerns of the Birmingham district find consolidation the best method of bringing about profitable operation and financial extension. In consolidated form the properties may be operated profitably or profitably disposed of to the United States Steel Corporation. Now, why this !? Because there is simply no quick public market for any of the securities of the concerns of the Birmingham district. ex- cept the Tennessee Companys stock. That is always salable on the New York Stock Exchange. Every minute of every day there is an offer for it at some price. It is bid for and handled with the same enthusiasm and vehemence as is Sugar, or St. Paul, or Louisville and Nashville. Others of these stocks while listed are placid. It is rare one sees quotations of them. There Is no chance of-owners deal ing except among themselves. With a great company, however, comprising all, there will be demand and opportunity for trades with profits; and if the properties are managed well there should be tre- mendous profits in the practical opera tions of the plants.
 There is much scare among interested office holders and among the banks which are Repositories and among others in Bir- mingham over this great consolidation Of course some will be hurt by it; others will be benefited. But, however that may be, whether 1t be a good thing or a bad thing for the Birmingham district it will have to be accepted.
 President A. J. Cassett of the Penn sylvania Railroad has been inspecting gulf ports during the past week. hear from a semi-official source that the Penn sylvania Railroad expects to make Pen sacola its gulf port and throw much bus mess from its Pittsburg and Western divisions intended for Mediterranean and Central and South American points through that port. Pensacola is undoubt- ediy the finest harbor south of Norfolk. With shipping subsidy policy on the part of the United States government and the Nicaragua Canal there must be tremendous exports from this port. Even without the Nicaragua Canal the devel- opment of trade with Cuba and South America will be such that there must be a deep water harbor outlet on the gulf coast for our exports and it would seem that there Is some sort of a combinat ton between the Pennsylvania and the Louis- vile and Nashville by which Pensacola Is to be made the great gulf outlet.
 The past week has been a phenomenal one on the New York Stock Exchange. On Wednesday nearly three million shares of stock changed hands. This means $500, 900 worth of stock sold in one day. All the world seems enthused and opti- mistic. M
 There has not been a market like 1t in many years, yet no one can tell when 1t will break and with 1t many spectators will go to financial ruin.
 The men who go into Wall street merely to speculate almost invariably come out financial wrecks. The men who develop