The Birmingham age-herald., 1903-10-18
RAILROADS DRAW OUT OF TROUBLE Pulling Away from lndustriaIs
 in Wall Street EVERYBODY HAS SUFFERED Iron Stocks Have Led in the Downward Plunge and the Other Industries
 Have Receded In Sym
 pathy.
EVERYBODY HAS SUFFERED
BY w. c. NICHOLAS.

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 New York, October 1.-The railroads are pulling away from the industrials in the stock market. With a few excep- ton, the dividend payers and junior is sues on the active railroad list have ex- perienced no decline of late, while in some instances substantial improvement has been made On the other hand there Is hardly an industrial that has not suffered severe depreciation. The iron stocks have led on the downward plunge, and the other industrials have receded in sympa- thy. There are two or three railroad stocks that are conspicuously on stilts and will have to go considerable decline before they come in line with the rest of the market. These stocks are being sub jected to severe pressure ana display yielding tendency, although strong cliques are supposedly under them. It would seem almost as though the wind and wa ter had been entirely squeezed out of the industrials, and that there was little room for further fall in prices. In the case of the United States Steel, the com- mon stock would be worth current prices If dividends were entirely suspended with out hope of resumption for five years. The good, as well as the bad has suffer- ed in the general slump, although not so seriously, perhaps. Even such enormous earners as Peoples Gas, American Sugar Refineries, United States Leather, Smell ters and Pressed Steel Car have declined many points. There is an end to all things, and there must be an end to the existing depression in industrial securi- ties. The "crowd" is as bearish on these stocks, however, as it was wildly bullish on the whole list a year ago The play then was to copper" the crowd, and the more experienced traders are doing the same thing now, namely, going against the mob.
 The astounding shrinkage in the securi- ties of industrial corporations and the revelations touching upon rne methods of their organization and Notation calls attention anew to the need of a national corporation law. This is something which has been mildly agitated before congress for a number of years, but in the ab- sence of vigorous effort, no special head way was ever made for favorable action.' The recent unhappy experiences of share holders in many of the large corporations
 
 likely to result in a lively campaign in Washington during the next two years. It has been estimated that there are at least 100000 shareholders in the several industrials whose stocks are traded in on the exchanges of New York, Pitts burg, Philadelphia, Boston and Chicago. These people have suffered loss of at least $1, ,OO0 GOO 900, of which something like $500, 900 is represented by the deprecia- ton in the stocks and bonds of the United States Steel corporation. During the life of the industrial commission established by act of congress, the question of na- tional corporation law was frequently brought up, and the views of a great many men of prominence in the business world were asked and obtained. A large majority of those whose opinions were sought endorsed the idea. some of them in strong terms. This expression will probably be summarized and forms a basis upon which to ground a request for national legislation at the coming ses- sion of congress.
 The miscarriage of the Ship Building trust and the chain of sensations that fol- lowed financially, eonvulsing Wall street and disturbing the entire country, are di-