The Birmingham age-herald., 1903-04-05

Discussion as to how the government is going to finance the payments for the Panama canal and the profitable effect l or the transaction on the money and stock markets has brought to light the
 fact that almost If not quite half of the
 ownership of the canal Is held in this l country. The identity of the American | partners is kept secret, but information l that there is a large American interest 1 will be no surprise to those who have kept in touch with the agitation leading to congressional action In the matter It will also account for the hitherto unex- plained anxiety of influential people 10 unload the canal on this government at an exorbitant figure. It Is said that not more than S20, GOO, GOO or $25,OOO0 900 at the outside will have to be paid to foreigners Secretary Shaw has decided to make these payments out of the funds in the treasury vaults. He has figured that by the first of July when he may have to be- gin making the disbursements, he can spare every dollar of the amount from the idle surplus on hand, leaving undis- disturb the deposit In national banks. This should give tangible relief to the monetary situation.
 Mir J. Pierpont Morgan will take hls departure for Europe this year earlier earlier than usual and he intends to make a prolonged stay there. He expects to sail on the 9th of the month. Prior to hls departure, he
 has taken the public into his confidence sufficiently to say that he is a bull on
 the country and a believer in continued
 prosperity and higher prices for stocks | He Is in no fear that the 'undIgested
 mass of securities" which Is the chief
 stock in trade for the bears, will long re-
 main out of the hands of investors He | gives these securities his cordial endorse
 ment and says they are nearly all sound
 and stable. He ought to know, for he
 helped manufacture large part of them l himself, and a man who will not stand 1 by hs own children Is a poor excuse. 1 The late Mir. Addison Cammack was
 wont to refer to Mir. Morgan as the 1 greatest living manufacturer and sales
 man of stocks and bonds"
 An official of the Rock Island took oc-
 casion during the extremity of the slump
 iu the stock market to announce that his l company had on hand continually in
 banks between 900 and SEQ, coo, 900 in
 cash, and that the Rock Island was not 1 in the market. had not been In the mar 1 ket and would not be in the market as
 a borrower of money. The at-footed
 statement was made that the deals 1 which the company had In contempla- | ton nad been Hnanceu Tn auVance and
 that there should be no alarm whatever on
 account of any demands for funds from l that quarter, there would be none. l The Rock Island is now earning about 12 i per cent on the common stock, which is 1 selling around 45 The principal owners
 of the Rock Island have all returned to
 New York, and the street will watch with i interest and curiosity the development of l the plans of this group in the up-building
 of what is now the greatest railroad sys-
 tenn in the world in point of mileage.
 Wall street Is now treating this combin- | ation with distinguished respect. It has done more in less time than any other
 group of men ever attempted, and it
 seems to be only in the beginning of it's l achievements.
 The increase in the capital stock of the | American Telegraph x Telephone com
 pany from $150,O00 coo to 0,000e00 has re-
 vived gossip of the consolidation of the | Bell telephone and the Gould telegraph properties. Western Union officials deny the truth of the reports, but the Bell