The Birmingham age-herald., 1904-01-10

impairment of their assets by reason of the shrinkage in the prices of securities during 1905 In one of the reports which was given to the public, there was note worthy elimination of unsafe investments shown as compared with the report print ed year ago It was observed, however, that in fone case of apparent elimination the company left the asset in it's list, but changed the name. A year ago, the item was $3,2GO GOO of the bonds of the international Mercantile Marine com. pany." This year, the item appears under the description, International Naviga- tion Bond Syndicate" The amount is the same and the bonds go down in the list as having full par value. Bonds just like these are offered in the open market at 70, with no recorded bids lately above 30. The reports of the insurance companies look much better as they now stand than would have been the case if the report had been made on the basis of quota tions prevailing sixty days ago. There is a theory that the life insurance com panies were an important factor in the advance in stock and bond markets which took place toward the end of the year.
 One of the disappointments of the new year is the appearance of the expect ed reinvestment demand for securities. by that term IS 1Utd1l llit liOuty Pdio tO holders of stocks and bonds in the form of interest and dividends and reinvested immediately in new securities. This year the fortunate holders ofsincome bearing paper are leaving their newly received remttances in the banks. They are in no hurry to put out their surplus where 1t will be earning something. They are ap- parenty content with two, two and one half and three per cent which banks and trust companies pay on deposits. It Is believed, however that the owners Of money will loosen up soon, and appear in the market on an extensive scale. This opinion is held very generally in banking and bond circles, which accounts in the main for the confidence shown in putting out new issues.
 One of the blanks in the bull platform is the great increase in population going on. This increase now approaches 2,0Oo,- GOO year, of which approximately 1,000.- GOO is due to immigration. The natural growth of the house population is at least as much more. This splendid enlargement in the population of the republic is all to the good in a material way, which means more production of wealth and more con- sumption of products It means more bus mess for railroads for manufacturers, for storekeepers and for farmers. The south and southwest promise to be the largest gathers by the growth of popula- tion the human tide setting strongly in that direction. The Atlantic states, south of New York clear to the gulf. are con tributing in an important sense to the new country further west, and the places left vacant by domestic emigration are being, fin large measure. filled by for eigners The southwest and west have as yet felt only slightly the effects of new material from the old world.
 The action of the directors of the United States Steel corporation in passing the dividend on the common stock was not unexpected, although it has cast gloom upon the hearts of forty odd thou sand stockholders of the Junior securities of the giant trust. The showing of earn ings for the quarter ending December 31, of less than 900, is ample justifica- tion for the action, however. If this state ment is to be taken as basis for caDcu- lations the net income of the Steel tnust during lean times will not rise above ssOooo,ooo, an amount barely sufficient to