The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-08-13

that the commercial countries are ~
ger OF calamities due to over L.
they laugh and say there can DC no o
ger OF getting too much money sshast
as 1t is acknowledged TO De an 60
money ever known" The hhaiieiai "a,
brio of every nation Is grounded on gold
itself and what can be better thaii ehae
Whoever heard Of having too Ilueh VI d
good thing7 This conclusion Is haro "
answer, and is usually passed up etSh
by the wisest, who recognize thaI lne
time is not yet ripe for an eoueaeioia1
campaign of safety ,...
Vain 1t is to talk of remote eaiainies
In the face of present amazing prosperity
evidences of which are eVeryWheIe apou'
US An operator of the millionaire
class who has been In the street Tor forty
years and who has beaten the iharhee
nine times out of ten, said TO me the
other day: II have about discovered
most of my old theories and prihcipies
of market play. Time was when hau
to think and study and plan deeply. NOW
one has only to shut his eyes and buy
blindly. Seemingly prices are never TOO
high. Values grow up to almost any
plane of quotations that may be estab-
lished I find II profitable to forget most
that | was forty years learning, and 10
throw doubt and distrust to the WINDS,
buving almost without considering every
thing that suggests itself to my fancy
That may seem nbnsensical but neverthe-
less, It pays ! suppose some day l Will
get a Jolt but what's the use of borrow
ing trouble I can run as fast as any
body and when calamity hits the market
| will not be found among the hindmost"
| That's the trouble with the market to-
day The majority of traders are COM
mitted blindly to the bull side of the
market and each trader is confident of his
ability to get out from under when the
walls begin to crumble. If they should
| crumble Technically this it a dangerous
situation, but the skies are bright and
no where along the whole horizon can
/ the faintest sign of danger be seen. The
! army of spectators is In hascheesh
dream and It's pipe has not yet gone out.
/ 1t plays the market from day to day
J and the tape from minute to minute
ever and ever making money.
| The holders Of the Southern Pacific
| common do not appear to be greatly dis
| turbed by the annual report which shows
| deficit of s65O0OO for the year That Is
/ to say the net earnings fell that much
short of fixed charges and dividends on
! the 100000 7 per cent preferred stock
| issued less than year ago. During the
| period under review there has been a
| very large increase of the bonded indebt-
| edness in addition to the $40000,000 stock
| put out Union Pacific is being made the
beneficiary of every phase of the Harri-
| man fnaneiering and Southern Is the
goat" Upon that fated system is sad
died every kind of burden and indebted
ness that can be devised. Every move
to increase the load is widely heralded
| as boundlessly benefitting the common
stock, yet every move puts further into
the limbo of hopelessness the possibility
r.
| cifc common who believes he will ulti-
mately get dividends is quite as optimistic
as the impecunous party who put a
tooth pick over his ear in order to be
prepared for that invitation to lunch
which he said he hoped some stranger
might extend to him.
Bankers are almost without exception
in receipt of encouraging trade reports
from their correspondents in every part
of the country. Inspired by faith II
bounteous crops and healthy conditions
merchants and retailers from one end OF
the country to the other are buying liber-
ally. Being In touch with the elemental
purchasers they fell justified In extending
themselves to meet demands for the COM
ing fall and winter. Eastern banks will
not be drawn upon more than usual Ia
move the crops and indications point tc
a fairly easy money market until the
end of the year. At the same time. bank
ers as rule. are dead set against CIV
ing undue encouragement to speculative
enthusiasm on the bull side. They are
In deadly fear Of over speculation. know
ing the consequences of unbridled. stock
gambling
Creditors and stockholders of the In
solvent Merchants Trust company are
building fire under the receivers They
have even gone to the states attorney
Mr. Jerome, with charges of criminal
failure to protect the interests of those
to whom money is due and who are le-
gally and morally entitled 10 whatever
can be realized from the assets 1t ap-
pears that f. Clarence Jones, millionaire
capitalist has a standing offer to take
over the assets of the company, pay off
all Indebtedness with enough besides to
meet incidental fees In connection with
the settlement. The offer was calmly ig-
nored, although nothing as good is In
sight. Creditors marveled at first and
then loudly protested. Wall street has
|