The Birmingham age-herald., 1907-09-08

of the country Apparently, under the | most favorable auspices there is not going | to be any surplus for speculation in | stocks. If this analysis of the situation | be correct then hopes for a big bull
 movement in securities are not to be re- | alized
 A quiet but influential element in Wall l street is meditating upon a bear cam
 palgn in the industrials, the purpose be- ing to make a leader of Steel preferred. To the outside public an attack upon | Steel preferred might seem the height
 of folly akin to an assault on govern
 ment bonds. That is one of the choice 1 industrials in high favor with investors.
 It has found general lodgment in the tin
 boxes and is esteemed by banks as ex-
 cellent collateral
 The Steel corporation has worked itself
 into a splendid position, has d world of
 capital. and literally dominates the iron
 and steel trade of two continents. The | bearishly inclined party, while recogniz- l ing these patent facts, feels nevertheless | that Steel preferred is scheduled for decline. They reason after this fashion; That particular issue suffered less on the | great decline, than almost anything else l on the list. It was one of the stocks that was most tightly held and on only
 a few special occasions was special pres | sure observable. Latterly however. 1t has ben fed out steathily and in way to att | tract least attention It has just paid d dividend and holders will get nothing more from 1t for another three months. | A wave of tariff talk has started in mo-
 tion which will increase in force and | volume as the day approaches for Con
 gress to meet. Every senator and repre-
 sentative in Congress, and every am-
 bilious politician will have something to
 says on the subject and contribute to the | agitation. It may be that plan will 1 be agreed upon to defer revision until l another session of Congress, but the air is full of it and the politicians feel that it Is the popular thing to talk about. | This Is sufficient to instill uneasinness and alarm among owners of industrial prop
 critics likely to feel most harshly actual revision The big steel corporation by reason of its magnitude and importance
 becomes naturally a target for attention and attack The bearshly inclined theor- ists argue that this sort of thing will bring about the dslodgment of quantities of the preferred issue; that 1t will work
 on the minds of holders and lead them to | protect themselves. against possible de- preciSton in values. They think they de- tect the beginning of selling, inspired by that motive, and have brought them
 selves to believe there may be a decline of 10 to 10 points In an apparently invul- l nerabe security.
 The copper producers and their selling agents are singing in joyful chorus that the deadlock in the copper metal market has been broken and that everybody Is satisfied with the latest reduction to IS cents, where the price Is to remain Tor evermore. For some reason the big con sumers and users of copper are not join ing in the glad acclaim. They are not | unanimous that IS cents is the figure at l which copper should be fixed permanently. They have the temerity to say that 10 l cents would be a better quotation, and | at which price most miners can make good profit on production. Some or the rory promotion schemes which have been fioated on the basis of 25 cent copper may go to the wall and many mines which were to yield fat dividends on copper sold at the high price may never be heard of as producers should the price descend to 15 cents and stay there. Still there are | enough good mines which can dig out cop per at 10 to 12 cents to supply all that may be. needed at the low figure. Anum- Der of big producers will come into the field within the next year which can lay
 copper down In New York at and 9
 cents a pound; and do it indefinitely; mines that have not yet figured but upon | which millions and millions have been spent in wise development work. and in the construction of smelters. 1t would not be surprising if coper metal should
 eventually go to 15 cents and stay there | -
 While there is a manifest disposition to divorce the stock market from fool politics 1t is impossible to minimize the disturbing influence of political agita- tion of a serious kind This is shown by the increas sing attention being given to tariff discussions. That Is something I I, ,cip nr1d n r.
 stand and which may give ground for l warranted fear of real trouble. A re- vision down" might be seized upon as an excuse for cutting and sashing of wages and of unpleasant readJust- ments in many directions. It being the human habit to discount the future, anything which looks like substantial action for a cutting down of the sched- ues will be greedily seized upon by the bearish contingent in every quarter to l get on top of the markets and coin | agitation and alarm Into money. Men | with memories are mischieYously hark- | ing back to previous tariff campaigns, l which were invariably attended by bus mess depression and a sealing down of prices. These periods are historically ! recalled as 'hard times" and are asso- ciated In mems minds with armies of ] toilers out of employment, bank fall ures bankruptcies and with groans and | l on that kind of lamentation, but the 1 politicians are furnishing the excuse, and 1t is only to be expected that the l professional spectators will make the most of ammunition placed at their dis | posal.
 I The nerve of the oppressed wealthy | class seems to have recovered from it's | attack of Rooseveltiphobia. It is giv- l ing less attention to and caring less l about what our honored President may | be saying or thinking or of his plans for the future. Languid speculation l is being indulged in as to what he will | say new in his forthcoming six speeches or in his next message to Congress, but the remark is frequently heard that he | has "shot his load,' and can do no more tangible harm to business. Even though | the wild talk of his enemies had basis | in fact it remains that the President | has not the power to deprive people or | their rights or properties so long as | they obey the avs and go about their business, giving no heed to windy fui- minations from whatever source they
 may originate. Imprisonment and con- | fscation are beyond the power of gov ernment officials unless supported by the courts, and having the full sane 1 tion of the regularly constituted ma chinery built by society for its pro- l lection. This cheerful thought has con | tributed much to a restoration of pop | ular calm In many respects, and with l clamness comes a return of judgment l of and