The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-02-17


pound
The substitution of electricity for steam
on American railways will only result
from the certain knowledge that electric
operation will mean lower costs than
steam operation The engineers VIII not
be able to figure out a profitable invest
ment of capital on sky prices for copper
metal. All these big plans for electrified
ton are going to wait for lower prices
for the metal.
Meanwhile the enormous amount of
capital that is going into new copper
mines must result in the course of two
or three years in a very large increase
in the copper output in this country.
With copper at % cents pound any ola
conner mine becomes highly prontaDle
Copper can be mined in favorably located
camps at 10 cents a pound. The mining
exnerts who are making the estimates
for new mines are figuring on OASIS Oh
lucent copper. And even at TINS price
10 cents below the current quotation,
good properties can be made to show
enormous earnings.
Copper mining just now Is much more
nroatable than copper manufacturing.
The General Electric company has recog-
nized this fact and Is developing It's own
conner mines But this inequality cannot
last very long. With the curtallmeht OF
orders for the manufacturers or copper
and the great development OF new cop
ner' mines 1t seems to be clear lhat cop
ner metal must eventually seek lower
level
Now that the Great Northern ana
Northern Pacific stocks have FOUND a
level for the time being. about Sloo anu
S75 respectively below their high prlces
If last wear. the wonder grow snow MI
into the mar
lfet all the Great Northern and Northern
poetic that he became the unwilling pos
sassor Of In the distribution of the North
arn Securities assets. The Union RACINE
treasury received $4,000 shares or treat
Northern and $4,000 shares OF Northern
Pacific. ,,.o stoo,,e
aur,ned into his lap we all knew ne
didnit want them. They were minority
etool,e-ond Mr. Hartman wants the
uhole hog or none. So tine possessot W.
tho Union Pacific of course) proceeued 10
unload the S110,00 900 worth OF I'M sto1hs
ON the market. Mr.. heehe was rather
proud of his achievement III sei1Irs 10
A.. ROGERS 800. 100000 worth OF Anlalsa-
satad Conner that was not needed at 20
p'.aa5uav after the flotation of the $l5o,-
ooa 900 comnanv. But what was that COM
.,s.od 20 selling Sic, 600 of high-prieed
pltiolgs9 All the time Mr.. Hartman was
selling the loyal followers OF MI. nm
In england and America were puylhs,
A man must have a loyal anu iicis
eoilowinq to absorb $110,0oOOW worth OF
staclr that a rival railway president IL
sailing And when Mr. Hartman dumped
nearly all his Hill stock in the market
tbav we're still selling very nearly at Top
nrices Could even the great heehe nave
done +bis7 And now that Mr.. Hartman
has dunped the whole mass into the mar
let the buyers find that the $lV'VoV'U
worth has shrunk In market value soi,le
$40 600 900. Mr.. Keene must envy MI
Hartman , ,;,
The cost of materials on american Is'i ~.
roads has increased fully so per cent III
| Tho mast fen wears; the cost of labor mas
risen easily % per cent; rates In the
| meantime have declined. But III tiis
same nerlod the average return on rail-
way stocks to their holders has peeh
| doubled In what other country thah
! America could such result have peeh
| achieved? The same thing has peeh
| going on in the great manufacturing IN
| dustries that the public hears less ABOUT
| than the railways The secret of IL all Is
IN the wonderful mechanical genius of the
| American people
Wa make two blades of grass grow
| ycbere one grew before, and we invent
machines that turn out two pieces from
| a nattern in the same time that one was
n,a,9a hefore The basis principle in
American railway development is the big
| unit With heavier roadbeds, heavier
rails bigger cars bigger englnes-all
making possible bigger trains-we have
constantly increased the amount OF work
| developed from the man employees the
| fuel consumed, and the materiais useu'
rotlvoad president COMPLAINS