The Birmingham age-herald., 1907-06-16

tight on them until they see a profit
 They can afford to do this where the
 young bond houses cannot
 Some time ago large depostor in big downtown bank asked one of the bank officials why he couldn't be let into one of those sure thing underwritings The official said he would remember him
 when the opportunity offered, Great was the joy of the depositor when, some time later, the bank informed him that they | had reserved $50,6u1 of a railway bond underwriting for him. He eagerly ac-
 cepted the opportunity, and he proudly informed his friends, sub rosa, how he had been let into one of those good things. But, as the bonds declined in the market. his feelings changed. Then one day the bank asked him to take up his allotment, and he did so with bad grace.
 Now he is hung up with his s5O,00O of
 bonds, and is praying for better days in
 the bond market.
 The mining stock boomers are using in-
 genious methods of getting investors to to Cobalt Tn making this offer of a free
 trip to Cobalt" says ne, I've will in- | sst upon one requirement. We propose that as an evidence of good faith, every
 one making the trip shall deposit either
 with this firm or with the bank with
 which he does business $1000. Against this deposit we will place 2000 shares of stock, having market value of 50 cents per share the understanding being that il the intending investor Is absolutely satisfied with his inspection of the mines he will invest the $10O0 in 20OO shares of stock. If on the other hand, his investi- gation does not absolutely convince him that the stock is a splendid profit-mak- ing investment at 90 cents per share, then the S1000 will be promptly and cheerfuly
 returned" On the way back from Co.,
 bait the special train will stop at Niagara
 halls to let the investors see some real
 water.
 You know the answer given by the ships captain to the nervous old lady
 who dreaded the continuance of a three days storm, and was anxious to know if the weather was ever going to clear? says a cheerful optimist. Tt always has,
 mum; it always has," cheerfully respond ed the skipper. The fact Is that for one
 hundred and thirty odd years we have
 been going through periods of alarm just like the present one-and always emerging ! unhurt, sound and healthy.
 We have been told ten thousand times that the country was done for, that it and it's people had seen their best days. But just as often We have noted that gov
 
 of a mill under that sort of prediction that public confidence in the stability of our American government and American l institutions is not to be shaken by talk even by talk in high quarters. As Elmer 1 son years ago assured his countrymen the enormous clements of strength that
 are here in play make our politics unim- portant.'
 fbic fa1k QhoIt fhn MOrRanS having recently acquired a big block of Union Pacific arises from the fact that during the panicky days in March the Morgans and some of their friends took 100000 i shares of Union Pacific off the hands of a pool that couldn't hold on any longer
 The stock was bought at a bargain-con- siderably below the lowest price that it
 sold in the panic. The Morgans still hold
 this block of Union Pacific and intend to | sit tight on it until 1t can be marketed at a profit of $40 to $50 a share. When 1 the ides of March came the Morgans had nothing but money. They were in a posi- i ton to take advantage of the bargains
 made by the forced selling of individuals and pools who had reached the end of their rope. They bought this big block i of Union Pacific and they also took on
 a big block of Shelters at a bargain 1 price.
 They are holding on to the Shelters
 along with Union Pacific and will not l sell the stock until they can do so at a | handsome profit. The Morgans saw which 1 way the wind was blowing in midwnter,
 and began to convert securities into cash
 at time when the Standard oil plungers
 were afraid to sell stocks. When the 1 storm broke the Morgans were in the l strongest position of any banking house 1 In the street
 The Morgans, of course, are tied up
 with a good many securities that show
 loss. Down in their valuts they have 1 a big block of Fries that cost about twice l as much as they can be marketed for
 now, and they also have sundry blocks of | bonds that they assisted in underwriting, | and which cannot be marketed now at a l profit The Morgans will simply sit tight
 on these securities and bring them out
 of the vaults when times are better. The belief grows that concessions will | be made in copper prices. One recognized authority says Tn this wonderful era l of new construction the demand for tim- , Der iron and copper has kept on increas- l ing ny leaps and bounds and we are prone at times to think that this period of construction will continue indefinitely. It Is well to bear in mind that these huge construction works are paid for out of the accumulations of wealth. and no matter
 how huge those accumulations. we are apt to run into periods of considerable duration in which those accumulations apparently are exhausted. Some time this
 revelation is accompanied by crisis and sometimes by mere halt. Looking
 abroad today 1t would seem as though there Is no occasion for anything more
 than halt. There Is very little anywhere in the world to make for any serious loss of confidence. It Is possible, there
 fore that an artificial determination of the price of copper might be entirely
 successful for long time and certainly
 there is a great temptation to attempt
 something of the kind. In a minor way
 one of the effects of having the price
 O. copper too high is to be seen in the loss of position of this country in sup
 plying the worlds markets with copper.
 In April the net exports of copper were in the neighborhood of S.0O0.0O0 pounds, as against over 20,O00,0oo pounds in the
 same month year ago."
 Newspapers of the west seem to be rais-
 ing great hue and cry over the fact that the Goldheld Consolidated, the big mining company in Godfield, has got
 into the clutches of Wall street. Some
 papers state that the Morgans now con- trol the Goldfield Consolidated. All this talk arises from the fact that some time ago, when the Goldheld Consolidated needed some money to take over the