The Birmingham age-herald., 1907-07-14

cetn basis where many look for it to gravitate within the next year. Un- less the consumptiove demands for cop per increase enormously there are hard times ah cad and ruinous competition for many of the new copper miniAg enterprises which are no wbeing hur- ried forward to the producing stage. The older established and richer min ing companies are preparing for the struggle and expect to put newer com petition "on the bum"
 There Is a possibility that F. Augustus Heinze will be obliged to open the books of the United Copper company, which has been paying dividends at the rate of per cent on $50O0,0O0 preferred and ' per cent on $45O00,000 common when, apparent ly, its earnings would not justify 1t. A preferred stockholder brought suit to get a look at the boks to ascertain whether common dividends were not being paid out of capital assets instead of income.
 He made this charge directly, and urged that dividends he stopped until the facts could be learned. And now New Jersey judge has ordered that the company's books be opened to the inquiring stock holder, and 1t is barely possible that the inner history of the corporation may be
 
 mysterious one-man affaris like Amaga- mated, Standard oil and sugar, in each of which the policy of the management is to withhold all information from share holders. In these several companies the management goes on the eheory that their associates ought to be satisfied with the dividends and ask no questions. They loftily tell inquisitive fellow owners that if they do not like the way things are run they have the blessed privilege of sell ing out-and "there is the market" they say, pointing over to the stock exchange and the curb
 The Tobocco trust against which the government is proceeding, is generally regarded as one of the most shining ex- amples of the oppressive operation of com binations in restraining of trade. The trust Is a monument to the organizing and administrative genius of the two men, James B. Duke and Thomas F. Ryan. Both have given the business q great deal of personal attention. Of the swo, Duke has probably made the most fnoney out of tobacco.
 He has never had time to go Into other things, and the total of his fortune is probably below that of MT. Ryan, but what he has sprang from the one mar cotic source, whereas MT. Ryan's multi millions have originated in many places He has dabbled extensively in railroads, fractions and banking and insurance, talk ing toll from everything he touched. He keeps his money exercised continually and has a gift of making the money of other people work for him.
 Now he has political and social ambi- tions and would like to represent Vir- ginia in the Senate of the United States. Mir Duke Is apparently well content to confine himself co a sphere where he is all ready pre-eninently a master. MT. Dukes fortune Is variously estimated nt $50, ,O00, ,O0O to s75, 100000, and that of Nil. Ryan from $6O,OO0,OOO to s'00,0000 GOO. The outside figures are probably within the mark.
 The government crop report for July gives most of the crcp experts bad black eye These specialists in the crop killing line have been bulletining Wall street and the country at large to be very grave disasters confronting the farm ing community, and they have made con siderable impression on sentiment, both on the stock exchange and Board of Trade.
 Ii would now appear that while the yield of grain is not going to be record breaking, there will be plenty to go around. At the same time farmers are likely to get good prizes for what they have to sell The deficiencies abroad prom ise to be quite serious, big enough at least to insure firm markets for whatever sur nlus the outside world may have to spare consuming peoples American railroads are going to have all the grain they can carry. If the congestion in western states is not as bad as usual everybody will say. ''Thank God" There will be no meas urable decrease in railroad earnings on account of grain tonnage. and the move
 hn more satisfactory.
 The sharp break in stocks which fol- lowed the governmental action for re- ceiver for the Tobacco Trust was un. fortunate for the bobtail pools which had been trying to run ann Ill aovised bull campaign. There was no real merit to the up movement m prIces aho ~ met with no response from the out side. These pools found themselves over loaded with stocks at the end of their campaign and when the break came they were obliged to throw over their lines at a loss.
 As frequently remarked in these letters there Is no money available for the financ- ing of speculation in stocks and the great banking interests are opposed to s,ch movements at this time. They have a hard enough time taking care of legiti- mate demands upon their resources and do not give encouragement to speculative enterprises They have no objection to seeing prices advance so long as the thing can be done with superheated air and conversation, but when 1t comes to giving real financial support they are conspicuously mot there"
 Underwriting syndicates which sub- scribed for some of the recent bond is- sues find themselves again stuck, although the inducements offered them to assume