The Birmingham age-herald., 1908-01-19

voiced to include commodities and com mercial paper in the list of securities upon which emergency money may be issued. There is also 8 desire expressed in certain quarters to make the pro- posed emergency notes bear per cent or 10 per cent instead of per cert, this for the purpose of preventing the em- ployment of such currency except in times of real distress and making 1t certain that the stuff when put out will be called back when the agony is over.
 International banking houses report a growing investment demand from the other side. A welcome sign of the times is the increasing frlendliness of the French investors. They have lately been sending large amounts of money to the United States for investment. Their pref erence Is for New York Central and Pennsylvania issues. Thus far these are about the only things they know of. Later on their knowledge of American good things will enlarge. Great Britain has not been so barren of American se- curities in many years, and the same Is true of Germany. In both of these coun- tries alarm and distrust have been cre- ated by the attitude of our national ad- ministration toward corporations and the accumulation of wealth.
 The mass of investors in most foreign countries have not been able to under stand why the central government should be so persistent in It's attacks upon the foundations of corporate property, and for the most part they preferred with drawing their investments rather than attempt to educate themselves in the intrcacies Of American politics. There are indications of a better feeling abroad and of a willingness to replace securities sold out at a higher range
 Railroads are hailing with satisfaction the promise of easy money during the coming year. Those which have been putting through grand plans for termi- nal and other improvements on their properties and which had been interrupt ed by the panic, now see a chance to go ahead and put themselves in shape to earn money on the newly invested capi- tai. The most conspicuous among the railroad systems which have on hand uneompleted projections are New York Central, Pennsylvania and the New Ha- ven lines.
 These three systems have once more been brought in touch with money and can proceed with their work. The Erie road, seemingly in the worst position of all is really better off than any. It is nearer the end of its improvements and betterments and has comparatively little new financing to do. Erie is in about the same position that Baltimore and Ohio was when that great road had about completed the expenditure of many, many millions of dollars in putting itself in physical condition to handle the bus mess to which it was entitled. Because the Erie issues are low-priced many peo- pie have fallen into the habit of class ing it with roads confronting receiver ships. Erie has safely passed the grand crisis and any change in it's fortunes will be for the better.
 The Napoeons of finance who have been often quoted as making fabulous fortunes on the bear side of the stock market have gone into temporary eclipse. It must be said for them however, that they have been a stubborn and nervy lot of players. They have shown the spirit of true sportsmanship and have proved themselves to be as good losers as they were good winners. Down to the present writing none of the really big fellows in the lot have gone broke not yet. They are still playing the bear side, with one important exception, Steckling, the Minnesota ulti-mlionaire lumberman. After writing the market down clear to the bottom he took warm ing and turned bull before there had been point recovery.