The Birmingham age-herald., 1908-11-22


 for the last decade occupied prominent positions on the stage of affairs.
 With the development of the big bull campaign there came into existence a large number of small pools, which in the course of time became really large and important pools. There may have been a hundred of them with holdings running from 25000 shares to 150, 900 shares. These pools have been in and out of the market. taking profits only to return again after more, until they have become strong and influential The west and mid dle west have been conspicuous in these pony combinations" and they have been one of the main sustaining influences and one of the great aids to the larger groups behind and under the market. They have all made money and are ready to embark capital in all kinds of enterprises as soon as they make up their minds that they have taken about all they can out of stocks As a rule they are canny lot and very far removed from professional speculation. They had money to begin with, and while waiting for business con ditions to become 0 little more clearly fixed they decided to make a bet on the future by buying a few stocks. It would take a very serious setback in prices to make an important inroad into the accu-
  They did not come into. the market to stay and do not intend to stay. They have their regular business to attend to ard when it demands their undivided at tention they will be on their job
 The Steel stocks retain their place as prime favorites with a large class of in- yestors and speculators. Common made it's high record, going above 5S, and Steel preferred rose above IA. One feature of the Staa1 qtOcl< c that in Gi6arS clOgaIU identified with the management of the business of the corporation have been for weeks putting all the money they can get together into common. The burden of their talk is that the company will make money at the rate of s225, O0O000 after next year. and that the earnings for 1909 will be in excess of l75,000, ,OOo
 They point with pride to a record of a surplus that increased from S3O, GOO, 900 in 1901 to SIPS OO0,OGO at the date of the last report and of at least $4OO,O0O GOO invested in plant and new properties almost entire 1y out of earnings They figure that the property has been enriched within the past seven years to an amount equal to the par of the entire common stock issue and predict that within the next two years common stock holders will be re- ceivlng per cent if not s per cent on their holdings.
 Gossip has named John Refs as success or to James Gayley, whose resignation as first vice president of the Steel Corpora tion has gone in. MT. Refs is assistant to President Corey and Is especially qualified to discharge the duties heretofore per formed by MT. Gayley. Vice President Gayley is tired of hard work and thinks he will derive more satisfaction out of life by stopping while he is yet in his prime. His fortune is believed to be in the neigh borhood of s15,00O,O00 and he is 53 years old.
 There has been a rip-roarng business in pig iron for the last week, according to the specialists The little people have traded in about O000 tons on a basis of s165O per ton for northern pig and $13.0O to s13.50 for southern pig. Low prices were $l400 for northern and $1075 for southern good deal of manufactured stuff has been contracted for as far ahead as next July This business Is outside of the corporation In the main.
 MT. Rockefeller on the witness stand was a spectacle for the Advertisement of the populace. It excited small interest in Wall street.