The Birmingham age-herald., 1908-05-17


 of the imitation phase and of the bulging power of the rising tide that in utter un- mindfulness of collapses of speculative values prices of nearly all the necessities of life remain rgidly strong. There is manifestly a force at work more potent than Wall street can exert, fortified though it may be with people and cliques and combinations the richest in the world.
 The most important fact bearing on this question of gold impression is that it Is only just beginning. True, it has been going on pointedly for about ten years, but it is only recently that the general public has been taking cognizance of it. Most of that ten years has been taken up in filling in the chinks and hardening the foundations of world fnan- ces It has only been lately that the enormously increasing production of gold has found reflection in italicized imitation signs. the most unfailing of which is steady rise in prices-not in values mind you, but in quotations. In the inces- sant swapping of jack knives which is going on each transfer is marked at higher figure.
 Whereas, during the earlier stages of the imitation the bulk of gold produc- ton went into filling" most of it from now on will go to swell imitation and to accelerate the speed. It would seem that everything must inevitably geek higher price levels The universal ladvance in quotations will, of course, be punctuated by reactions and panics more or less vivid but the tide must be always ris- ing The law of imitation is reversely as infallible almost as the law of gravita- tion.
 The saving clause of this stupendous in- a.. ;. in a that the increasing volume of business and it's accompanying credit expansion will provide means for the enlarged de- yelopment for the worlds resources in their infinite variety. The vista thus opened excites the imagination and in- spires hope and ambition. Nature is making generous provision for the un- folding and utilizing of her own treasures for the benefit of mankind and for the broadening out of a newer and grander civilization.
 Commission houses the middle of the
 week began reporting the receipt of
 "stop orders in unusual numbers and
 volume. This phenomena was construed
 as meaning the miscellaneous crowd of
 traders were putting themselves into
 shape for protection against violent re- action in the market. It indicated the
 growth of the feeling of lack of confi-
 dence in the genuineness of the bull movement The average operator seemed to be saving to himself "Well, this may
 be bull market all right, and it may last forever, but I am not going to get caught on any slump that may occur; ! I'll not take any chances" These stop orders" range from 1 to points under the market.
 There is certainly a heroic crowd be- hind the construction of Western Pacific,
 the Gould line exten sion from Salt Lake City to the coast The common under standing Is that a very considerable part
 of the 5O.0o00G0 in bonds uuderwritten by Blair x Co.,, w. A. Read ,& Co. and their associates three years ago still re- main in the undigested class of securities. The same people are coming to the front however, with s15.G00.000 fresh money with which to complete and equip the line. It is absolutely necessary for the work to be completed in order that the property may have q show to earn interest on the bonds. If Gould makes as big a fnan- cial success of Western Pacific as he has done with his invasion of Pittsburg and his extension from there to the seaboard he will add conspicuousy to his brilliant record of achievements. for the eXtln- enlistment of values and reduction in dividends The Gould kind of monu- ment makes hole in the ground. From Chicago word comes of great
 prosperity. Already estimates are made
 that the gold output of the state for 1908 will be cord-5reaking, and that the mining industry in every direction is booming The changed condition as com pared with last year is said to be due to the fact that labor is abundant arfd tractable. whereas not so many months