The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1908-09-20

trail has more than earned fixed charges
during the last nine months. Usually
such an exhibit would presage great de-
cline in the stock, but in this case 1t
would appear that the great financial in
terests behind the road and responsible
for its destinies are banded together for
it's stock market support. They look upon
New York Central as the real backbone
of the market and argue that as long as
its shares are strongly maintained in
price, or at least not allowed to yield,
there will be no important cessation in
general investment confidence. The road
is financed ahead for about year and
will not have to go into the market for
new money until along toward the end
of 1909
People are wondering what has hap
pened to Tom Lawson's great advertising
campaign which he announced he was
going to make and upon which he started
with a great noise. Something seems to
have happened to it. Has 1t been struck
by an early frost, or has the great "sys-
tenn breaker" received a tip that the post
office authorities would step in and put
a stop to that particular kind of adver-
Using?
The postoffice authorities at Washing
ton and Boston and Mr.. Lawson himself
deny that anything of the kind has been
done or contemplated. Nevertheless, 1t Is
had engaged in that particular kind of
advertising they would have been sat
down upon by the postoffice authorities.
it Is barely possible that Mr.. Lawson has
not succeeded in unloading as much as he
wanted to or that weird Bay State Gas
thing which he had labeled National
stock.
curious people are wondering why and
what It has not helped Mr.. Lawson
any that he should have handed out some
woefully wrong market tips, notably in
Amalgamated and Shelters. Since he be-
gan to bull Shelters the last time the
price has slumped 20 points.
New York banks have not been drawn
upon as heavily as expected for crop
moving purposes either by the south or
the west. This is largely because outside
banks in those parts of the country have
not been carrying as large balances as
usual in New York They are sore at the
New York banks because Of the policy
pursued during the panic of last October
and subsequent thereto. They claimed
that the New York institutions played
the hog and they have not yet recovered
their good nature. They had a hard time
getting down their balances then when
they needed the money and have got
along with New York ever since in a
stingy sort of fashion. The result of
Inns VIII PioDoA' w eiiH' 49," W..
have more money during the fall and
winter months, more even than they
looked for in these times of plethoric sur
pluses This will give New York more
money than it really needs.
The developments in the A. o. Brown
matter have confirmed the view original
ly held in Wall street that the firms mis-
fortunes were largely of inside origin and
to speculations by members themselves.
More than ever the stock exchange au-
thorities are determined to use the steam
roller in its treatment of the two floor
members of the bankrupt firm.
The question of real interest in connec-
nection with the investigation is how
thick the coat of whitewash will be which
will be applied to other members of the
exchange who did business for and in
connection with 4. O. Brown = Co. One