The Birmingham age-herald., 1908-06-21
may be necessary to give capital the de sired impetus.

may pc necessary 10 give capital the de- sired impetus.
 It is yet too early to realize the market effect of the Chicago convention. During most of the proceedings the ebb and flow of prices were within narrow limits. The prevailing feeling was that the political leaders had matters well in hand and were in position to check any Roosevelt stam- pede. which was the background bogey man. This was shown Wednesday after room on receipt of reports of the 50 nm utes Roosevelt demonstration in Conven- tion hall. It was after the close of the stock exchange that the news was circu- lated, but for an hour or more people were running about from office to office trying to make private sale of securities away under closing quotations on the ex- change. The panicky impression took strong hold on nervous people that Roose. welt would be the nominee, after all. and that the country would have to go through another four years of his regime.
 A curious feature of Wall street con- vention politics was seen in the knowing serenity with which the population of the financial district regarded the conduct of it's captains of finance, industry and trans portation in acquiescing in and working for platform blanks to which they were known to be personally and privately op- posed. The philosophy of thls attitude was very fully understood to be an entire willingness to pay any prices to get rid of Roosevelt. With him out of the way, 1t would then be possible, it was thought, to do business with statesmen who would stay htched. Just how the open backing accorded by Wall street to MT Taft and his inherited policies would be received by the western farmers and the working i, men was not discussed. It appeared to be not even thought of Sufficient unto the day is the evil thereof Sufficient unto this day is the elimination of a supremely disturbing factor Such, at least, seems to be the ruling idea of Wall street. Taken all in all the convention week aroused less market excitement than had been anticipated.
 The passing of dividends by two of the subsidiary roads of the Vanderbilt system
 was the most significant news of the
 week. It wuold appear from this develop
 ment that New York Central has drained
 the treasuries of some of its contributory lines as far as they can stand the process 1nferentially, the leeching work has been going on with the other roads owing alle- glance 10 the Central. Lake Shore and Michigan Central being stronger than the other lines, can stand the drainage longer. New York Central has been drawing
  for a good while, but very evidently will soon have to look elsewhere for money with which to pay it's dividends.
 This once great railroad system presents today a lamentable example of the evils of absentee management. It has been out distanced In every possible way by it's rival the Pennsylvania which is now in class all by itself, although only few years ago it was behind the Vanderbilt road in many respects. The Pennsylva- mia, by the way, will within the next F months begin to realize on its enormous New York terminal investments. It's tun- nels are now about completed, and the iron work on the colossal New York ter minal station is rearing skyward. The excavation on Thirty-third street will soon be hidden from view, splendid | structure taking its place-one of the won ders of the age
 Recent developments in Erie financing | poInt with more or less definiteness to a | of that companys affairs. l A scaling down of its capitalization seems i, to be almost inevitable Its bonded and | share obligations make an aggregate l larger than the company can stagger along . under with any hope of paying adequate | returns thereon. Some day and somehow | the long overburdened and struggling Erie will come out sound and healthy. It has great possibilities, and those who l have stood by It may expect eventually | to come into their reward.
 That 400, 100000 pounds of cached copper l shipped from America to Europe last No- vember, December and January is still | unbeatable. The cheerful fiction contin- | ues to be circulated that the metal has gone to consumption in Germany, Belgium and France, but trade information from | those countries gives the lie to this the | ory. How or by whom the great mass of | metal is being carried remains one of the ] mysteries of the hour At 13 cents | pound, the cached accumulation repre- | sents about $50,o000 900 upon which the car rying charges are running at the rate of possibly s250O00 a month, which the same somebody has to pay.
 A revival of interest in mines and min ing stocks Is looked for The inning in- dustry is one of the things which cannot be seriously interfered with by political vcssitudes. The precious metals have d market independent of the fates of par ties and the incomes of going properties in this field will proceed no matter who may be elected president of the United States and in serene disregard of injunc- ton, antitrust or tariff legislation. It would not be surprising if something of a mining boom starts up In, the middle of the campaign, although just at the mo- , ment curb and mining brokers complain of dull times and a lack of interest on the part of the public.