The Birmingham age-herald., 1908-01-19
RAILROAD STOCKS
 ON THE UP GRADE Amnesty to Corporations Ex- pected In Wall Street MONEY IS VERY CHEAP NOW Idea That Government Will Not Pros ecute Coal Operating Railroads
 Borrowing and This Has
 Favorable Influence.
MONEY IS VERY CHEAP NOW
BY THOMAS c. sHoTwELL.

New York, January 1S.-(Special.) .)-Am- nesty-that is the talk in Wall street Just now. The idea advanced in this column eome time ago that they might forgive the great corporations on condition or an agreement not to violate the laws in the future has been taken up by Congress, and some kind of resolution may be passed there to reassIre the great trusts. The first step in this direction was seen today when Attorney General Bonaparte announced that there would be no prose- fcutions against the coal roads for their refusal to obey the Hepburn law in regard to selling their coal properties. MT. Bon aparte was moved to make this conces- sion because it was pointed out to him that separate ownership as proposed by the government would increase the cost of coal 50 per cent to consumers.
 Under the circumstances the influence of the favorable bank statement and the governments announced attitude in re- gard to the coal roads, stocks were very strong today. Union Pacific, Reading and Northern Pacific made new high levels. Scarcely stock failed to show some im- provement. There Is proft-taking on the part of persons who purchased during the panic. The big people are quietly hand ing out stocks, but they make no conceal ment of the fact, and their sales are therefore not dangerous
 The time is approaching, however, for investors to adopt conservative attitude and to make up their minds how much profit they want As the advance con tinues the reactions will become sharper and sharper.
 There is liquidation of Shelters on the part of the persons who underwrote the Shelters Securities stock. The underwrlt- CTS prefer to hold their securities stock because it is guaranteed ahead of even Shelters preferred. The action of the Shelters stocks indicates a desire to shorts selling.
 Money IS so cheap that there is no danger of heavy gold exports Egypt is demanding gold and Jacob Schiff has hur- ried to Cairo to confer with Sir Ernest Cassel as to some means for suppress ing the scandals that threaten to become public in regard to royal speculatons in that country. MT Schiff has been very busy with Egyptian matters for several months and indeed has had no time to stand in the limelght of American af- fairs. American high financiers view with some satisfaction the evidence of having the eyes of all the world turned on Lon don, Paris and Egypt for a season.
 
 Liquidation of the sovereign bank of Canada is proceeding under the general management of J. P. Morgan & Go.
 Among the unfavorable influences that Wall street keeps in sight are the bad railroad earnings that are to be reported for the next few weeks There will be more indictments in connection with the recent panic.
 Announcement that the federal troops would remain in Goldfield until the leg islature can provide for maintaining der has removed all evidence of alarm from the situation there. It has also in sllred very great output of gold for 1908.
 The number of shares of stock sold today was 533,165 against 1,071,654 the same day last year.
 The total par value of bonds sold to- day was $2,362,O0O against $l512,000 the same day last year.
 The Baltimore and Ohio railroad re- ports for December show decrease in met earnings of $1,23O 459. The gross earnings decreased s1,O65,34s and the oper- ating expenses increased $165,121.
 President Murray says that more than S5 per cent of the decrease in gross earn ings is in connection with the steel in dustry. In the Connellsville region the number of loads of coke removed was about 10000, compared with 60000 in De- cember, 1906
 The total of clearing house certificates issued during the panic was s9700O.OO0. Of these only $74.000,000 were outstanding at the same time. About 75 per cent have been retired.
 Pullman company will lay off about 5000 men on February 1. President Lincoln says the railroads need but little equip ment and cannot pay for what they want. The Pullman company is carrying about An n0A lf, otlr-no Ah1i
 Although Egypt has no great public works under way, calling for the use of large sums of money, the government there will be compelled, it is understood, to make loan of s1Oo,ooO,OOO this year. Sir Ernest Cassel and Jacob Schiff will probably arrange the details.
 Foreign markets were firm, especially Paris and Berlin. London was fairly steady, but irregular, although Amer jeans were firm. The bank statement was much more favorable than had been expected. While increase in the sur- plus reserve had been confidently ex- pected, few looked for an expansion al- most as large as occurred a week ago. Yet this is what happened. The increased surplus was $16,551. .425, bringing that item up to $22, ,6S5 475, which is the largest for well over year.
 The cash gain reported was $25, ,6S5, 800. Loans increased $J,oZS,l while deposits increased $3S, 547, 800. Bankers and brokers united in saying that the bank state ment indicated further relaxation in money rates and that further increase in bank reserves could be confidently looked for.
 Bar silver in London today was quoted 1-16d higher at 25s 11-16d per ounce. To- days New York price was 1sc higher at 551hc; Mexican dollars were unchanged at 44@52c.
 Increase of the sale of bonds on the stock market this week was one of the signs of the times most closely watched in investmfnt circles. The total, some thing like 22.O00.000, compares with $21,- 100000 last week and with s11,0OO.000 in the last full business week of December.
 JAFFE JEWELRY co.
 Collateral Brokers.