The Birmingham age-herald., 1908-01-26

steel trust for the last quarter of 1907 are lacking, but the amount is not far from 600, as against approximately S43,0O0,OOO the preceding quarter Earnings for October were about s17,000,000, and for November and December less than $14,- 00000 combined From what is known of the January results insiders are making the prediction that net earnings for the first three months of 1908 will not largely exceed $2e,0o0,000, or just about enough to meet fixed charges Between 45 and % per cent of the capacity of the corpora tion isA busy For part of December the active capacity was down to 20 per cent In a general way it may be said that the iron and steel business is showing slight improvement. but there is decided uncertainty as to whether this improve ment is temporary or lasting The weak feature is the softness in pig iron. Meet ings among the big producers for the pur- pose of maintaining prices have been al- most continuous, and there has been ad- journment without affirmative action.~1t is an open secret that Birmingham pig iron has been selling within the last few days upon basis of SIP.
 From an international standpoint the United States is very comfortably situ- ated. Our exports during November and December were phenomenal and the bal ance in trade our way approximating s200,-  000,0C0. January will not show up quite so well, which is a good thing. If this Country kept up the November and De- cember pace ii would bankrupt the world. In contrast to this splendid record of exports is the marked falling off of im- ports, especially of luxuries. Uncle Sam in his dealings with other peoples is get ting the best of it coming and going. The Sl0S, ,000,0 GOO to S1100o0,00o in gold import ed during the last a0 days was only I partial payment of foreign indebtedness to us, reality which will be disclosed in the wash.
 The great employers of labor find sats- faction in the changed attitude of wage earners. They note a decided toning down in their quarter and a willingness on the part of the masses of wage-earners to recognize the hard facts of the last thres or four months Before the panic em- ployers were substantially agreed that labor with each successive advance in wages was showing decreased efficiency and growing carelessness. Seemingly it could not stand prosperity to the best ad vantage, and in the light of recent events the lesson of initial hard times seems not tc have been lost. It is an i'll wind that blows nobody good.
 Wall street is pqzzling itself over Smelt- CTS. That stock suffered break of about lS points, and all sorts Of stories sprans into circulation as to what was going on within the corporation. In some quarters it was maintained that control had passed to Standard oil.
 It is very unlikely that. the Guggen- helms have lost control M this great property. They may have had to let go of some of their stock during the stress of the last three four months to carry on their tremendous enterprises but they are all powerful in their specilaties ani their resources are unlimited. Their in- vestments in the new mining fields of Utah, Nevada and Alaska alone will make them within the year the largest copper producers In the worlo not even except ing Amalgamated. Their mines for 1909 will have d capacity of more than 250,- 100000 pounds.
 The New York Central has made q bad impression on the public by it's evasion of the state law of New Y orl requiring corporations to obtain the as- sent of the public service commission to new issues of securities. It "ducked thls requirement in putting out it's $30, 00O issue of equipment notes, and the row which has been raised over the neglect is not helping the company's credit little bit.
 Word comes from Washington that the house committee on agriculture Is about to report Dlll TOT the suppression or marginal transactions in farm products and commodities on exchanges and boards of trade and that after reaching the House amendments will be tackled on to include within the provisions of the meas- ure the stock exchanges of New York, Boston, Philadelphia, Washington, Chi cago and other cities. It is further broad ly intimated that the bill in it's enlarged scope will slip through the House as though creased. The stock exchange has thus far not awakened to the importance of the news. It usually regards with lofty disdain reports of this character and refuses to believe that anything can happen which will interfere with it's prerogatives. The New York stock ex- change is an unincorporated Association or club assuming to itself extraordinary rights and privileges.