The Birmingham age-herald., 1909-04-18

Those who form judgment on present conditions are not willing to admit that a basis yet exists for the optimism which is felt Tn the stock market or for the confidence with which the big people and the bankers are now disposed to look at things. They see nothing in railroad earn ings or In the volume of actual trade upon which to build rosy hopes of an immediate return of good times. This is the element which is too prone to look at the landscape from the rear platform.
 They only view the scenery from the receding viewpoint. The optimist on the locomotive looks at things differently and drives ahead leading the way. At pres ent the man on the engine is in com mand of the situation and more especi- ally in command of the stock market Prices of most railroad stocks are now about at the average level req ched at the climax of the great bull movement, but the general average of the whole market is nearly at the best seen since the panic a year ago last October. The re- covery since the reaction of January and February has brought the principal favor ites to nearly where they were at the end of the great bull campaign and the prom ise Is that the market will continue it's upward course with occasional reactions. There has. been some realizing on the rally, but nothing to indicate important distribution. At the game time the doubt ing element continues to be in sufficient strength to keep a good sized short in- terest in the market, which Is just what the bulls want. The speculative spirit is full of confidence and grimly looks upon the sacrifice of bear money as one of the features of supreme folly on the part of those who refuse to take the rosy view of things.
 fIa loe et the minor stocks have pulled sharply to the front. This development has been without the approval of the light waisted contingent who see no good reason for any kind of an advance in the lesser properties, which have been more or less under the hammer and which had fallen into disfavor. Conspicuous is this list of revived stocks in Columbus and Hooking Coal and Iron. This is a stock which has been Kicked around the street for years and had fallen into destinctly bad odor on the exchange and in the offices. It suddenly began to move upward about six weeks ago and climbed with very little reaction from low down in the 20s up to nearly 60. At first 1t was looked upon as rank manipulation and was the sub ject of much ill-natured comment on the part of the sharpshooters of the press and the street. The advance continued, however, with such force and determina- .tlon that the doubting Thomases and the numerous constituencies that had sold tho stock short began to sit up, take notice and make inquiries.
 They made the discovery that the management of this property, which lies out in southern Ohio had been engaged for a year or two in developing and bring ing into action one of the largest de- posits of clay in America and that it's 1s,0OO acres of land was in a fair way to become the center of a new oil field The large owners of the property could easily work out of their holdings at cur rent quotations at very large profit on the original investment, but with a strange lack of consideration for the feel ings of outsiders, they refused to do this and some of the most enthusiastic among them predict 200 for the stock before the year is out
 new oil field, opened up about year ago, has been working south and good wells have been struck close to the north