The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1909-07-04


investment holdings of the people went
through the hard times undsturbed and
prices are now back to about their for
NAL level. In many instances standard
securities are higher than ever, notably
Steel preferred
There is less speculative enthusiasm in
the market than has been witnessed for
some time. This emotion has given way
to a sense of serene confidence in the
future Everybody seems to feel that the
country is in state of extraordinary
solvency and that 1t is headed toward
long period of progressive prosperity. No
better foundation could exist for per-
manency of good times. Everything seems
to spell for stability and endurance.
There are some little specks in the ONT
ment but nothing seriously menacing is
in sight. The labor troubles which are
cropping up in the iron and steel trade
may be regarded as the most serious pos
sibility and these troubles are not regard
ed in the financial center as being grave
enough to shake faith in general indus
trial peace. The opinion prevails among
steel situation that the day is over for
union control OF the mills. The prediction
Is freely made that we are entering upon
an era of "open shop In that great de-
partment of labor. 1t does not appear
that the time is yet ripe for emancipa-
ton from union tyranny in the building
trades in tho larger cities although con-
tractors very generally agree that there
is higher degree of efficiency in that
quarter
A great deal is heard about the crops
these days Reports from the field are
almost without exception favorable and
the agricultural outlook may be broadly
described as exceptionally bright. 1t may
be that the aggregate production of wheat
will fall short of high but the indications
are for a record breaking corn crop. 1t
is yet early to hazard estimates of what
the total will be- yet on every hand the
prophesy Is heard that the yield will be
$500 100000 bushels. That seems extrava-
CANT yet many of the reports heard seem
to give good basis for that enormous
figure. Crop talk crowds into the back
ground discussion about the tariff bill and
speculation as to when Congress will get
through with the job and adjourn. The
speech made by Mr.. Taft In New England
Wednesday night Is considered by
thoughtful men to be well worth careful
consideration. BY some it is looked upon
as genuinely disturbing and as indicating
undesirable political unrest from the
moment Congress adjourns until another
Congress 10 elected year and half
hence Many of the best friends of pro-
lection look upon the horrible work of
the present Congress in the matter of
tariff revision as the very worst thing that
could happen and freely say that the bill
now being ground through will not only
not settle the question as hoped for, but
will in reality provoke the multitudes of
consumers into acute and vigorous politf-
cal action another revision Of the tariff
next time downward. The suggestion
made by Mr.. Paul Morton that the most
satisfactory revision would be a s per cent
horizontal cut each year. for five years
seems to be meeting with favor In the
financial district. 1t looks very much as
though the adjournment of Congress
would be followed by immediate agitation
for a better job! 1t Is yet too early for
this matter to be market factor but 1t
is reasonably certain to become one in the
course of time.
The next formal meeting of the COM
mittees intrusted with formulating plans
for the consolidation of independent iron
and steel companies will be held at one
month The gentlemen are hard at work
and expect to keep at 1t all through tho
hot weather. 1t will be one of the most
scientific Industrial creations ever seen.
The aggregation capitalization of the COM
panies that will be q part of the inde-
pendent organization is not less than
5000, 600, 900, but that affords no basis for
estimating what the capital of the pro-
posed new corporation will be. The ex-
pressed opinion of several of the inf1u-
entail mon who are taking part in or
ganizing the new company Is that the
capital should be kept as small as pos
sble 1t will all be matter of exchange
of securities anyway and so long as an
equitable basis Is arrived at the size of
the capitalization is not of first import
ance The one thing certain at this stage
is that ample working capital in cash
will be provided. 1t will start off fully
equipped In that particular anyway and
there will never be any need Of going
into the market to borrow money to do
business with or to tide over hard times
II the organization of the new company Is
completed by October the chief spirits In
the enterprise will feel that they have
made good speed.
Tho street pays less attention to the
daily bulletins about Mr.. Harriman's