The Birmingham age-herald., 1909-06-06

vestor not running on trifing recessions nor taking trifling profits That MT. liar riman will want his pet stocks-Union and Southern Pacific--to look as good as possible during his educational campaign abroad is very sure, and his fine far-west- ern hand Is already discernibe in the market movement of the issues asso- ciated with his name. Hartman is no fool-certainly a most practical of prac- tical men, as certified to by no less a distinguished authority than Theodore Roosevelt.
 The course of United States Steel com mon surprises professional Wall street The average trader cannot understand how stock capitalized at over $500 000,- 900 can walk up just as easily as any little ordinary security. In this case size water has long since been squeezed out of Steel common Not a drop was left when 1t fell some years ago to S5s-every buyer unable to hold on was wiped out in that lamentable and memorable bear chaos. From that time until the present day the course of Steel common has been that of steady recuperation-the sick child was successfully treated and has been waxing onward to sturdy manhood There Is even now a rumor that the cor poration contemplates retirement of preferred stock at 140 and substituting therefor bond issue. Should such action be taken 1t would of course add much consequence to the market position of the common stock. But, whether this be true or not. there would seem to be nothing in all D fn Il from now on enjoying the benefits of the vastly increased earnings which loom ahead for the Steel corporation. So wig orous is the resumption of activity in the steel manufacturing business that the Pittsburg mills ran full blast on Memorial day Orders for May are said officially to break all records since the organiza- tion of the corporation It is no fanciful dream to imagine Steel common paying constantly increased dividends until it shall take rank among the great invest ment properties of the world.
 Appreciation of this fact comes from Paris. The Paris bourse is to admit or has admitted, it to full listing among it's securities-the first case of an American common stock receiving the Paris hall mark. Our French cousins are very con- servative and would never take such ac- tion unless they were pretty sure of the ground they are treading on. It is said that their educator in this particular case has been MT J. Pierpont Morgan. If MT. Morgan can keep on such good work he would better stay abroad.
 Coincident with Steel prosperity there appear cheerful movements in the cop per metal business. It would seem that consumption has caught up with produc- tion, and that the price of copper metal is pretty sure steadily to advance. In such case there is always room for marked improvement in the price of Amalgam- ated Copper, not to mention the other sound copper companies which are actu- ally doing business or those which have in their treasuries ample capital for prac- tical development. Both on the stock ex- change and on the curb there would seem to be reasonable certainty of active awakening in copper securities.
 The end of the deal in Chicago in May wheat came quietly and logically. There was no attempt to bleed shorts. The set tling price was reasonable compared with corresponding quotations in all the wheat markets of the world Since the end Of May the steady strength of later options in Chicago and elsewhere seems to con- firm the statement of MT. Patten that high prices for wheat are not due to ma nipulation but to world-wi demand for that cereal Assuming this to be so, high priced wheat can mean nothing but in- creased agricultural prosperity, increased railroad tonnage and stimulus to every branch of industry and commerce.
 In circles which take their tone from Edwin Hawley there are all kinds of talk on Chesapeake and Ohio. Considering how successful MT. Hawley has been Tn his administrative and market handling of Colorado Southern Toledo, St. Louis and Western, and Chicago and Alton, a serious air is lent to what Is whispered from his office concerning Chesapeake and Ohio. It would seem to be his pur- pose to make this road important link in a big trunk line system. If so, then of course it's present market quotations are petty. But there is always consid- erable speculative element to be taken into consideration in Hawley ventures.
 There is talk of a new Notation of bonds by Missouri Pacific, and 1t is said that resumption of dividends upon the stock awaits such f1otation. If successful then Missouri Pacific will again become a dividend payer. The stock is quietly strong, seemingly in a waiting attitude. Missouri Pacific, properly administered can become a profitable earning proposi- tion instead of Gould scapegoat
 Very good buying of New York Central IS feature or current transactions. The public at large has not yet grasped the whole significance of MT. Harriman's en- trance into the New York Central direc- torate. To paraphrase an old saying Where Hartman sits, there is the head of the table" His influence will be found predominant in New York Central just the same as in any other property in which he shares control. In old days Jay Gould used to say. that if he could control 30 per cent of any stock he could dictate It's management-of course by sheer force of personality. We are in- do likewise on about one-per cent basis.
 There is evidently good deal of Atchison for sale around no. Should this stock be absorbed Atchison will go good deal higher for 1t Is certain to return to 6 per cent dividend basis next fall Actual earnings of Atchison approximate IA per cent and there is no reason whatever to keep the stock on a 5 per cent basis after the subsistence of panic conditions. Atchison Is great property.
 Very energetic bull tips are being cir culated concerning American Locomo- tive. While these may be merely man. ipulative efforts there is no doubt that all the equipment companies are due to enjoy their fair share of prosperity re- vival. Locomotive, Car and Foundry, Railway Steel Spring. International Pump and New York Air Brake are all going to have their hands full of orders this coming summer and fall The railroads