The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-05-15
NARROW RANGE OF
PRICES ALL WEEK
According to Programme Set
for Wall Street
SOME PROFIT TAKING
William Rockefeller May Become New
Stock Market Leader-Wheat
Expectation Is Now
Failing OF
by w. G. NICHOLAS

New York May 1i.-(special.)-The
stock market swung soberly and deco
rously within narraw range of prices
all week. as per programme. The high
| financiers of the international grade de-
cded that it would be best, everything
| considered, to restrain speculation Tor
awhile and at the same time TO LEND
support to the market in order that there
might be no raiding done and nothing
| of disturbing character to unsettle peo-
pies mind. In the first place, there might
be just the fainest shadow of impro-
| priety in stirring up excitement Whhe
| the royal obsequies were on in Great
| Britain, and in the second place there
was Just enough uncertainty in the sit
| uation to make slow action desirable
Meantime, the best policy to conserve
was that of respectful quiet. Many OF
| the important bond flotations under way
in London and the European centers
were suspended for the moment, al
though none of them was bandoned or
even seriously interrupted. Announce
ments of conclusions of deals were held
back but the negotiations went on just
the same although without ado. New
York took its cue from London and the
policy pursued was thought to be very
classy piece of high financial diplomacy,
which would not be without Its fleet
abroad.
Apparently the low range of prices was
reached about the LIST of May. Between
MAY and the middle of the present
week the trend of the market was up
ward and an average rise of 3 to polnts
occurred In some of the favorites the
advance was considerably above that av-
erage. For instance. South Pacific rose
100 points Reading, Union Pacific rose
Steel Common points, and Amalgamated
Copper points. After such a substantial
rally there was considerable profit taking
by those who were fortunate enough to
get in during the early stages or the
recovery and a very natural recession in
prices was the result.
Experience has taught operators, not
alone of the professional class, but of the
public as well, that it is the part OF
wisdom to take moderate profits on the
rallies, particularly around about the be-
ginning of a bull movement Sometimes
the market starts off and keeps up
gate for weeks at a time, as was the
case when Messrs. Hartman, Rockefeller
and Frick inaugurated the memorable
bull campaign which began in the winter
of 1905 For 30 or 40 days in succession
there was hardly a skip in the pro-
gramme of having the market open
higher each morning.
That was a rare occasion, however, and
i. Is not likely to be repeated. The usual
course of bull market is to have a sue
cession of advances followed by declines
which rarely or never carries prices
back to the last previous low point, and
that seemingly is what is in store now.
the advance which appears to have COM
menced was from dead level There
was no preliminary running to give 1t
| impetus, and since the betinning of the
movement trading has been rather of an
Unconditional sort. This kind of action
! may be tedious to impatient souls, but 1t
| is healthy and an upturn started that
way is likely to continue longer.
| There is some talk of the borning of
new market leader in the person of Mr.
William Rockefeller, and there is Just
| enough plausibility to the story to give
| II a hearing. Mr.. Rockefeller Is credited
with having pulled off that bond sale in
Paris for account of the st. Paul Rail-
road company of which he is the real
background control Mr.. Stillman is an
other important factor in st. Paul, and
as he has taken UP his abode In Paris
permanently he was a i've neip u MI
Rockefeller.
Aside from Mr.. Rockefeller's desire to
to help along his railroad, he is credited
with being extremely anxious Tor Dull
movement in the general market in order
to create conditions under which he can
carry through his ambitious scheme for
huge copper merger. Indeed, that is De-
lieved by many to be his main incentive
to action at this time.
AS mentioned in these dispatches sew
eral times, tho underlying design OF the
copper merger is the formation of great
holding company which shall take In as
many low cost producers as possible and
x3nh n a
unloaded upon the public upon such terms
that holders of the deep vein high cost
producers in the Montana district can
get out whole. All told, the Standard On
interests have nearly $3.50 100000 invested
in the Montana mines and In addition
thereto they have controlling interest
in the Cole-Ryan combination of copper
mines whose average cost of production
is somewhat below that of the Montana
Sproup In order to sweeten the lump 1t
was made attractive to the Guggenneims
TO turn in their extraordinary periphery
group which is turning out copper at
the rate of not less than 20O00O.00O pounds
a year at an average cost or unoer
cents pound
It therefore occurs that the Guggen-
helms have become party to the Rookie
feller-C ole-Ryan scheme and the Gug-
genheim stocks have been particularly
ao tive this week. Amalgamated Copper
set the pace in the market rallies that
have been taken place lately and this Is
one Of the things which gave color TO