The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-04-11
RATHER DULL WEEK
IN STOCK MARKET
There Was Nothing to Cause
Fear Among Investors
BOND MARKET NARROW
South Has Been Very Little Affected
BY the Coal Strike-RaiIrOads APP
pear TO BE in Good Shape
With Good Prospects
BY RALPH EMERSON

BY RALPH EMERSON
New York. April 1O.-Up until Friday
there was an absence of selling pressure
In the stock market, which resulted very
favorably, but the influence of the strong
decline Friday was still exerted yester-
| day. 1t was reported in dispatches from
Washington that Attorney General Wick
ersham, In his Chicago speech Friday
night, would make some radical charges
against capital. The decline which start
ed yesterday wiped out the gain of pre-
vious days
Outside of the Wickersham rumor there
was no outside influence to cause the
sharp slump. The decline merely culmi-
mated a week of professional trading in
a narrow market and there was no cir
cunlstance to cause fear among the out
side investors
In fact, this was a rather dull week
In the industrial and railroad fields there
was little of moment. The failure of the
United States supreme court to hand
down the decision in the case of the
government against the American To-
bacco company for dissolution leaves
that matter in allegiance, although Amer
lean Tobacco jumped up SIG share on
the curb this week, upon rumors of a
defeat for the government.
Reassuring messages have come from
the bituminouS zone relative to the strike
settlement 1t is understood however,
that the entire strike may not be settled.
There is to be a Pennsylvania confer
ence on Tuesday, at which agreements
will be inscribed for the consideration of
both sides. President Taft has indicated
that he will possibly take a hand in set
Ting the strike at Bethlehem and in
Philadelphia.
The labor difficulties ought to be set
tied soon and the horizon cleared, ae-
cording to efforts now under way.
The south has been but little affected
by the coal strike but there is a posi-
bility now that the Southern railway may
be seriously handicapped If the telegra-
piers maintains their demands for higher
wages and a revision of time.
The bond market continues narrow with
the standards offered at low prices while
the money market has commenced to
harden, the result of the gold shipments
abroad So far as the money market
is concerned interest is attached to the
United States government report Just is
sued by the treasury department, showing
federal revenue and expenditures so far
during the present fiscal year which
commenced July l. The expenditures, in
GLIDING the Panama canal, are S574, us, 1858,
while the revenue is $49z709,550.
Since last Saturday sSOOo,0o0 gold bullion
and coin has been shipped abroad All
through the week the money market re-
hected this condition and a gradual hard
ening of the rate, eliminating in per
cent for call Thursday as natural Sc
quence.
This state of affairs lent unusual in
terest to the current bank statement On
the present weeks cash movement New
York banks sustained a net loss of s4425.-
900. From the interior So, 100000 was sent
although the sub-treasury took 1929, 600 on
balance The gain from the interior was
LOST through the gold exports.
James A. Patten, the Chicago cotton
and wheat king, announced openly that
he was in the cotton market to fight
George H. McFadden & Bros. of Phila-
delphia, but this startling statement had
little effect Mr. Patten, it is argued,
would hardly reveal his plan of campaign,
If actually engaged in the skirmish.
Getting down to the real developments
Of the week in the railroad field we find
little of Importance. James ]. Hin, who
left this city last for an inspection tour
Of the St Paul. made an optimistic state
Mr. Hills constant reiteration is not
necessary to express the fact that the
west and northwest are booming. Great
Northern's business continues to expand
and the rush of immigrants into Mime
scta, South Dakota, Idaho, Washington
and Oregon has caused unusual traffic
figures at this time.
At the meeting of the stockholders of
the Southern Pacific in Louisville this
of first o.
bonds on its California property was au-
thorized
With four good traffic months yet to be
included in the years income account,
the Louisville ard Nashville already has
a lead over 1903 of 1878, coo gross.
In eight months the Louisville and
Nashville has earned $3.50 per share. The
directors have not yet taken up the mat
ter of new financing and no offer of stock
appears imminent.
With it's $62, 100000 development the
Southern railway is about through with
it's costly financing. Opening business has
put the company in an easier field, how
ever. The Southern started the present
fiscal year with a balance of nearly $1,000
900 to the credit OF its profit, but there is
still 100000 loss on its securities sold
TO be made up from earnings.
From figures which / have compiled the
more than per cent on the common and
convertible bonds.
In eight months the gross earnings have
increased at the rate of $5,0O0,O00 per
year while maintenance charges have in
creased only one-flfth that amount.
The Delaware. Lackawana and Western
ought to earn nearly $15,o00,000 in the 10
months ending June 80.
The Denver and Rio Grande preferred
dividend for this year is already earned.
and the road should nave a surplus of ST.
900 on this years business.
The gross earnings of the Iowa Central
have increased SIS, 600 so far this fiscal
year, oqualing Ii per cent. The net gain
is placed at $4,000, or SO per cent.
B. B. Thayer, president of the Ana
conda Copper company, has returned from
trip to Montana and other western
states and says that the copper trade
will not suffer this year. Also, this week
the Copper Producers association issued
a report, showing that the United States
Copper metal stocks had gained 1886, $50
pounds.
The steel trade is in a waiting attitude
The United States Steel corporation has
increased is earning capacity through an
Increase in its finished production.
The Republic Iron and Steel company
intends to increase its holdings in the Biz
mingham field and several new plants
will likely be erected soon.
Much interest is attached TO Washing
ton. Aside fro nthe action of the SUI
preme court and the unknown possibilities
In Mr.. Wickershams speech, expectant
eyes are turned toward the corporation
tax law, the railroad bill and the future