The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-05-08

leaders have been getting ready for a
change from depression and that they
are looking for improvement in prices
and in underlying conditions. 1t would
not be reasonable to anticipate a per-
pe3dcular advance in values up to dizzy
heights. but II is safe to assume that
the tendency from now on will ne up
ward instead of downward. The market
has been undergoing a decline for fully
six months, and in that period there
has been heavy and almost continuous
liquidation.
Selling of stocks on a large scale for
| account OF the Hartman estate marked
the beginning of this decline, just as
buying of stocks on "a huge scale for
account of Hartman the Individual
| started the market up on grand boom
in the early spring of 1903. The liquida-
| tion seems to be over and the market
resumes its upward swing from a level
of prices almost half way back from the
extreme top reached last fall.
At the current range many safe stocks
! in the dividend-paying class can be
! bought on an investment basis of 512 to
612 per cent, and this is unquestionably
| attractive to great numbers of people
who have only been holding off until the
atmosphere cleared somewhat and they
could see better into the future. Buying
| for this account has been going on for
| some little time back, and it will be
more In evidence from now on. 1t will
| be strong leverage to prices. 1t will
| be bulwark which the bearish forces
cannot overcome or surmount. AS the
| crop situation becomes better defined
| speculative interest Will come to the as
sistance of the investment buyers and
| very considerably higher quotations are
| likely to prevail. This seems to be the
| opinion of the more experienced traders
anu representative bankers.
Experts are hard at work on the new
rate schedules which the eastern rail-
roads will file with the interstate COM
merce commission. For tactical reasons
the roads may defer the formal Hing
until after the western rates go Unto eff
feet. There is a prudent and cautious
desire on the part of eastern railroad
arrangements to see how the move by
their Western brethren takes"
If the new deal meets with only per-
functory or ineffertual opposition. no
more time will be wasted by the eastern
ers All the railroads are moved by
the same wish to begin the work of ire
endorsement for the s45,00o,000 increase
in pay rolls as soon as possible.
For time Wall street had the idea
that the interstate commerce commits
sion could arbitrarily suspend the opera
ton of the proposed high rates and make
the injunction perpetual. 1t took some
little educational work to correct this
idea, and in the meantime all sorts OF
stories were aaoat that Washington was
going to stand nobly in the breach be-
tween the outraged shippers and the
oppressive railroads. The present view
is that the increased rates will be put
in successful operation and act for the
direct benefit of the stockholders. This
is another one of the incidents which
will be likely to help along the stock
market.
During the last few days bond houses
have found it much easier to sell goods.
They are not obliged to make such dras-
tic concessions in price and, generally
speaking. meet with greater willingness
on the part of investors to take hold.
For six weeks or more the bond houses
and underwriting syndicates have been
ma king sacrifice" campaign to hasten
the distribution of the securities that
loaded down their shelves and were be-
coming burdensome. The air in that
quarter is visibly clearing
Negotiations looking to the completion
of that big Copper merger are resumed
sporadically and every once in while
reports are heard that the deal is surely
about to be pulled off 1t Is not unlikely
ried out. but that it will be big enough
or broad enough TO be of real benefit to
the copper industry is very doubtful.
There are enough Independent mining
companies holding out and refusing to
| have anything to do with the negotia-
| lions to so restrict the size and import
| ance Of the proposed combination that 1t
| cannot possibly dominate or control the
| situation.
The prospect is exceedingly gloomy for
tho deep-mine, high-cost producers. The
| number of low-cost mines Is increasing
| every day and so is their output. Should
| the price of copper metal remain around
the 13-cent level, or decline permanently
| below that price, as now seems possible,
many of the great mines now in the field
! will be confronted with the alternative
| of shutting down or running at loss
| 1t costs II cents more to mine cop
| per in the Butte district which now
| produces at the rate of over 3O0,000,0O0
| pounds a year. The metal Is now weak
at 121a cents. At 1871 cents Amalgamated
| was only barely able TO squeeze out
| 2 per cent dividend
At the present market price for copper
metal it is barely paying expenses, and
| the same is true of a great majority of
the mines in that part of the country.
AS against -fhis the Lake Superior
mines are producing Scent copper, the
| mines IN Nevada ana OtdH 10 cent
copper and the mines in Arizona z to .
cent copper. When the enormous depos-
| its in the copper river country Of Alaska
are opened up by the Morgan-Gugge
helm syndicate, unlimited production at
a cost not to exceed cents is prom
Used.
| New York may not have a rubber spec
ulation like London and Paris. but it is
| beginning to take a very lively interest
| in oil speculation. Something almost like
| furore possesses a large speculative
| contingent at this time. and the subject
is excitedly discussed in the brokers' Of
fees and also in the uptown hotels at
night
WIRELESS TELEPHONE
HAS BEEN REALIZED
London, May Especial 1.-The wireless
telephone, which has long been the dream
of inventors, seems to have been realized,
with limitations.