The Birmingham age-herald., 1910-05-22
STOCK MARKET
 GOES ID SLEEP
The Public Is Taking a Needed
 Rest
MOVEMENT IS NORMAL
HaIIey's Comet Seems to Have Had Some Effect on Stock Trading Thursday and Friday.
 Feling of Relief
BY ". G. NICHOLAS

BY W. G. NICHOLAS
 New York, May 21-(Special.- stock market has gone to sleep, so the commits sion men and brokers say. They always feel that way when the public takes a rest. It does not follow that because the public refuses to become excited and in dulge in wild speculation in the mer chandise Wall street deals in the sit uation is in the least unhealthy. On the contrary the market may be all the better for taking a much needed rest once in awhile, and that appears to be the condi- tion at the present writing. Come to think of 1t there is nothing to get ex- cited about.
 Railroads and industrials are going ahead normally making money and pay ing dividends Some of them are not able to borrow as much additional capital as they would like upon terms that please them. That is mentioned as bearish factor. As a matter of fact. it may be all for the best that they are not able to extend themselves as rapidly as they would like. The extensions and improve ments and new things they would like to buy can be had a few weeks or few months later, and possibly on better terms. Meantime the bedrock situation is improving and the country getting richer and stronger. The spending of money for business extension Is not al- ways sign of bulging, buoyant health. It may sometimes mean fever and always after fever there is reaction.
 It is an economic truth that the less money we spend the more we save and that great truth applies as well to cor porations as to individuals. It is also true that if left unchecked there is very likely to be over-expansion in business preparation. This fact finds illustration in the too rapid construction of iron and steel plants. Incited by the immense profits of some of the iron companies ev- cry concern in the country has been put ting itself in shape to increase output
 The result is that today the iron and steel capacity is fully 5000, GOO tons year, whereas the record of consumption is less than 26,0O0.000 tons and that was three years ago. The mills, are putting out product at the same rate of 2S.000.0 GOO tons year and loud complaints are heard be- cause business is not coming up to the utmost limits of capacity
 All in all the stock market is doing very well. The swing of prices Is narrow comparatively and spectators are find ing pickings dather lean. Investors, how ever, are well satisfied and it is the in- vestors after all who compose the market. Prices are averaging to 6 per cent in come return a level that induces steady absorption of securities by those who have the money to invest. Naturally, with these conditions prevailing the mar ket tendency will be to harden and 1t will be surprising if prices do not work con- siderably higher unless there should be a crop calamity or some disaster which cannot be foreseen. From a stock exchange and speculative viewpoint the outlook is for early im- provement The volume of sales has be- come very small and 1t inevitably hap pens after a protracted period of dulness that something occurs to stimulate ac- tion. That something is now overdue, and we may look for signs of life before very long.
 Market students are almost unanimous in the statement that while the average of prices Is not high, tbere Is un- usual irregularity in many of the stocks. Many instances are pointed out where securities are out of line and it is fre- quently predicted that during the coming year there will be a very marked read justment. There are two of the Hawley stocks which are at the moment attract ing attention-Alton, which pays per cent and sells at AS, and Chesapeake and Ohio, which has been paying 4 per cent and is just getting into the pre- cent, which has been strong around SS.
 Then we have Reading, which is the greatest speculative favorite on the ex- change traded in between 160 and 165 while Pennsylvania and New York Cen tral standard issues, are quoted at rela- lively very much lower figures. Then we have St. Paul. a per cent stock, selling under 140, and regarded as being too high at that In another department of the market is seen United States steel, pay ing per cent and earning above 15 per cent traded in around 80 to S5, while Amalgamated Copper. paying 2 per cent | and earning deficit, quoted at around 70.
 Manifestly this is a market period when | investors will be doing themselves ser vice by discriminating carefully and | going somewhat into the merits of the | stocks before parting with their money. | Unless indications are at fault, the pres | ent year will witness important declines | in some of the specialties, although the general average may be. and probably | will, work materially higher
 One of the incidents of the week which | for some reason has made almost no stir. Is Senator w. A. Clark's abandonment of | Montana Very quietly he has sold out | his mining interest around Butte to the | Amalgamated Copper company, or one of its associate organizations. He got | cash for his. When he made up his mind | to quit Montana he evidently wanted to | leave nothing behind him that would give him concern in that part of the country. |
 He didn't even want bonds or stocks, | or something which could be translated | into money. He wanted the money itself | How much he received for his Montana mines Is not mentioned. He contented | himself with the mere statement that he | had been paid his price in cash. The | transaction is looked upon in copper min ing and copper investment circles as being | highly significant, and to mean that in the opinion of one of the most successful | copper miners in the world that partic- ular section of the country has seen it's best days.
 It may be safely assumed that when Senator Clark sells anything he gets all he thinks 1t is worth, and that when he decides to part with mine there is small margin of profit for the other fel-