The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-04-25
STOCK MARKET IS
ON BROADER BASIS
Investment Field Is Growing
Larger Year BY Year
GOLD rs MOVING OUT
Reports of Steel Corporation and Utah
Copper Company Are Good While
Railroads Are working on
Prosperous Basis
BY RALPH EMERSON

tion of the bigger stockowners has given
rise to an interesting inquiry which
shows, with few exceptions, that the
market has become much wider than it
~ was a year ago.
Out Of 10 standard industrial and rail-
road corporations. the number of share
holds has increased to a great extent,
showing a healthy broadening of the in
vestment market.
As the market stands now there seems
10 be an intangible cloud OF uncertainty
lowering over 1t. Through the present
week the underlying tone was dull, with
the declines overbalancing the advances,
generally speaking.
The uncertainty, however, seems to
arise from financial causes rather than
from natural developments in the rail-
road and industrial fields. This may be
eign capital for the holdings of stocks
and bonds abroad has come to such a
pass that considerable influence is WELD
ed by the European capitalists.
The outward gold movement continues
undated. with the outlook now that the
high money rate prevailing in Holland
may draw American metal to that CEN
ter Today s4,S30,0O0 worth of gold was
shipped from New York, s3,5Oo,00O going
to London and the balance to South
America. This brings the total exports
of the gold movement up to s1e,33o,0
The outflow has not had noticeable re-
Election in the money market. although
before long the market should feel the
off of l,o tat fnr
i understand, $500O0,0O0 worth of gold
will have been sent abroad before the
movement ceases.
Reserves Have Increased
Despite the gold exports. the reserves
held here have increased in the past five
days to the amount of s., 900. In spite
OF the export of $3.50, 900 gold, the banks
were enabled to make. this gain through a
heavy flow of CASH from the interior
which amounted to $7.S93,000. and through
a gain of 81, 1897 900 from the subtreasury
during the weeks operations.
There were two interesting events this
week-the first being the stockholders
meeting of the Steel corporation, and
the second the issuance of the report of
the Utah Copper company with an ac-
companying announcement from General
Manager lacking.
The net earnings of the Steel corpo-
ration in 1909 were s1O7, 773,099, gain of
$S2,S90,570, which leads to the persistent
j, belief that when the directors meet on
Tuesday they will put the common stock
on q per cent basis.
The report of the Utah Copper company
issued yesterday showed the gross earn
ings for 1909 to be s7,227,0oO This figure
was nearly equal to the earnings of the
IS months from July /, 1907, to December
81 1908, which were S7.6S2000. Owing to
an increase in dividends. however, the
fna Jrr1iit nf "
the report mention is made of the pro-
posed amalgamation of the Utah and
Nevada companies, the report urging
such coalition on the ground that it
I. will increase revenue by decreasing OPP
' Grating expenses. General Manager Jack
ling says:
After deducting the total tonnage
mined to date from that contained in
the 104 acres developed, the net guam
tity of ore remaining in this area is in
excess of s0,OOO,O0o tons"
Copper Market Dull
The copper market continues dull. with
lese exporting than was predicted for the
month. In connection with the Penn
sylvania railroads dividend prospects, 1t
IS interesting to note that the earnings
of the company in the first quarter of the
wear have been the highest for a similar
length of time in the history of the COM
pany. If the same traffic conditions are
maintained during the balance of the
year, 1t would be easy to show that the
company would earn II per cent on the
outstanding stock.
, Following the arrival of Judge Lovett
in this city, when he announced so many
optimistic utterances founded on his trip
I, through the west. now comes the report
from Wall street that no financing is I'M
pending for either the Union or the South
ern Pacific company. However, the So
100000 first mortgage bonds against the
Southern Pacific terminal properties in
California are available for issue at any
time. Judge Lovett, who has completed
n 1900 mile inspection tour, says that
the outlook in the west is more than
promising The new head of the Harri-
man system is not likely to commend
either extensions or improvements soon
which accounts for the absence of fund
from the project. The first improvements
made will, in all likelihood consist Of a
Southern Pacific extension into the coal
fields around Durango, Col. 1t is re-
ported that the Pacific Coast will de-
clare an extra dividend in July.
OF expenditures announced by rail-
roads, Atchison is to spend $31,O000OO in
new projects. according to statement
from President Ripley. The Baltimore
ana Ohio is contemplating the issuance
of s250O0,OOO to $3O,O00000 worth of bonds
70 retire others and improve the rolling
stock The Baltimore and Ohio Chicago
terminal, a subsidiary of the Baltimore
and Ohio has announced sS5, 100000
bond issue, much of which will reimburse
= the treasury. for property bought In and
around Chicago.
Directors of the Missouri Kansas and
Texas have decided on 100000 expendi-
lures in 1910.
Value of st. Paul stocks
y have heard much comment this week
d about the prices of st. Paul. Great North
err and Northern Pacific, with COMPARE
sons, and the opinion that st. Paul is not
entitled to sell higher than the Hill
stocks. This has brought to light the
existence of valuable equities of the st.
Paul which have been ignored, estimated
to be worth millions, but which will in
the course of time probably be worth
t5O,O00000.
Iron, steel and ore conditions continue
good, with better prospects. Judge Gary
Or the Steel corporation predicts a banner
year of earnings of both the Steel corpo-
ration and the Republic Steel and Iron
company The report of the Alabama
Car Service association shows a great
increase in tonnage in the SOUTH which.
Of course. bespeaks more business.
The annual report of the International
Harvester company this week showed a
treat year. The sales In 1909 We're ill.,
10000 in excess of those of the preceding
year. The gross earnings of this COM
pany were SS6.6l4,00O. Talk of an In
creased dividend in Central Leather is
------------ - --------------=-