The Birmingham age-herald., 1910-04-03

f.I
 lyond the reach of the authorities of the stock exchange but the evil can be
 remedied by laws which will more rigidly prevent the oyer-certification of checks,
 which is now indulged in in defiance of |existing imperfectly drawn statutes. The reason why Lehigh Valley stock steadily advanced through period of several months from around 60 to above 115 seems to nave been because the stock
 was worth the money, as witness the announced distribution of an extra divi- dend of s25 on each $50 share, an aggre- lgate melon-cutting of $2o, 900.
 Philadelphia, which is the official head quarters of the company also bulletins at shareholders will have chance to subscribe for new issue of $4O,OO0,0Oo sock at par, an arrangement that will put very large sum of money in the treasury for investments and payment of maturing bonds. It is very generally held that these large surplus accumu- lations should legtimately be transformed + into share capitalization and this Lehigh move is to that end. The management feels that $S00O0,000 more nearly repre- sents equities than s40,000,0oO.
 It makes Wall streets mouth water to learn officially that the savings banks and trust companies of the United States have on deposit savings of the people to the amount of $557S. eco or 40 per cent of the savings of all the world. Wall street could use 8 good share of this rooney to large advantage. If there are not stocks and bonds enough to go round lit would be no trouble to all to grind out some more. The manufacturers and salesmen of securities are always ready, willing and able to procure the goods in any quantity to meet the demand. no matter how large it may be.
 The welcome news assails the street that a part of the crops may be saved after ali. It seems that the crop killers overlooked the fact that large part of the west and southwest. was covered with heavy snow last winter and that the ground was full Of moisture when srringtine came. They are now an- nouncing that such being the case the roots may find nourishnent even though there should not be deulging rainfals. This encoura ging news Is not having the stimulating effect on the stock market that 1t should, however.
 New York Central will have difficulty i,, maintaining its officially announced
 
 of ifs workmen. Every other important railroad and a majority of the big indus ttiais are meeting the demands of their men and doing 1t voluntarily. The ex- ample of Pennsylvania In increasing the liu end of it's payroll about 10 per cent I,as been followed by Reading and will ne followed by the United States Steel Icorporation. The increased total which will be paid annually by the, three com nnies will approximate $25,OO0O00. The nromptness with which the New Haven cotnpany has announced an increase in [, eirht rates in order to get the money with which to pay the raise in wages Is rather startling but sooner or later the ruhlic will have to foot the bills anyway md so just as we'll insert the knife at
 once and be through with it.
 Many of the great railroad companies and industrials report falling off in the
 number Of stockholders as compared with
 ktx months ago. It would appear that Of, the great advance in the stock mar i,et which eliminated last fall there was wholesale distribution of stocks for ac- count of the general public as we'll as iasiders. The public is certainly becoming educated to the advantage of marketing securities on the bulses and not waiting | ur til insiders get rid of their speculative lines.