The Birmingham age-herald., 1910-03-14
Past Week Has Shown Resist
 ant Power of Market
MERGERS ARE PLANNED
Report Is Current That J. F. Morgan Has Bought Up Several Auto Fac tories and Other Big Deals
 Are on Hand
By RALPH EMERSON

stock market staggered upward and then declined until yesterday there came a rumor of the death of J. P. Morgan, ment if it had not been instantly denied in an authoritative manner by J. P. Jr. The general strike situation spreading in serious fashion from the nucleus of the trouble in Philadelphia cast a cloud over business and for the first time in a long period politics entered into the makeup of the situ- ation. The domination of Wall streets fears is clearly reflected in the nervous ness abroad through the country, despite the efforts of prosperity to expand be- yond it's present bounds. In spite of the alarms which the week brought forth there were indications that some of ths are being smothered out. The election on Thursday of three repre- sentatives of the Guggenheim family to the board of the Nevada Consolidated Copper company smooths the way for the merger of the Nevada and Utah Cop per companies, while the increase of the QlNlQcIQ Ol ttl0 Ctdh SopPCi SCihPohy to $335 share assisted in dispelling gloom and doubt in that quarter.
 The report that Mir. Morgan will corner the automobile industry and merge in with the infant aeroplane industry has been denied, but the fact remains that J. P. Morgan & Co. purchased the plant and good will of the E. M. F. company of Detroit for s6,OOo,o0o, and 1t Is an axiom of finance that MT. Morgan never does on a small scale.
 Tobacco Company Prosperous
 The annual report of the American To- bacco company, which is being prose- cuted by the government, was made pub lie this week, showing an enormous earn- ing of 50 per cent. The earnings in 1909 were s3O AS, ,3S4, practically s2,0o0,000 more than in the previous year. If this shows else, 1t reflects a more prosper ous condition in the tobacco trade.
 The money situation showed a good in- Aux into the interior the first loss in that direction since the beginning of the year. The total loss to the interior and on sub-treasury operations proper was s, ,O71, coo Deducting therefrom the gain by new gold, the net loss by the banks Ndb dPpIOAiIldtCiy 70, iOV,vvV. iC Oat- ward movement of currency commenced in earnest this week.
 AS factor the strike situation both as regards railroads and industrial com panies is blighting trade and commerce. It Is a comforting circumstance, however, that the Baltimore and Ohio situation is not so serious. In upper New York state the International Paper company's mills are tied up. while in Trenton. N. J., there is a trolley situation similar to that in Philadelphia, although on smaller scale. The Bethlehem steel mills are still seri- ously crippled, while sort of climacteric stroke was made this week in the refusal of the middle west coal operators to grant the demands of the miners. The disquieting news from New Castle, Pa., that the Pennsylvania Federation of Labor was urging a nationwide strike was offset by the subsequent petition of the body that President Taft end the Philadelphia strike.
 Arbitration Is Used
 The western locomotive engineers and firemen's grievances will be settled by The most important an in the railroad field was the financing plan of the St. Louis and San Francisco. The directors authorized an Issue of $26, 900 first mortgage 5s to be retired in 1940 and at the same time pre- pared to retire on January 1, 1911, it's $7,- 5O0. .Oo0 of per cent notes
 The sale by the Baltimore and Oho of s1O,O00,0OO worth of one year notes put that company in immediate possession of a vast sum of quick assets.
 The most favorable showing comes from the railroad field. The Atlantic Coast Line is earning 10 per cent on its new and higher capitalization. The Missouri Pacific, into whose directorate Cornelius Vanderbilt was induoted this week, is $52, COG, 900 per year upon its pres ent basis The St. Louis Southwestern
 the Cotton Belt Line) earned $995,0W in the seven months ended January 3l, ac- cording to statistics just complied The Southern railway has earned 8 per cent upon It's preferred stock in the past year with better prospects ahead.
 The St. Paul has been crippled by labor troubles and bad weather and I estimate the amount of these disturbances to be over 5000, ,000 although there is no denger ahead. I understand that negotiations are well advanced for the sale of the Hooking Valley railroad to other com panies. The plan provides for a parti- ton of the Hooking Valley system to the Chesapeake and Ohio and the Lake Shore and Michigan Southern Railway company. Chesapeake and Ohio will take the Hooking Valley proper and the Toledo and Ohio Central will go to the Lake Shore. Some tir ago told of the ne- gotiations of Edwin Hawley for this line and the present indications bear out the previous report.
 Iron situation Is Good
 The iron and steel situation is good. a car shortage has hindered full operations in the Pittsburg field, owing to the inability to move coke and ore. The earnings of the Southern Iron and Steel company are estimated at N,- I50, 900, while it is certain that the full plant will be operated nine months this year. The Tennessee company is moving ahead at full speed in the construc- ton of the two billion gallon lake at Purdy, which will furnish the Birming- ham industrial belt with sufficient Water for years to come.
 The Birmingham boom is the greatest in the history sof the south, according to reports. The $1 ,O00,0OO plant of the Rag land Cement company is nearing consSle- ton.
 The Southern Steel company is taking steps to build another furnace at Gads- den. The Woodcock Iron Works, which is in the hands of receivers, will soon be put in operation. The plants of the Horse Shoes Rolling Mill company are almost ready for starting work. while the Louis- vile and Nashville railroad has taken over 25 sqpare miles of territory in Gull man county. Alabama, to found new industrial center, which shall be com posed of export German mechanics.
 The verdict yesterday of the appellate division of the supreme court of this state giving the cotton exchange a clean A AzIk IL - -kf~ 4Akt r.. 4x,G The bond market is broadening and the foreign bourses. acting in sympathy with