The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-03-27
"OTHER FELLOWS"
ARE UNLOADING
When Leading Interests Give
Support to Market
THE STEEL CORPORATION
Net Earning of Possibly $780,
00,OOO-RepubIicans Get
Severe jolt
BY W. G. NICHOLAS

times leading interests in Wall street
port during the last week, but every time
they came forward with anything like
spirit they were met with fresh sup
plies from the same sources that have
been pouring out securities ever since the
Jacob II. Sehiff interview some three
weeks ago. 1t became evident to the peo-
Pile who were willing to see prices go
higher that they were only making a
market for other fellows to unload on
the same "other fellows being rather
Injuns.
Not being minded to give aid and COM
fort to tribes outside the reservation, the
mildly bullish inclined interests drew
back for the time being and once more
left the market to the little people and
the professionals on the exchange, where
1t has been for the last fortnight or
more. Thus it is that news features
have been lacking and the market has
fallen into a state of stupidity. Little
things have created small sized flurries
and taken the place of important develop
ments.
In order to fill space the news slips
and financial writers of the district have
given themselves over to discussion
of minor matters and indulgence in spec
ulation as to what the current inertia
really means. The best that can be made
out of the going financial literature is that
the market is in waiting woodworking
for something to turn up, nobody knows
exactly what. There is less fearsomeness,
however In the spirit of the hour and
less disposition to short selling. There
Is a general feeling that after all the
country is in no immediate danger of
going over the precipice to destruction.
1t is observed that trains are still run
ming on most of the railroads., that a
great majority of the industrials are Civ
ing employment to normal forces of work.
men, that enterprise in new fields of de-
velopnent is much alive and in evidence,
that the season for planting the new crop
is approaching, that the great army of
farmers show confidence in the fertility
of the soil and the friendliness of a ben
eficent providence, and that most of the
trouble seems to center in the ambitions
and fears of a lot of politicians in nation
al and state politics. Also attention is
drawn to the further pleasing fact that
the labor agitation seems to be calming
down, except in few special fields. like
bitunlinous coal mining, and even there
the outlook is more favorable for peace
than it has been for a good while. The
old flag still waves and the sap is rum
ming up the tree.
A news development of real Importance
is the partition of the Hooking Valley
railroad system of Ohio. The courts of
that state put ban on the combination
nearly a year ago and plans for its
dissolution have taken the time and at
tention of the lawyers and owners ever
since. A deal was on between the heirs
of H. II. Rogers and Mr.. Morgan for an
alliance between the Hooking Valley and
the Virginia railroad which would give
the latter line a northwestern outlet for
it's coal. That deal was knocked in the
head by the appearance of Mr. Hawley
on the scene. Mr.. Morgan liked Mr.. Haw-
ley's medicine better than the other brand
and the result is that Hawley has secured
for the Chesapeake and Ohio the big end
of his long coveted Chicago extension and
the Lake Shore has taken over a very
valuable north and south feeder in the
Toledo and Ohio Central.
The Rogers people will now have to
form new plans il they expect to secure
the very desirable northwestern market
for their COAL They may decide to build
on to Huntington and connect up there
with one of the few remaining north and
south lines through Ohio that has not yet
been gobbled up and permanently an
nexed to one of the trunk lines. This
may cost a lot of money and may not be
attempted, for Mr.. Rogers left no heir
with his aggressiveness and courage. His
administrators are more inclined to con-
serve his estate than to take risks by en-
terng upon new fields of adventure.
The Steel Corporation ends the first
quarter of the new year with net earn
ings approximating $45000,000. or at the
rate. of s1so,ooo,oOO for the year. There
is more likelihood of an increase in this
rate than a decrease as the year grows
older. The present outlook is for $190, 000,-
600 and possibly S200,o00,000 An analyst
who has gone through the detailed an
nual report of the corporation figures that
in actual value the property and business
of the corporation is worth at least twice
as much as 1t was at the organization
nine years ago. In that time 1t has
doubled it's productive capacity, REIN
vested nearly $4OO,0OO.OO0 of earnings in
plant and new properties and has actual
ly reduced fixed charges ahead of the
stock by 100000 a year. The
silent and unobtrusive operation of the
sinking fund has accomplished this last
marvel This analyst figures that If there
is no change of policy the book value of
the common stock should be close to 200
WltllH tie IlSAI nNc yCdio. iiC uiSO iiS-
ures that the corporation can make
money on a colossal scale with the tariff
on iron and iron products entirely wiped
out He does not say, however, how the
minor and Independent concerns would
fare under free trade.
The astounding results of the congress
sional election in the 18th Massachusetts
district has given the manufacturing in
rerests a very severe jolt. TO them it
seems to foreshadow an acute renewal
Of tariff agitation and the nearby revision
Of the tariff of 1863. 1t was the hope of
the big industrials that there would be
A tariff peace for the next ten years. but
in this expectation they may have de-
ceived themselves. The political outlook
Is full of trouble for the manufacturers,
i Is alleged. And that of itself Is dis
.inct market influence which will be felt
as the next congressional
campaign draws nearer
Step by step are being carried out for
he great copper merger This week there
was formally consu'-7 mated the absorp-
ton by Anaconda Of nine copper mining
companies of Montana. The deal consist
id merely Of on exchange of stock of An
acouda for the stock of the other COM
oanies upon a basis agreed upon as eq.lit-
lble By the ter-'s of this arrangement
Anaconda increases its capital stock from