The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-05-29
,e of. an oman marlet FOR this specialty

ing of an open market for this speciality
at the French capital Is evidently con-
sidered by those responsible for the finan-
cial management of that corporation to
be a very desirable thing, else they would
not be so persistent in their attempts to
put the arrangement through. Mr.. Nor
gan himself Is understood to be on the
job and to have taken personal direction
of the negotiations. One day he has sue
ceeded and the next he has failed and
each varying report is seized upon in
Wall street as pretext for buying or
selling the whole market. On what seems
to be fairly good authority 1t may be
stated that the French listing officials are
In a friendly mood and will give recogni-
ton to the shares of Americas premier
industrial, although after the fashion of
great institutions there Is red tape and
delay before the final word can be given
Steel Common is the most active stock
on the list and so general Is the belief
that it. will be the leader in the much adj
vertised impending bull movement that
the excursion trains are packed full OF
speculative passengers. They all want to
be aboard wien the signal Is given to
start This may be more an element of
weakness and a handicap than of
strength. Company is desirable in all bull
campaigns, but there can be such a thing
as too much company.
Reading continues to be the most mys-
FERROUS stock on the list. 1t has an enor-
nous following and Is one of the most
easily swung stocks traded In. Its ma
nipulative policy is supposedly directed
by those in control of the First National
Securities company, a regularly organized
and capitalized speculative annex OF the
First National bank
ThisAbank was SO severely criticised for
its open connection with the celebrated
Jersey Central speculation that the con-
trolling stockholders and officials DECIDED
they would keep their stock operations
under separate account in the future.
That led to the organization OF the slo,
100000 securities company where the real
control of Reading is lodged. The bulk
of the manipulative orders In Reading
these days are said to shift through the
broke rage firm OF e. r. Chapman ~ co.
Not one man In hundred who speculates
in Reading stock knows whether II Is
worth par or 300 and apparently they
have no way of finding out. There is
more CUFF. in connection with Reading
hidden assets and nearby melons than
there ever was about Jim Hills North
ern Pacific and Great Northern. There
Is this difference, however Mr. Hill did
make very substantial melon cuttings Tor
the stockholders of his company. Thus
far Readings distributions are Tor the
future.
In these days of dullness and trial
many of the members of the stock ex-
change and their friends and patrons are
in open mourning because John w. Gates
was driven out of the street. Since ne
left there has been nobody to supply the
market with that particular brand OF to-
basco seasoning for which he was IA
nous. To measure the extent of the loss
in activity which can be directly trace
III L. of cd that during the
last year of the existence of the firm
of C. G. Gates g. Co. its commission ac-
count was 81 .S50,000, and that when 1t
began Its liquidation preparatory to 60
ing out of business, it was carrying
800 900 shares of stock and had $s0,0Oo,0ov
borrowed from the banks. Mr.. Gates ana
his son, Charles G.. Gates, are now on
the first leg of a six months tour around
the world or as far around the world as
they feel like going.
The movement on the part OF the saw
ings banks to reduce the rate of interest,"
paid on deposits Is exciting the l1venes'
interest among the bond dealers. They
have a theory that very large NUMBER
of the 100000 depositors In the state OF
New York will resent any cut in the rate
allowed by the savings banks by With
drawing their funds and investing direct
in safe bonds which can be had In I'M
limited quantities upon which an income
return of ~ to 8 per cent Is now OBTAIN
able. This thing of reducing interest on
savings bank deposits when everything
else Is expanding may yet cut very I'M
portant figure in the securities markets
It may also affect in q wholesale way the
investment status of insurance compa.
MES which, are enormous owners OF
bonds. The payment of life insurance
policies will be In no manner jeopardized
for the future income of the companies
is predicated on a very low interest rate
but none the less it Is somewhat disturb
ing to the management Of the concerns
to see the market value OF their securi'
ties undergoing heavy and continuous
shrinlxage.
The deal in May cotton is going ou'
with tameness that is almost exasper-
atine when one thinks of the terrinc OK,
element which the May deal occasioneo
only a few weeks ago. The chicago
wheat corner in the May option threat
ened to peter out In the same way
thanks to the activity Of Plunger Lien,
stern who is bringing into Chicago all
the wheat he can get hold of in the terri
tory tributary to the Windy City.