The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-03-21
STOCK MARKET IS
J ON THE UPGRADE
Wall Street Keenly Interested
In Political Situation
MARKET RANGE NARROW
Outlook Materially Cleared with the
Exception of the Coal situation.
The steel Situation Hss Gen
orally Improved
by RALPH EMERSON

New York, March 3.--(Special.) AL
Though this was dull week in the stock
market the trend was generally upward
There came a rift in the clouds of labor
troubles. but simultaneously with this
burst of optimism new series of plaques
beset the market
The political situation is being keeniy
watched from Wall street and there is
more than simple curiosity in the interest
displayed in insurgent warfare in Con-
gless 1t has come to be a common belief
that the regulars-the old guard repub-
licans-stand for a set of principles fav-
orable to capital. Hence the perturbation
over the Washington struggle.
The range of the stock market in the
past five days has been narrow and al
most wholly professional. This is offset
to great extent by the broad invest
ment in the bond market.
Wall street looks with an anxious eye to
Washington for several reasons, and not
the least of these is the feeling of I'M
certainty over supreme court action on
three trust cases.
The present week saw the arguments
al in on the government action to dis
solve the Standard Oil company, and at
the same time it saw continuation Of the
legal warfare before this august tribunal
against the federal Law levylng l per cent
upon the income of corporations. The de-
cision in the government case. the So
called tobacco trust was eagerly looked
for. There are three cases, any one of
which furnishes sufficient ground for
good market effort.
Except the coal situation the labor out
look has materially cleared The good
effect of this Qualification was demon
strated yesterday in the market. There
were statements and developments in the
stee, and railroad fields this week which
had their good effect. Although this eff
feet may be Offset at the present time
by adverse influences, it Will be extend-
ed for some time. / might cite as the
most potential of these the statement of
the United States Steel corporation which
showed an increased gross earnings for
1909 OF $Is4 10000 over 1908. Just consider
this stupendous sum for a moment. 1t
may seem at first blush that even the size
of this increase represents a sum suffi-
Client to justify a great lump of earnings.
But when we look at the topmost figure
the figure representing the full earnings
of the United States Steel corporation last
year. we get the full impression OF this
gigantic corporations capacity. In 1867
the Steel trust earned 1916, 382, 251-more
than the size of kings ransom. The
Steel trust is truly the barometer of the
nations prosperity, and when we think
that its heads are predicting even greater
ALI IL t..
to go further for cheerful prognostica-
ton.
The steel situation generally has i'm
proved in the past six days in both the
northern and southern fields This is at
tributed to the better weather conditions
and to the action of the railroads in plac-
I'M: their annual spring orders at this par
ticular time. AS l predicted one week
ago, the Bank of England raised it's rate
from 3 to 4 per cent. The precarious
condition of the London financial market,
which Is unsettled now owing to British
political conditions, has helped to bring
about this result.
Before touching the various phases of
the railroad conditions 1t is pertinent to
recall the report that grew current this
v week which, IL 1t had been true, would
have had tremendous influence upon
industrial fields. This report came from
Pittsburg, and it told of an amalgama-
ton of the Westinghouse interests with
the General Electric interests. 1t so
happened that an official OF an underlying
corporation was in New York at the time
the story was printed. In conversation
with him I asked him as to it's truth, and
he replied:
at makes pretty good newspaper
story, doesn't it? But it would mean a
better one il true
The Chesapeake and Ohio, the nucleus
OF the Hawley lines, is to issued $37, Co.,
eco worth OF bonds late this month. The
Chicago, Milwaukee and st. Paul will
soon place $7,500.000 worth Of orders for
equipment. The Chicago and Alton has
begun the expenditure Of $2,500,0O0 on traf-
fic improvements. The statement Of the
Texas and Pacific line this week showed
gross increase In earnings of T,0i30O0.
The Great Northern. Northern Pacific
and other northwestern lines have an
nounced plans which call for the ex-
penditure of $10oO0,0O0 in the Minneapolis
and st. Paul districts. These announce
nents are eloquent in their indications.
There were two interesting pieces of
news which were made public this week
One was that the Hartman lines would
heEceforth be characterised by greater
conservatism than was known during the
life OF their founder and the other piece
related to inroads being made by James
J. Hill into Hartman territory. BY traffic
agreements Mr.. Hill is gradually eating
irto the Oregon and Washington fields
which was once held exclusively by the
Hartman interests.
The Baltimore and Ohio's current opera
tons promise several distinct favorable
results. First, the greatest gross an its
history, and second, the heaviest main
tepance: third, the lowest transportation
ratio, and fourth. larger surplus.
There il not much change in the I'M
certain copper situation. The foreign Wis
ihle supply of copper has begun to fall
en- During the first two weeks OF March
the decrease In the foreign supply was
1Sso.2oo pounds. This means that from
now on the foreign demand will increase.
James A. Patten arrived here this week.
but his arrival had more effect in the
cotton market than anywhere else.
There is no diminution In the output Of
new bonds. In the first quarter OF this
pear estimate the output Of new bonds
Z be in the nsighborhood Of $685. oo,-
Fire DeDtroyS Indfm. s>nnsr.-~