The Birmingham age-herald., 1910-02-21
Over a Third of Total Decline
 in Stocks Recovered
BIG MEN ARE OPTIMISTIC
Steel Is Gradually Working Upward. Much Activity in Railroad Field Bond Market Is ListIess Hut
 Entirely sound
Fly RALPH EMERSON


 was one of continued advancement. More than third of the total decline in Che stock market, beginning at the first oi the present year, has been recovered A very favorable feature of the situa- ton is the very large amount of odd lot business which has been going on. Part of this buying represents small investors who are not in the market as specula- tors. but as real buyers of shares. Rail- road developments of this week were of both depressive and optimistic influences One balances the other Storms in the past three days of the week have been destroying railroad property and hindered traffic.
 Two investigations" have been on and still are in progress in this city. The first is the probe into the Hooking Coal pool with James R. Keene under fire as the chief witness. The other is the government hearing in the suit to dis solve the Hartman merger, This latter hearing, rather than depressing, has | brought out the fact that the Union and Southern Pacific railroads are in ex- cellent condition.
 
 investigation in the telephone deal by which the firm of J. P. Morgan & Co. was supposed to have gained control of the independent lines in the strategic territory of the middle western states
 The departure of J. P. Morgan, the real Napoleon of finance, for Europe, was | looked upon as a most sanguine feature because it was argued that MT. Morgan would never leave so long as the integ- rity of the present prosperity was threat ened. MT Morgan did not announce any plans before sailing. but it is reported | that his going will result in a new enter prise of international significance.
 Another hopeful sign of the week was the quarterly dividend declared of sl5 per share by the Standard Oil company and the concurrent announcement that the Standard surplus at this time is s53O- OOO,0Oo
 Two very optimistic interviews from men of affairs in two variant lines of endeavor may have helped in allaying any fears in the situation.
 According to Charles M. Schwab, steel is gradually working to the point where its revenue will surpass figures of the past. James J. Hill, few days earlier. stated upon leaving for the west that the prosperity of the country was very great, especially in the west
 | During the first five days of this week New York banks gained s416S,000 cash. On the interior currency movement there was net gain of receipts over outward | o17n ana the weekly operations with the sub-treas- ury net gain of S1, ,4s4.o00 was registered. Gold export engagements of s1, ,250, 600 was a partial offset to these gains. The sub-treasurys returns for the week 8 | transactions with New York banks show receipts by the government on all ac- counts of s25, ,f62, 0O0. The net payment by the government to banks was S27,1S6 O00 Very little interest is attached to this weeks movement of currency. Money continues easy, but the conditions of international trade is taking away great deal of gold
 In this connection reports were received here both yesterday and today of ex- | cellent trade and money conditions in the | south One feature of the business con ditions in the south is that banks have 6 more general demand for funds than formerly. A good deal of money is still | lleQ up III cOIlOn HOlUlUSt. LII tndL cOnl- | modity alone Memphis is said to have advanced from S16,O00.O00 to s20. .o0O, ,0o0. This undoubtedly includes much of the warehouse financing which has been re- ported throughout the cotton belt on both sides of the Mississippi with Memphis as | a center.
 In the railroad field there is much &C., | tivity. One report that caused consider | able interest and comment was that Ed | IyxTfy, IIo urla f~ ffoff ffv,r he Hooking Valley railroad to add to his system. An officer of the Chesapeake and | Ohio Ca Hawley line) is quoted as saying: We need the Hooking Valley. It will take our coal to the lakes at Cleveland with shorter haul by 100 miles than over the present route via the Cincinnati, Hamilton and Dayton. Our control of the Hooking Valley is only a question of time.''
 Owing to the lassitude of the bond market at present, the Baltimore and Ohio has postponed its financing. I un- derstand that in April the Baltimore and Ohio will issue securities approximatine 35.000.000. the proceeds to go into new trackage, equipment construction and sn | forth.
 Figures were compiled this week in connection with the general railroad situa- tion in the west to show that the Union | Pacific has in its treasury at the present time s732O0.0OO in quick" assets. And notwithstanding the presence of this great sum the road has and is now carrying out a programme of improvement and exten' sion.
 The detailed report of the Denver aut Rio Grande, just made public. for thu fiscal year ending December 31, showt that in 1909 that roads gross earnings were S22,3S2.129, against 319.4S4019 in tho previous year. In fact, this was the hes year since 1905.
 Word came from William Whyte secont vice president of the Canadian system this week. that the Great Dominion trunk system would soon enter upon { programme of extension, in which bi miles of new track would be built Th' Canadian Pacific will tap new territory il the grain and cattle district fin the north west, which should be boon to th' northwestern states of America as wei as the trade parts of the Dominion
 The Minneapolis. St. Paul and Saul Ste. Marie Railway company this weel declared the regular semi-annual dividend of BE per cent on its preferred stock aE' a dividend of 31z per cent upon It's com mon. This is an increase of one-half per cent upon the common stock owe last year.
 In the southwest Edwin Hawley showing the training he received unde the late E. H. Hartman MT. Harrimal used to Hook after your railroads; tl' dividends will take care of themselves Under the HawIey control the improve ment appropriations for the Missouri Kansas and Texas have been doubled ! the past year. During the first s months of the current fiscal year MI Hawiey spent $1120O0 in Improvements whereas in the previous year under th management n little more than $6000 ! was spent And Mir. Hawley has jue