The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-07-18
TRADING IN STOCKS
LIGHT FOR THE WEEK
No Incentive Is Offered to Bid
Prices Up
PROFITS OF RAILROADS
In spite of Efforts to Hammer Prices
Stocks Regain Losses Quickly
Showing Strong Market
UndertOne
BY RALPH EMERSON

new 1Ork, july li-NcpcSidi'J hS
volume of trading on the stock eX-
change during the past week was only
sufficient to move the market sluggish
~. There were sudden rises, them
sudden drops and, while the market Is
technically better than 1t was last week,
1t Is suffering and will continue to SUI
fer for some time to come from mar
rowness
We are passing through peculiar
sra ana one typical of American busi-
ness and financial affairs. The ordinary
investor, as is always the case when
the. market is down, is holding aiool
through caution. Meanwhile such en-
tnent captains of industry and finahee
as Judge E. II. Gary OF the ohi'eu
States Steel co Noration, w. Il. corey
Jacob Schiff, the banker; Robert JARVIS,
president of the Consolidated Stock OK
change: e. T. Bedford of the Standard
Oil company; E. T. Jeffrey, chairman
of the Wabash railroad and president oi
the Denver and Rio Grande; James Y.
Lewis, the banker, and others' aie
breaking their customary silence "
give voice to their confidence IN the III
ture of American business.
prominent French capitalist this
week had a letter published in a Pari-
sian newspaper urging all Frenchmcn
with money to invest TO puy Aiieiieai
stocks and bonds now at the MARIE.
price. He recalled great gains maoe
bv those who bought while the market
was low in 1907.
The crux of the matter seems to be
this: A coterie of money kings, in or
der to coerce the administration from
further prosecuting the trusts have
battered down the market. Every cir
cumstance, no matter how slight, which
might have a depressing influence, Is
being seized upon as a pretext for fall
ing quotations.
And yet. despite this campaign, they
cannot disguise the real facts. They
cannot cover the dividends which are
regularly being declared; they cannot
hide the increased revenues of rail-
roads; they cannot keep the public from
seeing that with the possible excep-
ton of wheat, crops will be bigger this
year than last. The circumstantial evil
dence of prosperity cannot be hidden,
and yet the market continues sluggish
ly along, with Wall street echoing the
cry, Keep politics away from busi-
ness!'
The banks are beginning to gain W 18th
operations of the subtreasury and With
the increasing of gold importations the
money market should become much cas-
Ter. There is no forced demand for ac-
commodation from stock exchange
quarters. -'i--''
Returns for the present weeks cur
rency movement In and out of New
York city banks show net inflow
in cash of $10,611 600. On operations
with the interior institutions the net
flow of cash into New York was $780,
O00.' The import of nearly 100000
and the gain on subtreasury opera
tions of s362,000 brought the grand to-
tai to over $10.000,00O.
The narrowness in the bond mark 1T
has shown itself in the demand for Sc
curities of small multiples. Bonds in
denominations of 500, 5000 and $500
are selling steadily, whereas the bonds
in denominations of $1,000 are listless
A number of big investment houses
which heretofore have made no special
effort to attract the small investors are
now advertising bonds of small denomi-
nations. The small bonds have .advan-
tages over the high priced deb entures.
If they are of standard recognition,
they are just as safe, yield just az much
are just as easy to negotiate, and are
more easily handled.
While the earning power of railroads
in southern territory has improved to a
considerable extent In the past year, the
price of their stocks and bonds has fall
en- in sympathy with the general mar
ket during the past few months, until
percentages on their market valuation
are now very high
The price of Pennsylvania stock vas
affected but little by the labor trouble
IN the past week. Pennsylvania stock
Is not given to much fluctuation. be-
cause the bulk of 1t is held for perina-
nent Investment and is not traded in
actively In the stock market.
The Canadian Pacific will earn l o. per
cent on It's common stock during the
present fiscal year.
While Big Four earnings do not point
to a mid-year dividend, the traffic de-
partment is not downcast Ordinarily
the earnings in the first half of the
fiscal year are smaller than those in the
latter half.
Estimating on figures furnished by
six Gould lines, the gross in the fiscal
year just ended will go over II per
cent. These lines are the Denver and
Rio Grande, the Missouri Pacific, the
Iron Mountain, the Texas and Pacific
the st. Louis Southwestern and the Wa-
bash. As these lines penetrate great
grain and cotton growing sections, the
outlook for traffic is bright.
There has been much agitation over
the copper metal situation in the past
hve days. There has been a vague le-
port that the movement for curtailment
will take tangible form. However too
many persons are prone to Judge the
copper market by the weakness of
sAmalgamated shares. Amalgamated is
. speculative stock, and 1t does not
show the real conditions, in the conner
market any more than the quotations OF
Texas Midland railroad would show real
conditions in the railroad field.
Reports of rains in the agricultural
belts were received with rejoicing.
There will be a very heavy corn crop
and the harvest outlook in the north
west Is much improved. James ]. Hill
Of st. Paul, while in New York the
other day, declared that the crop situa-
tion need give no alarm at all. Az Mr..
Hill is a student of crop conditions, his
words must be accepted as authentic.
Reports fromsthe southern Industrial
field say that while new orders are
scarce. sufficient orders are on hand
now In the Birmingham field to keep
iron and steel industries busy for 80
days. By that time new railroad corr
tracts will be coming in.
4 gafo Lad