The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-07-03
dent that the price will break through

dent that the price will break through
that figure.
They continue to buy from hand to
mouth and widely advertise purchases for
September and October delivery will
bring the net figure to within a minute
fraction of H. including the carrying
Charges, which have to be borne by the
seller. There Is an entire cessation of
merger talk for the time being. but re-
| sumption of negotiations looking to a
cutting down of output.
| There can be no open agreement to re-
duce production because 1t would be in
violation of the federal law forbidding
combinations in restraint of trade. Here
tofore gentlemens agreements among
the big mine owners to curtail output
have not been carried out faithfully. 1t
NAV be that the necessities of the situa-
ton will compel them to observe a. gen.
eral agreement to that effect extending
through the next two or three months. If
they could do this it would be the saliva
ton of the copper trade.
Advices from banking and bond houses
In London and on the continent are being
received which show that foreigners have
been very favorably impressed with the
enactment of the railroad rate law. They
are accustomed over there to govern
mental supervision of railroads and have
come to look upon 1t beneficial to
stockholders. The foreigners do not I'M
derstand the alarm and hostility ex-
pressed on this side. 1t is quite posi-
BILE that Wall street will take a different
view of this matter ere long. although
at the present 1t refuses to be reconciled.
The decision Of the Interstate Commerce
Commission ordering a reduction in
iuh in, ha Mountain
Pacific Coast territory is additional cause
for anger and distress in high financial
circles and among railroad arrangements.
1t has been known of all men that
throughout that great region freight rates
have been excessive since the first rail-
road was built, but 1t is none the less
shock that the commission should have
actually ordered reduction in the
charges.
The people of the states directly affect
ed have always commended that reduc-
ton in freight charges would be money
making move for the railroads in that 1t
would greatly increase tonnage and build
up the country Railroado have persistent
ly taken the other end Of the argument,
however. and this is the first time they
have received check of consequence. If
the Interstate Commerce Commission sue
ceeds In enforcing the order 1t will be-
come a very popular Dody with the peo-
pie in the far west, which may compen-
safe for the disfavor of Wall street.
After Wednesdays break in prices many
of the strongest and most conservative
banking and commission houses advised
their well-to-do clients to buy seasoned
dividend paying stocks
AS good things as are to be found on
the list can be had now on an income
basis of 51a to 61A or Z per cent. The
very best stocks are now paying more
than per cent. The response to the sug
gestion to come into the marlkt has been
generous and a great many securities
have been bought and taken out of the
street within the last three days.
There has also been some very good
buying OF this kind for foreign account.
On the other hand, American stocks
bought for speculation In London, Paris
and Holland have been thrown back upon
the home market. 1t is quite likely. how
ever, that the volume of investment buy
Ing by foreigners has more than coun-
terbalanced the sales.
Wall street does not like to go through
experiences like that endured the last
week or ten days. Too many good spec
ulative accounts have been extinguished
and these days 1t is hard to enlist new
blood IN the game. The complaint all
along has been that there is no public In
the market. The outlook Is for still
smaller public in he near future.