The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-05-23
REVIEW OF STOCK
MARKET FOR WEEK
New York Brokers Are Opt
mistic of the Future
TONE OF MARKET GOOD
Brokers Believe That the Market WIN
BE Easy for n Month or Two and
Then n Reaction Probably
VIII Follow
BY RALPH EMERSON

BY RALPH EMERSON
New York, May 22-tspecial. )--When
President Harahan of the Illinois central
left for Europe this week he left penino
him a statement in which he voiced some
slight uneasiness over the industrial ana
financial outlook. Mr.. Harahan, VINO Is
a student of affairs at large, believes that
political conditions in the United states
have fostered a feeling of caution and
hackwardness among investors which will
not ba dispelled for some little time. Fol-
lowing this members of the American
Manufacturers association. who gathered
In New York in convention, declared In
dividually and collectively that the out
look could not be brighter. They scout
the view of Mr. Harahan. Their words
are of the tra-optimistic tenor.
So far as the stock market was con-
cerned this was dull week with little
trading and occasional upward shoots
which tended to keep UP prices. though
the latitude of trading was not great.
The market indicated strength, just as 1t
did the week before and there was not
even the shadow OF a break to Justify
alarm. There was another favorable
bank statement today. On the weeks
currency movement New York banks ex-
perienced heavy gain. The excess of
receipts over shipments is approximately
$10,5 100000 On transfer operations with
the interior banks have received s.
7s5,OOo. and this gain has been enlarged
! by about 100000 received from the
United States sub-treasury. The money
market is now approaching the time of
year in which it is least calculated to de-
velop anything Of a serious nature. Ac-
cording to precedent, the market should
be easy for the next month or so. Both
time and call money have shown firmness
and the general indications are aus
picious. One development of Importance
is the settlement Of a new wage scale by
the Erie railroad. This was the last seri-
GUS obstacle to harmony among the east
ern railroads, and with the troublesome
Question out of the way the horizon looks
much brighter. The settlement of the
Erie scale will mean Standardization
pf wages east of Chicago which will dis
pose of that difficulty for some time to
come. The details Of the disposal of the
st. Paul issue of debentures abroad will
likely be made known next week. Bond
men have received with considerable Ella
ion the announcement of the placing of
hese securities in Paris and also OF the
lacing of slo,00O,0o0 worth of Big Four
onds abroad. 1t is likely that no Of
cial detailed statement of the price of
he Big Four debentures will be forth
oming for some time. With the bond
hovement harmonizing with the stock
arket investors look tor broadening and
rengthening features. issa
The directors of the Chesapeake and
hio railroad, one of the Hawley lines,
bcided yesterday to increase the divi-
End from 4 per cent to per cent. Fol-
wing so closely upon similar action by
10 United States Steel corporation, this
bows conclusively the confidence with
hich the big men of Wall street regard
le future.
Incidentally Mr.. Hawley has acquired a
w railroad according to an announce
ent of yesterday, with confirmation to-
y. Mr.. Hawley has purchased the
bxas Central railway (extending $50
les north from Waco, which he will
mbine with the NJ, X. & T. The new
hd extends into a rich Texas territory
therto untouched by the lines of the
wiley Yoakum systems.
The western railroad situation has
AIRED of most of it's present or looked
labor difficulties through the stand
lixation of wages. Announcements of
week show that the Union Pacific
nfic has grown, which offsets the bad
pets of the hard winter, and the result
effects Of the retrenchment policy
ich was In effect two years following
Union Pacific. however, Is not in
ded in the compiled list OF railroads
lch have shown extraordinary IN
ases in gross earnings in the present
al year. Among those in that list are
hadian Pacific, Burlington. Great
Fthern, Southern railway, Louisville
Nashville, Chesapeake and Ohio. Mis-
ri Pacific Seaboard Air Line, Penn
ania and New York Central. The
sapeake and Ohio leads. In the case
Kansas City Southern, April earnings
show an increase of IL per cent over
Be OF April of last year. Western Pa
might have uhown up to better ad-
tage but for the heavy rainfalls west
he Rockies which washed out much
he new roadbed.
haconda Copper should easily earn
bends in the current fiscal year. The
uction has been Increased with a
Dr. cost ratio and despite some bad
Their and fire, estimates made now
very bright. The copper situation
ht to be improved. The domestic con-
Z ption of the metal has increased over
pr cent in the past year and a half
1 despite trade conditions financial in
is have tended to retard stock recov-
of the metal companies
hong the industrials. United States
still presents its steady front. The
Is leading In dividends although
rade IL apparently good for both the
line and the independents. Present
es show that of 20 issues of the 10
4 companies only II are paying div
4 70. The Steel corporation reports an
low of orders; so many in fact, that
nber of them have been shifted from
3ary plants to the Pittsburg district
ling.
1 hdard Oil showed up with the quar-
\ dividend of 81 per share this week.
revious quarterly dividend on March
nz SIS per share.
irrational Harvester remains feat
the industrial field. So heavy are
orders of this corporation that a
100000 plant is to be built at Chi
)AnP GIVEN AS ClUSE OF
MIR MIME mn cmun um Nav an