The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-07-11
MARKET. SETTLING
TO STEADY BASIS
Much More Rational View Is
Now Being Taken
WEEK WAS NERVOUS ONE
Wall STREET Inclined to Pay Less At
tention to Lowered Dividends-Cop-
per Is Nearing Bottom Price.
The Railroad Situation
BY RALPH EMERSON

New York, July 9.-(special.) 1.-THE aver
age market price of 80 standard Industrial
and railroad stocks is now lis, while, one
year ago the same stocks averaged 1S31a'
Slowly and surely the market is sagging
to level where bear rumors can have
no effect The bottom must soon be
touched We are certainly approaching
firm standard when fluctuations will go
upward instead of downward.
The stock market during the present
week was in a nervous and unsettled
state, but commencing Saturday
stronger tone has prevailed. With the
improved sentiment prevailing wall
street is inclined to pay less attention 10
reports of lowered dividends. A more
rational view is being taken
Thus the rumor that the Union Pacinc
may reduce its dividend is being rloi-
culed. The gross earnings of the Union
Pacific would have to fall off $2s,0ooooo'
or 30 per cent. before there would be re-
duction. From 1907 to 1908 the Union Pa
cific's gross earnings fell off 100000.
The directors of the Chicago, Milwaukee
and at. Paul took the means of disposing
of the rumors that st. Pauls dividend will
wear lust ended will be as usual. st.
Paul is in a stronger condition than many
of the Wall street interests realize.
The promugators Of the bear rumors
got another shock from Atchisons Inc
declaration of the regular quarterly divi-
dend on the common stock of Atkinson
was what was generally expected. How
ever, as usual. the dividend was DIS
counted The company's gross earnings
in the fiscal year just ended were Sloo'Voo-
OOO the largest in the companys MS
tory
The street, or at any rate, great part
of it. got surprise in the advance of the
anti-dividend rate of Virginia Carolina
Chemical company from to per cent
That evidence that the increased dividend
rate had not been discounted by insiders
was shown by the fact that the stock has
advanced points since the declaration
The bank statement shows another
heavy outflow of currency from New Aork
banks into the United States sub-treas-
ury.
From the interior during the week there
was a net flow of $109, 10000, but on opera
tions with the sub-treasury, owing to cor
poration payments, there was loss of
$S,16e,0oo the net result being drain OF
So, 261 900 from the New York banks
The first gold import movement has
been inaugurated with the engagement OF
81, coo gold bars in London. This Is the
first large import of gold from Europe
since January, 1908. Other engagements
which were pending were temporarily can
celled by rise in the exchange rate.
Producers of copper are of the opinion
that the price of this metal has found Its
bottom They believe that the future
movement will be upward. Adolph Lew
isohn, the copper magnate who arrived In
this country Friday sfrom Europe. is of
the opinion that there is no necessity for
an amalgamation of the copper interests
of the United States into a combine"
Mr.. I4ewisohn believes natural laws will
adjust conditions in the copper metal
market without relying upon centraliza-
ton of the producers to raise and lower
the output, as the orders seem to JUSTIFY.
He said that the present copper conditions
have prevailed before and prices have al
ways adjusted themselves. Mr.. Lewisohn
looks optimistically upon the copper SIT
uation and says that the conditions gov
erning this metal in Europe are very
bright just now
Speyer & Co. have purchased from the
Missouri Kansas and Texas Railway COM
pany $40, 600, 30 of one-year per cent gold
bonds The proceeds of these notes will
|, be used to finance the cost of new termi-
nails in ST. Louis, new equipment and i'm
proyements and the acquisition of the
stock of the Texas Central railway,
| valuable feeder" The Texas Central
owns fraction over 267 miles OF line from
Waco to Rotan, Tex.
The settlement of the labor difficulties
on the southern railroads has cleared the
atmosphere and that section L. practically
free of trouble. However, trouble mas
now been shifted to the east and middle
wdst again with employees OF the Penn
suyania lines, demanding higher wages.
Al amicable adjustment of this difficulty
Is anticipated. The Pennsylvania roads
trouble is modified by the conciliatory at
titude adopted by both sides
The Louisville and Nashville earned less
fol its stock in the second half of the Ms
cal year than it did in the first. The road
has just closed it's fiscal year with nearly
II per cent earned upon Its shares.
No steps are being taken to regulate the
prices in the steel market shrinkage
is shown, but the outlook for trade is
good.
ltul, sales of new railroad, Industrial, and
nublic service bonds of all classes during
lime reached a total of $129, 100000 bring
ing the grand total for the f1rst half Of the
ves rup to $S75, 100000 Tho bond market
has not been so apathctic as some
thought.
N item of interest is the election of
alvin II. R. Green, son of Hetty Green,
~ director in the Seaboard National
bank. When Mr.. Green arrives mere later
- Hba month from Texas, where he runs
me Texas Midland railroad. 1t is reported
III will make another attempt to become