The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-08-14

The statement issued the middle Of the
week by the United Steel Corporation of
the aggregate of untitled orders on the
company's books at the beginning Of the
month did not make the best of reading.
1t told the story of decrease Of $4,000
tons for the month and tended to con-
firm reports of bad conditions in the iron
and steel trade. At the same time It Is
given out by the officials of most of the
iron and steel companies that conditions
have been improving thus far In the
month of August and that the outlook is
better
There is inside talk of conference be-
tween the representatives of the corpora
ton and practically all Of the big inde-
pendent companies held in this city about
week ago, In which a firm and fast
determination was reached to stop the
cutting of prices on new contracts. Up
to that time the independents had been
pulling a lot of business away from the
corporation by shading prices. Corpora
ton officials deny that notice was served
upon the independents that the drastic
methods adopted last winter to put an
end to throat cutting would be repeated,
but these denials are not generally ac-
cepted at full par value. 1t is not nee
essary for open threats to be made on
occasions like these. The gentlest kind
of a, suggestion is oftentimes quite as eff
fective as the brutal display of the big
stick. A knowledge that the big stick Is
there and can be put to work Is enough.
On the strength of what was done at
this conference insiders In the iron and
steel trade are showing more confidence
and courage than the statistical facts
would seem to warrant Those 'in the
know" have been doing good deal of
buying Of steel stocks for several days.
The declaration of the regular dividend
by the Sloss-Sheffield company was an
other item contributing to the good feel
ing in that group of stocks. 1t betokened
the confidence of the management OF that
well conducted company in the future of
the industry
The list of railroads sending in prelm-
mary figures of annual reports is steadily
lengthening and the exhibits are in line
with those first pubhshed. The report OF
the year that has been made by the Erie
is especially encouraging. That road did
the biggest business In its history during
the year ending with June last gross re-
ceipts having exceeded S4.000,0C0. There
was also gratifying increase in net
The results justified the position taken
by Mr.. Hartman in advancing large
sums year and half ago to rescue the
property from receivership. Erie made
expensive improvements the last three
years, which are now about completed
and should add to income from now on.
Likewise the $100000.000 outlay made by
the Pennsylvania on New York terminals
should begin to yield results. as these
terminals will be put to use within the
I next GO days. The $75.000000 terminals of
the New York Central Will not be COM
pleted until 1911.
No change has taken place In the Cop
per situation, excepting that the public
is now giving greater credence to the
theory that the combination of big pro-
ducers will be able to rescue the industry
from complete Generalization by curtail-
ing output and maintaining the price Of
the metal upon permanent basis, which
will insure cheap copper to consumers
and at the same time give the miner a
chance for his life Amalgamated Copper
was rN)bably more heavily over-sold than
any other stock on the list and the short
interest in it has been severely pun
ished.
From the reports already at hand 1t ia
evident that the worlds production Of
gold this year will break all records.
South Africa alone is digging the yellow
more than $50. 900 a year. The entire
worlds production promises to exceed
s475 100000 When the terrific imitation of
the worlds basic money will cease or
where It Is leading to are questions
which invite deep thought and which peo-
nile OF affairs have no appetite to publicly
discuss any more than they have to.
70 show how nervousness and trnidity
have disappeared it was noticed that the
attempted assassination of Mayor Gaynor
produced not the slightest market effect.