The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-03-07
BUYING OF STOCKS
GOES ON STEADILY
In Spite of Apparent Opposi-
ton of Leading Operators.
LARGE COPPER MERGER
LARGE COPPER MERGER
May be Formed by the Middle of Next
Summer-Stee1 Is Leader in Weeks
Operations on Wall
street
by W. G. NICHOLAS.

|
New York. March 6.-(Special.) 9TH,
buying of stocks has been going {
steadily and on a reasonably heav!
scale in spite of the apparent opposition
of many of the leading operators in the
street and the skeptical position OF rep
resentatives of a number of the leading
banking institutions. Signs of revived ac
tivity on the part of several of the pools
and eliques are also in evidence.
| The copper stocks, for instance, and
especially smelters, have been active and
are coming into popular favor rs symp'
toms multiply that the men behind the
guns have organized for another bull
campaign. The "Gugsenheims' are being
industriously touted. the effect being that
in most of the commission and brokerage
houses the chair warmers and tape crimp'
ers are mounting rumors and opinions
as to the future of this group OF stocks.
| Back of all this activity in the copper
and allied stocks looms the theory that
| by the middle of next summer the great
copper merger will have been formed,
| largely through the active agency of j. r.
Morgan & Co. This idea will not down
in spite of the many discouraging cir
cumstances which have been coming to
the front for the last two or three
months.
It is noticed that mergers and combi-
nations are being put through in several
divisions of the copper mining industry
and the belief gains ground that at some
psychological moment there Will be
great big blending of the several branches
and subdivisions into one enormous hold
ing corporation, capitalized at anywhere
from 100000, 600 to. 81, 900. 100000.
Inasmuch as the big merger will be
composed mainly of high cost producers,
sweetened with just enough Of the low
cost mines to give it the appearance of
covering the whole situation, the public
will be expected TO come in and buy the
securities wholesale and retail-in guam
titles to suit After the public has taken
on the load then such independents as
control the great low cost copper fields
of Arizona and Alaska can come to the
front and flood the market with cheap
metal. 10 the ruin of the great consolida-
ton of cats and dogs.
The scheme is very clearly outlined
and as many of the most important inter
ests in Wall street are identified with 1t,
the chances are it will be carried out to
a successful conclusion-that is, success
full SO far as the schemers and organizers
are concerned, but colossally ruinous to
the general public. BY that method an
extravagantly high market will be found
for a lot of copper mines which are pro-
ducing the metal at cost of 10 cents a
pound and upwards. which in the natural
order of things would have to close down
with the to Scent copper of Arizona,
Nevada, Utah and Alaska. The next
great scandal of Wall street is likely to
follow the Rotation of the securities of
the impending big copper merger.
In news way there have been several
developments during the last week which,
If sprung in December or the first half of
January, would have had a distinctly
bearish effect on prices. Coming now,
however, they fall on deaf ears. or at
least upon uninfuential ears. In the
minds of the really important people, ev-
cry unfavorable condition seems to have
been discounted in very large meas
ure. There Is nothing political that could
happen which could very well be worse
than has. been believed by the really tim
id or proclaimed by those who had a
selfish interest in Nutting down prices in
order that they might buy stocks cheap.
The labor agitation seems to have been
actively encouraged by interests suspi-
ciousy close to some of the big corpora
lions and groups of employers Strikes
of various sorts are threatened, but In
the background the view is strongly held
that these will finally be settled AMIGA
bly,. The big commotion over In Phila-
| delphia Is an exception and that, after all
may be only a play in the big game as
| prearranged. Anyway 1t has not made a
| stir In the stock market Mt all proper
| tionate to its size and to the noise made
| over II.
| And the buying of stocks for account
| Of the leading interests in Wall stree
| proceeds in an orderly fashion and in 9
| manner calculated to convince expe
| rienced people that the permanent turf
| for the better has taken place and thai
purchases made now will show prohl
| before warm weather sets in. The"only
| thing which could change this programme
would be a crop calamity. Reports con
tinue to come In evilly from the winter
wheat section. but 1t Is entirely too early
to seriously consider the destruction o
| that great cash crop.
Steel has been q leader and has beer