The Birmingham age-herald., 1910-02-07
REVIEW OF STOCK
 MARKET FOR WEEK
Panic Averted in Wall Street
 By Close Shave
STOCKS ARE UNDER FIRE
Absorption of Interests in Proposed Copper Merger Is One Thing That Is Affecting the Market Very
 Adversely
By RALPH EMERSON

By hALfH EMEhsoN
 New York, February 6.-Wan street trembled this week upon the verge of one of the most disastrous breaks since the panicky days of 1907. It was literally and figuratively battle of the money giants waged around and over the great copper merger which may yet exert the most baleful influence upon business and finan- cial affairs of the country in the annals of recent years. Up and down and up and down with bear raid after raid, finally consummating in a. total drop of to 9 points, the market sagged. And to add to the gloom of the situation Fisk X Robin son, one of the biggest bond houses in America, failed with s7,OOO,000 liabilities.
 But even the juggling of the giants with stocks for the pawn cannot shake the general prosperity of the country, so far has the recovery gone. With $9,500, 600 lost in the copper stocks alone on Thurs day the railroads and industrial corpora tions go merrily along expendng for im- provements, satisfied that the prosperity wave, as great as it is now. will be great CT next year and greater the year beyond.
 The story of the weeks fluctuations is easily seen by superficial student of Wall street. These securities held and played by the masters of the game did all the damage. On Wednesday 259,000 shares of Amalgamated Copper were sold. 14O00 of Chesapeake and Ohio, 19,000 of Pennsylvania 149000 of Reading, 50,0vv of Southern Pacific, 5000 Union Pacific and 34000 Steel. Again on Thursday during the big break note the shares that did the business: S4,0oO Amalgamated Copper were terborough Metropolitan, 14.oo0 reading, 15,000 Pennsylvania, 16c00 Atchison, etc And then on Friday when there was a re- covery note the shares which changed hands-2S7, GOO Steel, 113O0O Union Pacifs 977.o0O Reading, 311,o00 Southern Pacific, 52S, 900 Amalgamated, 61000 American Shelter, 241 GOO Atchison, 26,co0 Pennsyl- vania, and so on. No further eucidation should be necessary
 The Greatest Battle
 The greatest battle was between the Morgan and Guggenheim interests. with United States Steel under fire on one side and the copper shares on the other Ac- cording to the best belief in Wall street the battle is being waged over the lesser combination of copper producing com panies. With the Morgan interests oppos- ing the consolidation of the lesser copper companies for fear it will jeoparaize- the bigger $100 ,O00,000 merger the Guggenheims went into the market to offset the attack by combining their forces upon Steel. No one knows how many millions the 4Mor- gan interests drew from their resources to stem the tide, but when I point to the fact that Steel common fell only IS points while, Copper sagged 11a to S-point losses, some idea can be gained of the strength of the opponents.
 But as I say, the integrity of general prosperous conditions is not harmed. It is true the railroads arc staggering un- der a great burden of employe troubles, but buy action in concert this week, when 6O western and southwestern roads united- ly refused wage advanceSit gave the men little chance for retaliation. Twenty seven railroads in the southwest will have demands for higher wages levied upon them next week The result of these con-
  no apprehension is felt
 Heavy Railroad Traffic
 The railroads are handling heavy traf- fic, both freight and passenger. Comput- ing upon the basis of the first six months of the current fiscal year. Louisville and Nashville will earn 25 per cent upon it's $60 000,Oo stock. Reading is earning Az per cent upon it's common stock despite the fact that many of its collieries in the anthracite region of Pennsylvania are closed. According to a statement made day or so ago, Great Northern has in it's treasury at this moment $16,6S eco free assets for any use the directors may choose to make of it with per cent div idend in view. From a non-dividend rose the Clover Leaf system and is now being operated on basis paying per cent to holders of it's stock. Canadian Pa cific will declare dividend in two weeks. the size of which is unknown. The quar- terly dividend of IF per cent declared by Pennsylvania this week shows an earn ing capacity of per cent upon its stock for the current year With these figures before us one forgets the chickering's of Wall street.
 Reports from Pittsburg and Birmng- ham show better conditions in steel and ore than prevailed during the holidays.
 
 worth of foreign contracts for steel con struction work this week is gratifying. Conditions might be better but industrial ly speaking, the south is enjoying a full mead of prosperity. The Alabama City furnace is being started this week and the new nail and wire mill at Gadsden will soon be ready for operation. A new steel mill at Alabama City will go into opera ton late this month. Approximately 90
 ( 4 l1.- .%q +l.A f,1 -fA- Steel corporation are working. The cor poration now has a total surplus in it's treasury of S350,000,000
 Alarm Over Wage Demands
 Some trepidation has been felt over the wage increase demands of the coal min CTS. who are in convention at Indian apolis. But while higher wages are de- n,anded, joint conferences are being planned, and it is more than likely a compromise can be affected. The men ask wage increase ranging from go cents to S1 per ton
 With the approaching meeting of the directors of the Central Leather com pany we hear rumors of an initial divi- dends upon the common stock The com pletion of the merger of the United States Leather company and the Central gives rise to the dividend report
 Weather conditions have become more satisfactory generally. In the west and northwest coneested freight traffic is be- ing cleared away. The cost of living agi- tation still sinners. but the 'hysteria of the crusade has abated
 Money conditions are improved. AL though the redemption of national bank notes continues to increase. this is being used merely as an argument in favor of currency reform.
 o.
 StockkOlders' Meeting.
 Notice is hereby given that the an-