The Birmingham age-herald., 1911-07-23
CANNOT STIR THE
 SUMMER LETHARGY Weather Scare Does Not
 Affect Stock Market OPERATORS ON CURB
Murmurs of Discomfort Heard Be- cause They Disturb Traffic of All kinds-Hoadley Dis
 cusses New Merger
By PRESTON c ADAMS

market out of it's hot weather lethargy. As it has been too hot to eat any more than is necessary to keep body and soul together, to wear any more clothes than the law compels or to do anything that can possibly be avoided, general business Is dull and stagnant.
 The big Brussels steel conference, with the certainty, as Wall street regards 1t, of an international steel trust, which will make the American trust look like a two bit' concern. excites a languid ein- terest and is perhaps talked about more than any other one thing.
 Just what effect this gentleman's agree ment in the worlds steel trade will have of the trust busting programme in this country remains to be seen.
 During the first six months of the cur rent year the railroad, industrial, mining and other corporations in the United States have issued new securities to the grand total of S1, ,229, ,467, $50, as compared with $1 ,04S, 431 $50 last year. showing, there fore, an increase of $1S1.OS6,OOO. The ran- roads were wholly responsible for this increase, their offerings having reached 1855, Ar, 300, or s1S6, 550 more than in the first half of 1910. Of this increase fully 50 per cent consisted of short-term notes. Murmurs of discontent are agam heard in the financial district against the oc- cupation of a very important part of Broad street by the curb bankers. The New York Curb Market association is now composed of approximately 240 members, the largest number in the history of the curb, and as the membership increases the space on Broad street occupied by the market extends and now covers q larger area than ever before to the great detri- ment of all kinds of traffic. In no other part of the city is any such occupancy of streets permitted and people are begin ming to ask why such special and valu able privileges should be extended to body of outside brokers who ought to have a regular meeting room, the same as any other body of brokers who deal in se- curities.
 l Since the controversy between the city authorities and the New York stock ex- change in regard to the engraving of the last issue of New York city bonds those securities have been dealt in on the curb. This is regarded as a sharp move on the part of the Curb association to curry favor with Mayor Gaynor so as to con tinue the occupancy of a leading thor oughfare without paying any rent or taxes.
 Formerly the curb market was a crude | affair. Now it is regular organiza- ton with officers, same as the New York stock exchange or consolidated board. Both of these institutions pay heavy taxes on real estate they occupy. Their real estate adds to the beauty of the financial district and does not interfere with traffic. The Curb association occu- pies the street, interferes with traffic has no real estate and pays no taxes. People are asking Why this favoritism?"
 The policing of New York financial n- stitutions should be most thorough by and by. The national bank examiners are ar ranging to cooperate to the fullest ex- tent with the state examiners here as well as in Jersey. Not only so, but the clear ling house will shortly have a well or ganized corps of examiners who will do their work in a way that should mean the prompt detection of weakness or worse. The banking code of morals has Improved greatly since ante-panic days The hanishng of Charles w. Morse to the lpenitentiary and the prosecution of other lbankers have had salutary influence, while the New York banking position has also been strengthened by the elimina- ton of several weak institutions. Mergers of banks sometimes possess undesirable features. yet the taking over of totter- ing concern by a strong one is not nfre- quently the preventive of trouble. With so many excellent institutions, including trustworthy savings banks, it is unlikely that in New York the deposits in gov ernment savings banks will reacli a huge sum. l sjf4.
 Industrial corporations happily are free from heavy maturing obligations during the next IS months. We showed some time ago that the railroads were confront ed with maturing bonds and notes aggre- gating upwards of $40, ,OO0O GOO before the end of 1912. The industrial total is very much smaller; it does not reach s90, 0,O0O.- = 600. Short term notes are responsible for fully half. For the whole of the current year the notes falling due just exceed S20, ,000, ,00O, while for 1912 the figure is slight Fly in excess of s25.000090. Maturing bonds this year foot up to s35, ,0O0,0Oo, whereas next year, the amount is very much small er-less than s6,000.0O0 though this figure may be swelled later. Very few stock is sues are now being paid for on the in stallment system, so that the way is clear
 
 lcapital should monetary conditions prove favorable.
 Plans for the consolidation Of the Ala bama Consolidated Coal and Iron com- pany and the Southern Iron and Steel O., already agreed to. provide for the enlarging of steel mill and furnaces at Alabama City and Gadsden, Ala. Joseph H. Hoadley, president of the Alabama Consolidated, says all the terms of the merger have been settled. It is understood that the Baltimora directors , of the Alabama companies will be mem bersSof the Alabama Consolidated Coal. Iron and Steel company, the new con cerns board, with Harrison s. Mathews ' of Birmingham it's president, and the . Hon. Cecil Greenfield. M. P. of London. England. chairman.
 The new corporation will have s5 OOO ma cash available Immediately, the proceeds of the underwriting It is the opinion of
 President Hoadley that the new interests
 in the Birmingham district will be as i'm. j portant as the United States Steel Cor. poration interests in the Tennessee Coal I and Iron company, inasmuch as he thinks
 the new concern will control more coa1
 and Iron ore lands than the Tennesse,
 company. Financial interests in New
 York; Baltimore, Chicago, Boston, St
 Louis, Cincinnati, Detroit, Montreal. Ion
 don and Holland are back of the new
 corporation.
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 Busy Place
 From Judges Library
 Where is that spot you call the lovers lane" diffidently asked the voune man