The Birmingham age-herald., 1914-12-18

the customary signal now used. on tele- phones for calling and. in his maturity, he invented that almost mystic apparatus IS substantially an original invention. It has made easy communications over distance of POGO miles practicable for com mercial purposes.
 Of course, a great amount of fresh cap ital was required for the installation of this greatest long distance triumph of the telephone. But not at Denver Is this long distance installation to end. It is probable that at the opening of the Pan- anna exposition at San Francisco in the spring of next year telephone apparatus will be set up in one of the buildings by means of which the human voice can be conveyed, unbrolSen by any relay, from San Francisco to New York. When the long distance system reaches the Pa cific coast it will have accomplished all that is possible until the commercial practicability of some telephonic appar- atus which will convey messages beyond the ocean has been perfected.
 It will be coincidence of historic as- sociation if. as is probable, long distance communication. not relayed between San Francisco and New York. with perfect clearness is shown as one of the marvels of modern times at the San Francisco ex- position. For there will be frequent rec ollection of the fact that it was at the centennial exposition at Philadelphia. in 1876 that Professor Bell made public demonstration of his somewhat crude tel ephone. Forty years later, at another ex- position on the Pacific coast the per- fected long distance telephone is to be shown and it's capacity demonstrated.
 The Future Leaders
 Since the stock exchange is partially opened to permit transaction in stocks the question has been frequently asked who are to be leaders in the securities market and are they to be the men who in the past have operated heavily there or will some of the younger genera tion reveal high qualities of leadership It is question which Is not yet answered. because nobody knows. There seems to be an impression, however. that at some time in midwinter the market may as- sume such form as to indicate strong leadership. At present the characteristics of the market are steadiness and eau tion. These are regarded as very grati- lying conditions. The partically opened market is feeling it's way. So far every thing that has been done there points to strength used with conservatism. The hope Is that between this time and Jan uary l. this condition will be maintained.
 After two or three weeks test the doors are likely to be more widely opened if there is assurance that dealings in the listed securities of all kinds can be safely permitted so that stocks which are now kept from the floor of the exchange may be as freely dealt in as those whose pur- chase and sale are now permitted. Then we are likely to see a demonstration of leadership. That should mean appre- citation in the market value of the secur- ities. There are some who predict that there will be a very strong and active market by March l. All the conditions are favorable excepting a possible dspo- sition of Europe to market American se- curities There are few leaders in the stock exchange district, however who have not had what they regard as req sonable assurance that in Great Britain. at least, American securities are now held in such high favor that the disposi- tion to part with them will not be very strong.
 There come intimations that NJ. H. P. Davison, who is now in London in con sultation with financial authorities across the sea. is preparing for the establish ment Of a credit of as much as $75, 900, ,00C in 1cndon and in Paris in favor of the United States. Very likely this credit will be tased upon such part of the gold fund