The Birmingham age-herald., 1914-03-01

and talents. The stronger and most crafty of the three proceeded to art fully set up wires for his rivals, and with considerabl skill organized a.cam- paign-offensive and defensive, at the same time strengthening his own posi- tion. In the course of the campaign the market was energetieally manipu- lated. Prices had engineered a bull campaign for the deceptive purpose of selling out a big '1ong' line found himself really short, at heavy paper loss.
 For several weeks it was 6 drawn battle; then the market began to soften and at last accounts an addi- tional pressure was put on, and the strong member of the trio once more covering a fat sum he had lost by lover staying his market and selling ft llp." At last accounts the arch manipulator was ahead of the play, but the end may not have been reached. Washington and the Mexican develop ments figured in the wrangle and kept fhe public guessing. Outsiders con fess that they don't know" but are taking chances that the bear reaction still has sometime to run. From pres ent appearances it looks however, as level again before the next important
 Wonders of the Southeast
 Another American miracle is in the carly stages of creation. Develop ments already taking form have enor mously increased the visible and pros pective wealth of a great region south of the Ohio and west of the Missis- sippi. It incidentally gives promise of a sensational identification of stock market activity. That would mean a magical upheaval in the south and it's rejuvenation-an expansion of crops surprisiug industrial progression, an enrichment of a territory twice as large as all New England, and in amazing stimulation of stock specula ton in Wall street. The long headed men of the south have at length found faith ill the development of the re- sources of a fabulously rich area of only partly cultivated land. An enter prising fraction of the population from hundreds of millions of half titled and stagnant acreage. Prices of land have advanced fabulously in the immediate past, and the near future is full of promise of growth beyond anything even so much as dreamed of. Barren acreage in enjoying only the begin ming of an era of cultivation that has already increased values 25 to 100 per cent in a period of five years.
 Promotion of great arable regions south of the Ohio and east of the mighty Mississippi Will duplicate the wonderful results that have multiplied the values brought into being under the achieving genius of the Jim" Hills Of great regions. In point of perform ance the pioneers of great promotions in the northwest are at this moment being initiated by thousands upon thousands of candidates for the possi- bilities that beset thousands of pio- neers. Under the direction of string of Jim Hills many hundreds of mill lions of dollars were invested in north western acres and only the beginning has been vitalized The south is old in years but entered upon a long pe- yiod of semi sta gnstion 40 years ago It is just emerging from that pro- tracted period of inaction and the promise is of great increase in crops and profits therefrom. The awakening will be one Of the most stimulating features ever experienced in Wall street.
 PrODlemS Of Manufacturers
 The majority of manufacturers Cor porate and individuaD have gone for ward honestly and intelligently through the years, increasing their production. adding to their honest and legitimate accretions and obeying the law to the best of their honest ability in the conduct of their business. The ost of manufacture increased largely through the forced expenditure of money in the harsh competition for or 1ers at continually decreasing prices On an increased output of approxi- mately 45 per cent of the total of the country's finished product in 10 years the United States Steel expended about $3oO.o0O,000 upon plant from earnings. While the cost of production was in- creasing rapidly the net receipts de- creased to 6 per cent on sales.
 Boiled down, the net result at the end of the painful experience was an annual shrinkage of s40,000,000 to S50,- 100000, and large increase in the cost of business, in competition with independent mills largely promoted by men who had sold out finished plants to United States Steel Competition cut down profits and for more than year there has been heavy curtail- ment of expenditures on plant. Divi- ,iends and wages have been maintained by the trust" at the expense of it's property-a forced economy of $25. .0o0.- 900 to 35,000,000 in the case of the trust alone. Nearly all of the inde- pendents have fared worse than United States Steel one reason being $3 to SC per ton greater cost of production. This remarkable result is largely on account of ownership of about 2500 miles of railroad and great fleet of lake vessels for the transportation of ore. mostly from the Lake Superior regions. This Is a perfectly legitimate competition and the trust is entitled 10 the profits
 Steel Corporation Suit
 For the better part of year United States Steel (trust) has been under the big guns of the department of justice, headquarters at Washington, Attorney General James C. McReynolds in com mand. The disruption of the rust is said to be the highest ambition of the department. Officers of the corporation insist that every move on the organi- Zation and its management has been strictly within the limitations of the law, and that It's record is legally clear and clean. Negotiations looking to peaceful readjustment of a reorganiza- tion, along McReynold's lines, have I cen under way for about year. For quite awhile so-called official tips' were in circulation that the trust would surrender. There must have been a mistake somewhere. for word goes from men labeled, insiders" that the Steel corporation was not In the sur render. or recession business and that its attitude was that of a laudable in- dustrial enterprise. the greatest in the world; and as such. entitled to impar- tial consideration at all points. The trust has not budged an inch from 4l,a k,,Io 70 ;,.l