The Birmingham age-herald., 1903-09-20

made mistakes, 1t Is claimed, but he is redeeming himself and stands better to- day with inanciers than at any time since he assumed the treasury portfolio.
 The industrials have suffered more Of late than the railroads. Banks discrim- mate against industrial stocks and bonds in their collaterals and consequently commission houses and brokers discour- age speculation in this class of seeuri- ties This is having a more injurious eff feet on the standing of manufacturing enterprises than the facts justly war rant. Wherever owners of the properties have started clear of the mistake of over capitalization no troubles have been ex- perieneed. The columns of newspapers are full these days of reports of disap- pointments in the matter of earnings and all that sort of thing. but 1t must not be forgotten that there are many great en- terprises which have been subjected to the severest tests and whose standing is established Standard oil leads in these. of course. Then comes sugar and next tobacco. There are two or three great electric corporations, the Singer Sewing Machine company. and corporations or lesser size, although running into the mil- lions, that are doing continued profitable business and are conducted along sensi- ble lines with the main view of the man. ufacture and sale of goods; relegating Wall street to secondary consideration. It is only where ambitious promoters have undertaken to discount the future by ten or twenty years and realize at one swoop the legitimate profits of that period that disaster Is to be chronicled.
 For six long years the railroads strain. ed every nerve to supply facilities for handling the business that pressed upon them They had to have the rolling stock, and they were forced to increase their terminal facilities and trackage con- veniences improve their roadbeds, re- place old rails with heavier ones, build stronger bridges, and in every way put their properties in an improved condition. This was something which could not be delayed Consequently the railroads had to pay very high for the work, but now that they have overtaken the demands put upon them and are giving themselves a rest calamity howlers insist that the country is on the back track. Proof in support of this claim Is lacking Repre- sentatives of every line of activity agree that business conditions in the main are satisfactory. The buying force of S0,000- GOO people is apparently in no danger of exhaustion and so far as can be learned
 
 seribed as indicating general healthfu- ness The fever is somewhat out of the blood perhaps but that is a good thing. There has been a disposition to await the full result of the crop year but all the important crops are now out of dan ger except corn. At worst there is fair assurance of q good crop of that cereal and on the whole the crop year has been a profitable one. The old world demand for our surplus is sure to be urgent. which is a guarantee of remuneratiye prices for the entire output of the soil. The farmers of the United States are reasonably certain of crops worth at least S50O0, GOO 900. which is fully up to the average and which of Itself is assurance of at least another year of national pros perity.
 Revertlng again to investments by rall- roads in the matter of rolling stock bridges. rails. etc., there is authority for the statement that in the mere matter of maintenance the demands of the transportation companies will be at least 70 Ter cent of the manufacturing capacity of the steel plants. locomotive and ear works 4or an indefinite period ahead This leaves small enough margin for new business and for miscellaneous require ments.