The Birmingham age-herald., 1907-06-30

the time has arrived when it Is abso- lutely necessary to divert the current of hostility by educating the public to the real part being played by the transporta- ton companies in the life of the repub- lie. He makes an exceedingly good point in the following:
 s.The 1.5O0,0o0 employees Of the railroads and the stockholders are closely asso- eiated and their interests are identical. You cannot injufe one without affecting the other There is total stock issue on railroads of about s66So.0o0. of which amount about S4150, ,000000 is dividend pay ing stock and s250o,o00o00 is non-d1yl- dend paying stock The stockholders re- eefve annually about s240,o00,o00 as dlvi- dends, which is 5.7S per cent on the total dividend paying stock, and but 3.6 per cent on the total stock issue of the rail- roads, while the employees receive annually ill monthly instalments SS40,090000, which is equal to a dividend of 12.6 per cent of the total railroad stock capitalization of $6,65O 0O0. An employe earning 800 on a railroad Is receiving an income equal to per cent on S1S,000 and has stake in the property equal to an investment of that amount in per cent securities"
 During the 25 years ending with 1895 our aggregate exports of gold during the months of January to July inclusive, were $9i6565.O OBS and our Imports S476 976,277, thus leaving a balance of $439, ,6SS,2 ,2+0 ex- ported. and that is equal to $169 907, ,2l0 per annum. Hence if this year were consid- cred separately, it would show excessive exports; but it cannot be so considered because last year the normal export move ment was interrupted by the San Fran cisco earthquake, and the result was that We imported a net amount of S39, l5S, 1i9 instead of exporting the usual Sl6,996240 Hence last years figures for this period differed from the average by the sum of these two, or $56, 365, 3S9 just 10 even up last years abnormal returns.
 The total loans of the 151 banking in- stitutions of Greater New York aggre- gate S1,74S, 060. The real estate loans are not included in this total. The fol- lowing table shows the aggregate loans and the percentage of cash reserves to loans of the different classes of banking institutions: Loans National banks ... .. =. ..S 766.06g aG] State banks ;. :. .. :. ........ 275, 136001 Trust companies .. ...... 7o6.906 190
 $174s, ,l12o6o
 The gross deposits of the national banks amount to $1, ,13S 6lS, ,S6S; of the state banks Sl07, 16oO, and of the trust companies, Ss90. ,oOo, making total of $2.5s6, ,649 i6s
 Another Wall street old timer who Is on his last legs is Count Giuseppe Mo- rosni. The old count Is nearing his grave, fact which has been sedulously kept quiet He has not been seen much in the street for several years although up to a recent date he was an almost daily visitor to his office which adjoins that of his old side partner, Washington E Connor on the corner of Nassau and Liberty streets, two short blocks from the Stock Exchange.
 Count Morosni was the closest and most loyal personal friend Jay Gould ever had. Employed originally as a body guard the Italian nobleman soon endeared himself to the wizard and was taken in on various profitable deals. Before Gould died Count Morosni was worth several million dollars, and 1t is entirely safe to say that he Is no poorer today, being careful in money way and given to Withstanding temptations to get into good things.
 When Jay Gould picked him up the count was in hard luck. He was a sort of political exile from Italy, and was one of the famous Garibaldian "Old Guard <" He has not been seen much of late years except in the company of his flashing daughter, who annually spends nearly a quarter of a million dollars on dresses hats and other female finery which she delights to put on exhibition on the boue- wards and a the annual horse show.
 
 Everybody expects to get a piece of that S1S5000,oo0 to $200 GOO which is to be distributed in dividends and.interest dur ing the first few days in July. Of course the share and bond holders will have the first crack at the money, but they are expected to Immediately reinvest goodly part of 1t in securities. The ad- vance which took place in the market this week was due in large part to the thought of this huge distribution and to the idea that some of 1t would stick to the fingers of the Stock Exchange. Usually such ex- pectations are realized, but this year things may be different People have been educated to the habit of paying slight heed to the blandishments of Wall street and they may be in frame of mind 10 keep out entirely. Wall street has not been a profitable field for out side cultivation for a year or more. Every body who has touched the stock market has been burnt, and 1t is not sure thing that conditions will be any better, ale though for a brief moment there is d hopeful tone to the output of conversa- tion and literature.
 It may be put down a fact that the banking interests are not in a mood to give actual financial help to bull specu- laton in stocks. They would like to see prices higher because in nine cases out of ten they have d lot of securities they would be only too glad to find a market for Their loan accounts are full of stale collateral which they are afraid to at tempt to unload for fear the action would 1 disclose heavy losses. This is the real weakness of the stock market situation | Enforced liquidation at a lower range | of prices would, beyond a doubt bring | to light great deal of bankruptcy which | is now latent.
 Accounts innumerable are being carried | along which, if lquldated, would make | a big hole in the resources of banking in- | stitutions. 1t is, therefore considered good | policy to tide the debtors over in the hope | of improved markets for the sale of col l laterals The great mass of business men | have been worse hurt by the big decline | in stocks than there s any public ad- mission. Should the markets strongly im- prove the real situation as it now exists | may never be publicly known. The re-