The Birmingham age-herald., 1907-11-24

l CusG TUT luIlHcI dldIHi anu uio4uiSA CfSi what the President is going to say in his forthcoming message to Congress du' | next week. There is all sorts Of tall | about the President modifying his view: l and softening his recommendations, bu | so far as can be learned he has not ma ! terially changed his opinion and will urge upon Congress the need for governmental control of corporations along advanced lines. This being construed among friend ly quarters as a demand for virtual life and death authority over corporation af- fairs without ownership responsibility meaning the turning over of the man agement of s20,O00 000,O00 of property to the politicians, surely not a prospect to attract investors.
 The Presidents willingness to reopen the
 entire tariff question r order to help out
 the newspapers which are demanding
 free wood pulp is also regarded as a | threatening incident. Wall street hears, however, that Congress will not take seriously the White House reconmenda- ton on this point knowing that it can
 not well act on one part Of the tarlrf schedule without live danger of plunging into the entire subject of tariff revision, something which Congres leaders are dead set against.
 | HeTe IS diiiDIe JuSlilltdllOi AOi u itiSASihi of the selfish attitude of banks in this emergency. The treasury action in ls- suing S150,OD0,000 of new government in- debtedness breaks down the last eX- ,cuse of national banks for not taking out new circulation. They have heretofore urged the impossibillty of getting hold of government obligations to base cireula- tion. It is now in their power to add at least S150O00.0O0 of new currency to the supply and to do it within 20 days They are openly against any such proposition and the one secret of their attack upon the latest treasury move for relief is un- willingness to take the steps suggested The business of banks is that of deal ing in moneys
 Everything being equal their tendency in preference is to keep down stocks of money instead of increasing the supply. The harder 1t is for people to get money the higher the price they can exact.
 That view will be indignantly combatted by bankers in general, but the hard and selfish attitude assumed by a majority of the banks in this crisis in the matter of holding down circulation gives support to the theory, and will tend to italicize pop ular dislike for banking institutions. This feeling of resentment may be voiced in opposition to amendments to the bank iHg and currency laws. which will be ad Vocated next winter in Congress by the banking interests. The unharnessed ele- ments in Congress may question the friendly overtures of gift bearing Greeks.
 The conspicuous feature of the stock market continues to be the pressue of stocks being sold to satisfy loans and to provide money for myriads of people who can put themselves in funds in no other way. Banks are especially relent- less in sacrificing collateral behind loans. Stocks and bonds although selling now at sacrificed prices are about the only kind of property for which there is any cash market and this sort of stuff has to go overheard.
 The operation is cruelty to countless thousands, but the mercless exigencies Of compulsory liquidation and compulsory paying off of indebtedness leave no other course open for the entrapped debtors Ihe whole landscape from the Atlantic to the Pocifc is being strewn with the wrecks of fortuntes, but there seems to be no help for it. The process must go on to the finish. The struggle now in progress is as clear an illustration of the survival of the fitest as any primitive battle scene between the cave men and their hairy adversares.
 The investing class is discriminating in favor of railroads The talk of commits sion houses and bankers shows a marked leaning in that direction. The industrials are for the time being under the hammer or disfavor although they have in many cases declined in price as much. if not more than the rails. The present atti- tude Of the market towards industrials is hardly fair The decline in prices which mas already taken place was on antiaipa- tlon of business depression. It is now expected they will undergo a still further break on the reality.
 Thus it apDears that tba danraeeio, ,,ev, setting in throughout the industrial world Will be called on to do double service as an instrument for the depreciation of the industrial stocks. The market rec. ora III the case of the United States
 s'eel issues IS a case in point Both com mon ana preferred have gone down 80 points or more in expectation of a falling orr in business and a cutting down in the working forces at the mills The corpor- ation Is in tremendously strong position. and there is no good reason why the shares should go lower.
 Advices from the west represent the gram growers and cattle raisers as be- ing especially hard hit on account of the currency famine. They are virtually de- barred in many quarters from selling thelr products Another incident bearing on this phase is the sudden cure of the evil of freight congestion about which 'ieie IS aiWdyS urgent complaint at this season of the year. The currency famine put quick step to the car famine. In one snort week the Union Pacific went iron, the extreme of no ears available to 4oo0 Idle cars and nothing doing.
 various disgruntled persons are trying to trace back door connection between divers suspected banks and the officers of brokers engaged in selling currency at it2 to 5 per cent premium. Several banks winch refuse to accommodate their reeu- lar customers with money are under suspicion of having back door alliances With the currency sharps on the outside. John w. Gates took his defeat in Ten hessee Coal and Iron very hard. Tn sporting parlance it broke his heart :, He IS now in Texas on hunting exne- oition In company with his son. Charles G. During the few days prior to hls de- parture he discussed the situation wifi, ms friends and took a most gloomy view or the situation. He had confirmed ca or melanchola, and to hear him talk one would think the whole world was "broke :,
 He seemed bowed down with weight of woe. During the last few weeks his hair has turned white.
 It is said that Theodore P. Shonts is getting ready to abandon to New York and devote his entire time to the manage ment of his railroad. the Clover Leaf. r.tt tf..1,, 1T,..