The Birmingham age-herald., 1907-09-15

It would be very nice if we could con vince ourselves that there Is going 10 be immediate return of confidence and increase in the available stock of money for business and speculative purposes. but unfortunately the facts look the other way. A great many enterprises have been stopped for lack of funds, and this inter ruption to the march of improvement and enlargement of business Is reflected in a let-down in orders for material and tln ished product. Railroads are the chief sinners and sufferers in this respect. Find Ing themselves unable to borrow money except al usorious rates, and not always even then, they adopted the alternative of shutting down slowing down. It has not been possible for them to abso- lutely suspend operations, but they are curtaillng wherever it is possible to do go. The result is that industrial and manu- featuring concerns everywhere are obliged to report decided decline Tn new orders. They all at work ol old business, and the wheels are likely 10 go on uninterruptedly for several months to come At the same time they are very generally facing a future that is full of doubt and uncertainty. On thls point there can be no question of a doubt.
 Should the money market relax and funds become available, there will be a continuation of activity, but if depression becomes confirmed on account of the ii>- possibility to get hold of fresh capital, then will follow inevitably a season of real depression, attended by the discharge of multitudes of men and a shrinkage of miscellaneous buying power. Down to date this latter element has not figured much. The great masses of people are still employed and in receipt of their wages. They do not yet feel the pinch, and arc buying with entire absence Of apprehension.
 Their income has not suffered, and they refuse to believe that the country is In any danger of a backset, or that the time will ever come when they may be short cned in their ability to buy what they need, or think they need, either in the way of necessities or luxures. This Is the story heard everywhere. Should the actual curtailment in the borrowing of money which is known to the banks and trust companies be continued awhile there may follow an automatic accumula1 ton which will give relief, but at the present time the situation Is full of doubt.
 To add to the complexities, we are about to ether upon a season of renewed politi cal disturbance. Congress will meet in less than three months. and the interval is certain to be enlivened by a swelling volume of tariff revision talk. There Is not the slightest probability of actual revision for a good while, but discussion of the question is disconcerting and dis quieting.
 The only thing that is certain is that tariff agitation, preliminary to revision, cannot be helpful to industrial stocks or 10 the manufacturing situation. Even though nothing come of the talkee- talkee, people will become filled with more or less alarm, and the tendency will be to get out of securities which may be impaired in selling value whose income bear ing qualities may be reduced. This is the one thing which is uppermost in the minds of those who are entrusted with the management of the great manufactur- ing companies. They make no conceal ment of their apprehensions in the matter, and are putting themselves in shape to stand thes torm.
 The New York City for million bond sale. widely heraded as being a phe- nomenal success just narrowly escapes characterization as failure. Two or three big syndicates got in saving bids for the full amount just above par in order to protect the general situation against the talk of possible complete failure. but the fact remains that the issue did not go