The Birmingham age-herald., 1908-06-14

fact and given pledge of his withdrawal from the field of disturbance.
 | He will hereafter be a good boy if he is allowed to retain control of his Mk-
 souri Pacific and Wabash systems with their natural extensions and allies. He died hard. and it was only when brought
 face to face with the cold hard fact that | if he did not listen to reason and advice | he would be thoroughly isolated and
 backed off the boards eventually. As it is he has formed a truce with MT. liar | riman under the terms of which he will be allowed to complete the Western Pacific to San Francisco. He must, how ever, abandon his ambitious plans for an Eastern extension from Pittsbnrg to Baltimore The lamentable showing made by all the Gould properties during the last year or
 two has so very generally discredited him
 in the investment promotion and bank ing fields that he has no other course open to him than to throw up his hands and quit, leaving behind him the wreck age of four of his railroads in receiver ship lands and humliating retreat from | the position into which he was led | by sublimated arrogance and bad advice | MT Gould may now be considered house broke He is taken back however, strictly l on probation. If he does not keep his | l found necessary to kick in few more of
 his ribs. A process in which Mir Harri-
 mand the Standard oil allies are adept l and merciless.
 A well defined rumor is in circulation that Morgan & Co., are behind a project for the consolidation of number of the leading automobile manufacturing com panies The combine is said to be inter- iy, ttc f11a QPfn 11d in the volume of capitalization. It is an open secret that a great many of these companies are in a bad way and there fore in just the mood to lend willing ear to the gospel of consolidation.
 The speed with which the government
 and the banks are getting ready for the | issuance of $500 GOO, 000 emergency currency
 next fall should there be need for 1t is cheering to the Wall street spectators.
 With that amount of money on tap there will probably be no need for its actual l distribution, but if there should it will surely be handed out.
 1 Most conservative bankers seem to be of the opinion that the business revival | will not have progressed sufficiently to require an artificial initiation of stocks of money to supply crop moving and other demands In other words they think there will be enough to go around naturally and legitimately. They do not anticipate spontaneous and wholesale return to anti panic prosperity
 The showing made by the Harvester
 Trust on the occasion of it's application
 to have it's stock listed on the Stock Ex change was revelation to most people. This corporation at one jump takes rank among the comparatively few very strong industrials It is shown to have huge cash working capital having commenced business four years ago with s6O, 100000 in the actual stuff in its treasury This with a steadily increasing surplus enables
 1t to carry a stock of about $50, 900,
 open accounts with customers of about $40, ,C000n0 and to engage in several lines
 of profitable business incidental to the manufacture and sale of Harvester and
 other farm machinery. The big Harvest
 ar company will come in for vicious political attack during the coming sum-
 mer and fall on account of the active part it is taking in the campaigns of several western and northwestern states where it
 seeks to control the election of state l legislators con gressnen and governors
 It is also inviting trouble later on when Congress gets down to the work of tariff
 revision.
 The governors of the Stock Exchange are enga aed just now in a campaign of self-purifieation. They have been moved to do this by the scandalous exposure
 of dishonest practices by prominent and active members recently forced into bankruptcy. In looking about for scape- goats they are likely to find some con spouous members who have been fragrant violators of some of the rules of the ex- change One of the abuses complained of is that of beating the state out of transfer stamps on stock sales. Secret bucket shor ping is also to be stamped out and punishment meted to those who have Illicit dealings with the consolidated an1 other local exchanges. The Stock Ex- change governors have these spasms of virtue once every three or four years. They usually land two or three goats and then apply the good old whitewash in the good old way. And then the shearing of the lambs proceeds as usual