The Birmingham age-herald., 1908-02-23

UT Japan compliance Tn the treaty provision, guaranteeing open traf- fife on the Manchurian railroad This letter is based on information and pro- tests filed by the diplomatic representa- tiyes of China and by merchants who at test that Japan is running the Manchu- rian railroad as monopoly for the trans portation of Japanese goods The move referred to is supposed to afford an eX- plAnation of the motive behind the trans fer of the American fleet to the Pacific, and to precede a demonstration of the Big Stick. A flourish of the stick as a feature of a bluff at the Mikado might also have a moving effect on the Com gress committees which are hagglng over an appropriation for new warships. A stick that can be swung to affect both Tokio and Washington is very handy weapon. What difference if it does break or lift prices in Wall street?
 The steel trust continues to hold the umbrella over the trade. The result is that the independents with about one third of the capacity are getting the bulk of whatever new business is passing around.
 The policy of maintaining prices is be- ing rigidly adhered to, however, and the
 management of the big corporation is firmly convinced that the game of endur- ance is the only one to play. They may
 
 and may have to stand the gaff for some months to come, but the end, they fully
 believe, will justify whatever temporary sacrifices they may be called upon to make.
 Others contend that they are pursuing the wrong policy in attempting to buck against the tide and that the right thing
 to do would be to yield in their prices in obedience to the general law. Mean-
 while the independents are cutting under the trust all along the line.
 The stock exchange remains scornfully indifferent to the public outcry against it and the speculation which is supposed to center there. Its membership does not believe that state or national law makers can enact statutes which will seriously embarrass it. The exchange is singularly callous to one point upon which it must eventually yield. The time
 will certainly come when the exchange
 will have to treat the public more fairly in the matter of compelling frequent com plete reports from companies whose stocks are traded in upon the floor. The exchange has rules requiring such reports, but they are not enforced, and many of the stocks dealt in through its members are little more than certificates in blind pools. It would be very easy matter to bring the corporations up stand
  floor for neglecting to make the reports of financial condition. The public is en- titled to all the information that the stock exchange can compel the companies to give. and the sooner the authorities of that body move affirmatively in the matter the better it will be for everybody | concerned. A reform in this direction ! would go a long way toward inspiring better and kindlier feeling towards Wall street.
 Wall street hears comforting rumor that the real play behind the candidacy of William Jennings Bryan is that he | is standing as the whole thing in order to prevent factional wrangling before the l convention, and that at the proper time | he will withdraw in favor of ticket con- | sisting of Johnson and Gray, or Gray and | Johnson. No affidavits go with this | story.
 The governments move against the l Southern Pacific is not received with high l favor The semi-official confession that | the Washington campaign against Mr. Hartman individually has fallen down is the thing that hurts. Wall street and a 1 good part of the community at large would like to see it the other way-the punishment fall on the head devils instead l of on the innocent stockholders of the corporations cOntrOlled Dy them. lHey | would like to see the hunters of big game 1 land a wolf now and then. instead of 1 slaughtering whole flocks of lambs. l The successful completion of a very | remarkable improvement about which all | most nothing is known is now in sight. | I refer to the McAdoo tunnel system, which is designed to bring New Jersey | into ideal quick connection with New l York. These tunnels have been under l construction for two or three years, and | the enormous sum of s45, ,000,0O0 has al- l ready been spent on them. About $15,-
 100000 more will be required, and the
 money is in sight These tubes when fin
 ished, will practically do away with the | ferries. now plying on the Hudson as they apply to passengers.
 These ferries in the near future will
 have to rely almost entirely on trucking. | The first of the McAdoo tunnels will go
 into use the coming week. Others will be completed next summer. Ultimately | they will bring all the western railroads | having Jersey City and Hoboken termin- ] als within 15 or 20 minutes of all the ! railroad terminals on Manhattan Island, l and will be a great clearing house for l an enormous suburban travel originat ting 1 in the Jersey towns within 25 miles of New York. The original s45,000000 ex- | pendture was on faith. The enterprise has been financed by Harvey Fisk & 1