The Birmingham age-herald., 1909-01-24

It is considered by many people most l surprising that the market has not re- acted further in view of the generally unsatisfactory business conditions. There would be something to this idea were it not for the prevailing belief that the dull ness in business is merely a period of waiting until Congress gives the public an intelligent idea of what it intends to do on it's tariff. It is not at all likely that the country will await a final vote on the new tariff bill before making up its mind what is in store, but until 1t gets a line on impending action this hesitation will probably continue.
 Wall street may be expected to take the lead in anticipating and discounting tariff legislation. Here the market may halt for a month or two, seesawing back and forth within narrow limitations and storing up energy against the day of re- newed vitality. The market forecast most commonly heard is that everything will be settled in business way within the next four or five months and that there- after there will be a straightway period of advancement of prosperity which may continue without serious break for two or three years. All that is needed to full i'll this fattering promise is another year of bounteous crops.
 It has pleased the street to imagine that the fate of Erie is a feature of highest importance. For several weeks the Erie management has been trying to persuade the public service commission to grant it authority to issue $30,00O,O0O in new bonds to pay off a floating debt of about half that amount and provide funds for the completion of improvement and better ment plans under way. The commission is. willing to help the road out to the extent of such funds as may be needed on the property, but is reluctant to give aid to Wall street high fnanciering. A great row has been raised in consequence of this position and all the news agencies and influences at the command of the big people behind Erie are being used to roast and dragoon the commission. That body seems to have the strange and foolish idea that 1t was created to prevent the injection of unnecessary wind and water into existing capitalization. It acts as though it thought it had a duty to stock holders as well to the vultures of the street. 1t will probably wind up by glv- ing Erie, Delaware and Hu1son and other comIanies such money as is really needed and no more All of whien makes for subs, antlal values
 Great interest attaches to the forth. coming decision of the supreme court of the United States, involving the validity of the commodity clause of the Hepburn bill. The decision will have an especial bearing on the anthracite and bituminous coal roads, The controlling clements in these several roads are making a hard fight to save themselves from the neces- sity of divorcing themselves from their coal mines. There is d strong minority interest in some of these companies, how ever, which earnestly hold that 1t would be much better for the roads to get out of the coal mining and shipping business and confne themselves to the transporta- tion of other peoples tonnage
 The, unmistakable drift of sentiment is against q monopoly of divisions of the coal business by railroads. If the anthra- cite ceal trust, for instance. were obliged to get rid of it's coal properties, the result would most likely be in distribution of assets of fabulous value. Stockholders of the various railroads which own the coal mines could come definitely into. pos