The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-06-26

A further element of very great i'm
portance in aiding In the restoration OF
confidenc Is the eleventh-hour action of
Congress in falling In behind the admin
istration and enacting laws which will
go far to quiet political unrest. OF espe.
oial importance is the new RAILROAD law
which is increasingly impressing the pub
lie with the fact that II Is paving the
way for better relations between ship
pers and transportation companies, and
ttat 1t will probably work out to the
enormous advantage of security holders
as well as the. public In general. It Is
now felt that the interstate commerce
commission will do the right thing. and
If the railroads can produce proof that
they are entitled to a moderate raise IN
rates, 1t will be given them; and also
that the people who pay the increased
tax will be able to see that there is no
injustice in the advance.
The action of the meat-packing asso-
Citations of the west in giving voluntary
acuuiescence to the proposed raise in
rates Is not accepted. however. as con-
elusive that the great mass of shippers
will be equally obliging at the, start-off.
The action was impressive. however, as
far as 1t went, but inasmuch as that
particular class of big shippers will be
able to reimburse themselves either from
cattle raisers or consumers. the move
was not felt to be representative of the
great public, which. after all, pays the
freight.
In fact, the offer from the packers
strikes a good many people as possibly Il
return for favors to be granted In some
way not yet made plain. In other words,
even Wall street cannot rid itself of the
idea that 1t may be another case of the
gift-bearing Greek. and more or less sus-
picion attaches to that sort of thing.
However, the whole rate proposition
promises to be settled amicably and
without undue waste of time.
If there is really anything worth while
that can be used as an agency for depres
SION in the next few months, it is not
very tangibly impressed upon the minds
OF investors. OF course there may yet be
serious crop damage but thus far the
killers have not met with much sue
cess. In some localities there will be a
reduced production of wheat. and ther
are spots here and there where corn is
not looking we'll.
For a few days there was a scare or
lest extreme heat and drouth in the
northwest might cut down the spring
wheat crop Timely drops in temperature
ond timely drops of water have inter
vened to prevent this calamity.
Advices from the south are that what.
| ever impairment there may De III inc
average production of cotton will be more
! than made up in the increased acreage
Most authorities agree, however, tina;
there could easily be a thirteen million
| bale crop this year and average hig-
prices still prevail. That is very cheer.
| full view to take of the situation, ant
| there is no apparent opposition to the
| opinion as expressed
! very influential element IN the stan
| dard Oil group. which has been frown.
ing at the stock market for severa
weeks, is understood to have changed
! front and to now stand willing to lei
! prices advance. The Wall street belief
Is that leaders of this Standard Oil Grove
cverstayed the bear market and also
overestmated the weight of 1t sinful.
| ence. There is no part or fraction al
| the speculative public which is as strona
| as the whole public. and whenever a mi
nority gets stubborn and undertakes II
go against tie tide it invariably suffers
| loss.
This Standard Oil bunch has been 60
ing through that unpleasant experience
lately and was given some hard knocks
before being willing to acknowledge thai
| It had made a mistake. The principa
| grievance of this Standard Oil contin
| gent was that the country was going tt
! the bow-wows because of uncertaint,
and delay in the handing down OF tn
supreme court decision in the oil monop
| oily case
| The broader view which seems now /