The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-12-04


The Immediate outlook for the stock
market is not encouraging, unless the big
people in the street take advantage of
the nearby period of cheap and abundant
money to get under the situation as Mr..
Hartman and his friends did and boom
things Should the expectation of huge
surplus be realized 1t will be because OF
dull times and inability to find profit
able employment for the money in chan
nels where it ought to be used.
That of itself Is beariSh. but 1t must
be remembered that during times OF
greatest apparent depression the founda-
lions are built for g. return of good
times and for a further forward move
In the grand march of our national pros
perity and advancement. The situation
is Invariably strongest and healthiest
when the pinch is hardest.
That state of affairs marks the ex-
IRENE end of hard times and the begin
ming of good times. Bedrock may not
be right In front of us or right UNI
der us but we are four years nearer
IL than we were In 1906. the climax OF
the period OF wild extravaganza and reck-
less speculation.
One splendid fact which must stand out
clearly in the understanding of all bust
ness men is that when the prosperity
IlarCn is TeSul1ltu IL Will llOl DC ltlu DdCk
by the necessity of getting rid of over
production to any extent. Shelves are
not overcrowded in any line of industry
or trade and there will be no scrap heap
to get rid of and no overpowering mass
of stuff to sell out under the hammer In
that respect the situation Is distinctly en-
couraging, and it will enable the country
to take a quick start and go forward
strongly and buoyantly.
Attention Is concentrating more and
more upon the Interstate commerce COM
mission and speculation hinges very
largely on what that body will do in re-
gard to freight rates. The issue is one
of broad policy and as the time ap-
proaches for decision and facts and
arguments pile in, the Importance of re-
suits is emphasized
The railroads have put up the best plea
they could but in the background there
remains an element of doubt which OPP
presses Wall street and depresses the
price of securities. The demand that the
public be assessed to meet deficiencies in
railroad management does not ring as
true as Wall street would like and starts
going the query why the railroads should
be singled out from thousands OF other
businesses for this kind of charity or
benevoence.
If the public is to be taxed to help out
the railroads why should it not be taxed
to furnish crutches for every other
crippled enterprise? The feeling grows
that 1t is upon that point the real Is
sue hinges. The street hears authorita-
lively that the commission will yield up
an opinion of decision on the main issues
about February l. The intervening time
will be used up in the presentation of
more facts and more arguments and in
meditation. There Is less talk about adj
vance information Of what this decision
will be.
Now how much worry of mind and loss
of time and delay of action might have
been spared II Attorney General Wicker
sham had only refrained from shooting
through that injunction early last sum
mer which stopped the railroads from
putting across their arrangement for the
quiet and unobtrussive raising of rates.
From this viewpoint 1t seems almost as
though that Wickersham injunction was
tt oct important act OF the Taft adj
ministration.
If he only had not taken that step the
railroads would have been for six months
past in the quiet enjoyment of their in