The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-05-29


sary to readjust their position.
1t is the general opinion in high finan-
cial circles that ultimately practically all
the big banks and trust companies will be
compelled to ally themselves with one or
the other of these groups and battle
royal for the dominance of American fl
nances will be fought out.
Eighty-six railroads and industrial cor
porations in the United States have in
creased their disbursements or declared
initial or resumed dividends since jan
uary / to an amount equal to $57 1924, 1865
per annum Only % railroads as contrast
ed with So industrial companies have been
able to treat their stockholders with
greater generosity; the railroads increase
represents FOG more than during
date this year haye been s297 ,549,674, an
increase of s4e,2ao.o55 over the first five
months of 1909
Industrial compauies throughout the
| country have disimbursed during the last
| five months in form of dividends s154942.-
| O31 against SIPS. 1925 last year, an in
| crease of s29, 1866. The railroads have
| s125, 513 294 in 1909. the increase having been
| thus ST., 900 549. In other words, while the
| railroads and industrials each distributed
less than s126.e00OcO from January 1 to
| the end of May last year, the latter have
| been able to improve their disbursements
by more than SIP, 100000 In excess of the
| increases made by the railroads.
| careful survey of the dividend out
look, combined with Investigations in the
| financial district. brings out the fact
that of 1875 Representative stocks listed
| on the New York stock exchange at
least 81 are expected to raise their divi-
dend rates during the current year. OF
| this total 70 are railroads and 10 indus
| trial enterprises.
| AS to what is limiting railroad develop
ment in the west, an official of biz
western system says that it is not need of
money, but a scarcity of laborers and ma
| terial 1T Is a problem. he continues,
| ito find men enough for the ordinary
needs of an established line, let alone the
| difficulty of finding men for construction
gangs on new work. In my opinion the
| trust question fades into insignlficance by
comparison with the shortage in the labor
market. If the port of New York were
closed to immigration the condition would
| become UNNECESSARILY worse. To get 2,Ool
| men to work on railroad building 1t Is
necessary now to practically scour the
country. On the other hand. ! have nd
doubt that we could pick up 5000 clerks
| in this city in two days time
| 1.-THE railroads not only have great dill
Guilty in getting help, but In keeping what
| thew get We recruit our forces in Chi
| cago. st. Paul st. Louis and other large
cities of the middle west furnishing Tree
transportation to the location or the
piece of work for which they are wanted
Where there is a matter of year OF
more In building we have to engage IRON
five to ten times the number actually a.
work at any one time before we arr
through, and where the demand for hell
| Ia particularly acute we have Furnished
transportation to as many ss 20 men 1ol
every one We needed
Ridiculous as 1t may seem to mos
banking and bond interests, IT now II
figured seriously that the principal caus'
for the apathy In the domestic market To-
bonds is due almost entirely to the craz'
for automobiles and motor yachts, wnici
Ia credited with using up the greater par
of the surplus income OF persons Wh'
hitherto have been large bond investors
Estimates on motor cars to be manu1ac
! tured this year place the numebr at l4o,
NO. and their value at S210,0OQ,OO0. Esti
mates on the number of automobiles al
ready in use involve about 100000, ana es
tinla.as on the expense of maintenance
operation and Incidental expenses averas
about $500 year on each car. or an ag
rregate of s752, 100000 a year for the l4o'oD
cars. The grand total of the purchas
| of new motor cars lnts year anu W. -
maintenance of these cars and those al
ready in use, therefore, is figured at 500,
100000. A large part of this amount
now is thought. would go into BOND IN
vestment were it not for the growing dc
sire of all sorts and conditions OF me-
. to own and operate horseless Carriages
President e. p. Riley, of the Atchison
| Topeka & Santa FEE railway, strongly con
demns congressman for iniuring the rail-
| roads, and says that If that body VIII az
journ for Ave or ten years TIE countr
would enjoy permanent prosperity. Con
gress,' he said, sis arrogating to itsel
! all the functions of railway management
except the payment of bills. That deta
: II condescends to leave the railroads. GU
legislators seem to be afflicted with tn
anti-railroad mania 1t Is a terrible al
fiction.-aimost incurable. Newly electe
' representatives are seized with 1t
Q quickly as some Of the old members. tn
: motto of our distinguished statesme
5 appears to be: When in doubt abou
) producing political effect hit the ran
roads
l. mo wonder we must now go to. Eu
q rope to raise money. The home investc
< has constant railroad batting, But ther
] is now another side to the borrowin
y question. After yop have borrowed yo
: must meet the increased interest chars
0 on heavier indebtedness. and to met
K such interest will become increasingly di1