The Birmingham age-herald., 1910-02-15

Griffin Wheel company, has published an article in circular form discussing business conditions, especially so far as they relate directly to the railroads, and this article is having a wide reading. MT. Griffin writes as a disinterested business man. His circular follows:
 With enormous crops commanding the highest prices ever known; with every kind of business on Q safe and sensible basis: with merchandise stocks of all kinds at a minimum; with everybody de- sirous of making good all the necessary improvements which the past two years depression would not permit of, and to fill up stocks which have been almost de- pleted with plenty of money and credit to do all these things, there is hesitation by the greater part of the business con- rnunity, for the reason that something has appeared calling Malt in the progress which had so fairly started in the later half of 1909 The one great and most apparent element which has caused this hesitation, is that the railroad corpora tions of this country have stopped the purchase of anything beyond their i'm mediate necessities. so much so that bet terments which had been projected (which are not only betterments, but in great many cases almost, or soon will be, neces- sities), amounting to over s1,C0o, o00,OOO have been held up.
 It is customary for railroads to pre- pare their budgets of expenditures Jan uary l. If these budgets had been pre- pared on the lines of necessities the out ffntt1 ar1.y among manufacturers. would be excep- tionaly good for 1910. These budgets have rot been presented, and are not within the call, or even within the sight of those who would gladly welcome them, and 1t is doubtful when we will be able to make any reasonable forecast in the manufacturing and commercial world. II is unquestonably true thatNthe railroads would gadly enter into year of liberal expenditure but as matters stand now, it is quite possible that they will be | compelled to drop back into the condition | they were in the latter part of 1907 and during the year 1s0s that is, purchase | rothing except that which is absolutely | essential and the reasons are exactly the same as those that existed the early part of 1907, that is radical railroad reg
 ulation."
 l Our legislators seem to be unmipdful of the causes of the depression of 1907
 and 1908, and give every indication of re- entering the field with even more laws to | interfere with and discourage the invest
 rnent of money in railroad enterprises,
 whether it be for increases or improve l
 calling halt on new projected railroad
 enterprises. And the railroads have not
 reached the position that they now oc- | cupy through any concerted pan they 1 all realize and appreciate the necessity of | renewing their tracks and equipment that | the recent depression would not permit or. This in the face of very general actual
 Or threatened demand for large increases | in wages of their employees. and knowing
 that the only way they can grant these | advances will be by corresponding ad-
 vance In tieir revenue, and the only way | in which they could increase this revenue
 would be by raising their rates, and cer-
 tainly the outlook for this is far from prori:sing. They have no certainty as tc | the character of legislation to come, they
 are in positive fear of Congress. and
 are warranted in that fear by special bills
 already introduced, which is q sufficient
 cause for them to hesitate. They are nci certain that the people generally would l favor any increase in rates, and they are
 equally uncertain as to whether the public
 would not side with labor in it's increased
 demands upon the railroads. They feel as
 all owners of property naturally would
 feel. that the earning capacity of theil
 property is now absolutely dependent up-
 on the manner in which they shall be
 governed. They do not know what thai
 government is going to be; they are al
 most positive that there will be no leg tsslation which will cause an increased