The Birmingham age-herald., 1911-02-26

The Gould personality was effaced with out anything happening to break the market into flinders as many feared might be the case when the actual deed was done. A S 48 4}a
 Instead of being menacing or explosive. MT. Gould proved docile as a lamb and stands for the disciplining without visi- ble protest. He yielded to the inevitable and meelly takes the back seat that was assigned him by his dear friends, the great banking .syndicates who had undertaken to regulate him out of high position. na s44sk
 Now. if the Guggenheims will be equal ly tractable when it is their turn to be set back and disciplined, there may be no copper disaster. f.. they get ugly and try to run things with high hand lookout for trouble-trouble win big T.
 Just where the Missouri Pacific .sys- tenn, which is the principal Gould as- set, will land nobody has yet been able to state with authority. It. may be main- tained as an independent proposition or it may go to other systems. The one thing that stands out plainly is that be- fore it again becomes important in the transportation world great deal or money must be spent upon 1t.
 Experts figure that the entire road will have to be rebuilt and that first and last about $150000.O00 will need to De spent on it. They estimate that new rails will have to be laid on not less than 5000 miles of road at a cost of approximately $5000 a mile, that new ties will have 10 be put in at cost of about 5000 mile and that new bridges and new cars must replace those now used.
 The properties are notoriously run down and poorly provided with nearly every thing that is now considered necessary to the operation of well equipped lines It seems to be generally understood that MT. Elliott of the Hill system will have the presidency of the reconstructed Mis- souri Pacifc-that is to say, he can have it if he wants it. If l.e should go to the head of the system it will probably mean that the property will be held intact and run independently of the Hartman, Atchison, Rock Island or Hill outfits. He would hardly be a party to a grand plan of disintegration and partitioning.
 Wall street is watching with undis- gusted interest every Washington move ment these days. It has not yet become fully reconcied to the idea of an extra session of Congress, but will be in 6 state of mind to stand for the infliction If there is no escape from 1t. Tt has taken only a mild interest in the reciprocity contest and does not as yet fully realize lilt IuduStE lllClucIl tO tnc tdilil aSita- ton which will be an inevitable feature of a special session.
 The statement that the production of steel rails for 1910 footed up 3,600000 tons was a great surprise. Even those who had kept close watch over the statistics of the trade realized the magnitude of the output Very little new construc- tion was undertaken last year and the i1. hot ,,t1t a wholly in the way of replacement of heavy rails for light ones and of making good the regular wear and tear. The full capacity of the steel mills is now about 6,0O0,000 tons a year.. It looks as though at least half of that would be needed in routine replacement.
 A marked development of recent mar ket making and market management is the substitution of the banking syndicates for great individual personalities. The in- ditidual Titan will hereafter shine in the council meetings of the groups of finan- cers in control of the destinies not of one of railroad but of many railroads and groups of industries.
 The change does not, as many have said, mean the passing of the truly Dig men, but rather the shifting of his posi- tion from the direct glare of the spotlight into a place of greater privacy. He will dominate in the future just as he has dominated in the past but his personality will not so startlingly impress the general public. He will operate not single hand ed but through "an organization.
 The value and meaning of organization Is being better appreciated every day and the truly great man is very well sat isfied to make his influence felt there instead of being obliged to adopt the old method of placing himself in the charges against the enemy. He accom- plishes his ends now by quieter methods and quite as effective if not more so than in former days. He represents now the organized power of the aggre- gate dollar
 assemble the greater zhis influence and the wider his range of power both at home and abroad. Organization as 1t is now being understood represents the down to date science of business and of high finance Presently 1t will con trol the international politics of the world, as it is now working Into control of it's commerce.. This development is in itself the visible evidence of peace full revolution to which every civilized na- ton is contributing and none to a greater extent than America. ~t The fiscal reports of the Lackawanna railroad are astounding revelations as to what a railroad can do conservatively and honestly handled through long pe- riod. .
 For it's mileage 1t is the richest raii- road in the country today and its stock holders are fully entitled to whatever dis tribution of assets or expansion of capi- talization it's management may grant.
 It seems well content to hold It's. posi- tion, and stories of it's probable absorp- tion of the Wabash or any other poverty stricken line may be accepted with doubt.