The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1912-11-17
thrift Is Disturbing Factor

Another element which got under the
skin OF speculation was the issue of a
special session of Congress to act IN the
tarin. 1t became apparent Immediately
after election that the leading democratic
politicians in and out OF Congress would
not subscribe to the Wall street assump-
| ton that the President-elect would defer
tarih action until the regular session
OF congress q year from next December
but that they would bring tremendous
pressure on the President-elect for a spe-
cial session in order to get the pesky
thing eut of the way.
From the positiveness with which the
big men of Wall street held to the telief
that there would be a years respite be-
fore the tariff question would be for
mally taken up, it was quite evident that
they had what they thought was a prom
lse 1t would now appear that they mis-
construed silence for acauieseence, and
that they We're not fully acquainted with
Mr.. Wilson'S ways. He repeats frequently
and with undisguised satisfaction that he
is better listener than promiser and that
when he really makes up his mind he is
his own spokesman and comes out into the
open with what he has to say. Clearly
the Wilson administration is not to be
conducted in the old fashioned star cham
Der way. Wall street has not been easily
reeonciled to the prospect of forced te-
vision of its decision as to the time of be-
ginning tariff revision.
Demands of Railroad Engineers
Some time ago Wall street reached a de-
cision as to what the Strauss commission
was going to do about the demands of
the railroad engineers for an increase in
wages. The advance version of the de-
clsion was to the effect that small n
crease In wages would be allowed, and
hot ho fr,Fa ara I,of
such action would be followed by wage
increase demands from firemen, trai amen,
traolxmen and other employees which would
have to be granted. thereby increasing
the burden upon railroads east of the
Mississippi by possibly s15000.000 a year
and maybe more. This feeling took deep
root and has been an important recent
factor for the repression of the investment
and speculative buying Impulse. The splen-
did increase in railroad earnings is ex-
pected to offset in large measure this
increased burden and provide the where
withal until such a time as the transpor-
tation companies can force the pc xers
that be to give them chance TO earn
more with which to meet the COM
pulsory requirements of labor and other
items that go to make up the cost Of Going
business. The railroads are bringing
powerful influences to bear in the evolu-
ton of their campaign for the square
deal and 1t looks as though the move
ment may be successful
The press of the country is overwheln-
ingly in favor of giving the railroads a
show and possibly something may come
from it, The arguments that are icing
brought to bear upon the lawmakers ard
commissions is certainly weighty and
may be effective in results. OF course the
contamination of such an adjustment
would add to the burdens being borne by
the general public, but the added load
will be so widely diffused that nobody
will feel 1t. Tt is the old specious argu-
ment and it looks as though the public
would willingly fall for it," When the
railroads are given the right to advance
| freights little bit all will be lovely. Rail-
roads. will have q larger percentage Of
| net income to apportion among Gtock-
| holders and they will have enlarged credit
to borrow money for expansion.
Wilson as Harmonizer
| The prospect is alluring. Everybody
| Is going to get more money, prices of
stocks will boom and the splendid pros
perity which Will be part and parcel OF
the process of taking money out of
| one pocket and putting Ii into another
will be the dazzling and satisfactory
feature of the coming boom. Who can
help being happy over the prospects
The President is going to con-
tribute in every way possible to the
grand and glorious advancement Of
prosperity. 1t is his confessed ambi :
ton to- have his administration the
most prosperous four years in the his
tory of the country He has shown
that he has unusual talent as har-
monizer and he will do all that lies
in his power to reduce friction in ev-
| cry inharmonious quarter of business
and political activity. He has taken
good sized order. but has boundless
faith in his ability to perform Wall
street wishes him well
| The October and November record of
| railroad earnings will surpass every
| thing known. Every wheel is turning,
and railroads are bringing to bear the
greatest efficiency ever displayed in
\ the handling of traffic. Waste is stopped
at all points. Efficiency has become d
fetish among the railroad men. James
J. Hill, Daniel Willard, the Pennsyl-
vania organization and leaders every
where in high class railroad manage
nent have been giving object lessons
as to what can be done by putting
their properties in good shape, increas-
| ing facilities and giving the public
| improved service, with such economies
| In operation as naturally follow the
rigid observance of common sense in
| management and actual handling of the
business. Wonderful progress has been
made during the last few years in the
scientifc administration of railroads
The rich and strong lines have. of
course, enjoyed great advantage in
| heing able to make Improvements and
| buy the necessary rolling stock They
| have set pace which the poorer roads
| find hard to keep up with. but in this
| cruel age of competition they must do
SO or go into the discard. Unless Con-
gress and the railroad commissions
come to the rescue very soon we are
| likely to have another period of re-
ceiv1rships and reorga nization of the
weafE lines. That will not necessarily
mean a smashup in the stock market
| for 1t so happens that in a majority OF
cases the stocks of the doomed roads
are already very low in price. They
| may go still lower but the worst that
can happen has in most cases been al
ready discounted
Growth of Cigarette Sales
The organizers of the new tobacco
company do not appear to be greatly
disturbed as yet over the chorus of
background protest that is starting
against the Increasing use of cigarettes
although 1t may be that the agitation
will eventually have greater weight
than is now admitted by manufactur
ers of smoke material. The fact that
the consumption of cigarettes has In
creased in a few wears from 100000
900 to 4.000.000,000 annually Is some
thing for the goood people to become
aroused over and 1t il not unlikely
| that a great commotion will yet be
raised over the growth of what many
people look upon as a dangerous evil
thus far. hOvreyar the cr1lsade Is in