The Birmingham age-herald., 1912-02-25

7 requirements, or the men behind them fall short in some particular. Where an investigation into the merits of g. project has been made and the result is unfav- orable, the whole street finds if out. It is as though the paying teller of bank had run across a doubtful bill in gong over a package of thousands. Some- thing in the touch would make him lay it to one side. It is so with an enterprise presented in Wall street that does not come up to requirements There is some thing about it that arouses suspicion, and if 1t cannot meet with approval the first time it is submitted the chances are against Ns adoption without modification O. correction where weakness has been shown. There Is no conspiracy or money trust in such blackiistng. It is usually merely a matter of diffusion of confden- tlal information among those who have a keen sense of news and the training to know what to do with it when they get it.
 A very conspicuous instance now on the boards Illustrative of these condi- tions is that of the promoter of scheme to build railroad down through the southwest and across Mexico to the Pa cifc coast. The promoter partly com pleted his enterprise and ran out of money. Banking houses approached to | SuppiN ttlt ltilidl1ldcf oi tilc inplitN Hecu- ed could not look upon the enterprise as coming within their ideas of con- servatism, and they respectfully declined to cooperate. The promoter made the wild charge that he was being sacrificed by the unholy money trust and appealed to the public to help him out. Confession by the promoter that his project had been turned down by big banking in- terests was hint enough to the public. and iuct of inc rI vrith rHdi- tional funds. it locked up its check book and is keeping is money resolutely in it's pocket. The entire public has in this case become part of the terrible money trust Any fellow who lacks the credit to borrow money at any bank or from any man might with equal justice set up the howl that he is being ruined in the same way. Just the same, Wall street is in no mood to stand for any more investigations than 1t is obliged to. espe- cially when the aim and results can be so clearly seen in advance.
 Representatives of the iron and steel industry are working themselves into a frame of mind to do something for their better protection. The mills of the coun- try are doing the largest aggregate busi- ness on record, yet the enormous volume of production is yielding thin profits Tho
 
 grown up to. and will not be for good while yet the manufacturers feel that they ought to be getting better net re- turns on what they are producing. The Steel trust was making as high as SIS | per ton net at one time. It is now aver aging only about So per ton. while the | independents are cleaning up a smaller profit by s2 to s7 per ton than their big rival They are scarcely making enough fO nav fixed ephareas and nuly nartlv enough in many cases to pay preferred l dividends. How to bring about q condi- ! tion whereby they can make $l or g ger | ton more and at the same time steer clear of conspiraeies or combinations in restraint of trade Is the problem that is now vexing the manufacturers and for which they are trying to find solution. | It Is by no means improbable that they I will find way out of their difficulties, particularly as it now begins to look as | if there might be no reduction in duties this year, The big men in the trade are I discussing the matter earnestly every time l they get together. It might almost be | said that leading manufacturers are in | continuous session in this city on that | issue There is hardly a night that the matter is not being threshed out by groups l of them.
 | There is something of let down in the ] demand for bonds. although there is still f plenty of money available for investment | in that field. Money rates are being held | up by main strength. and large amounts | of American capital are finding their way iinto the foreign markets. The United l States is today the greatest international lender in its history. It has more money and credit in tine old world than ever before.