The Birmingham age-herald., 1913-01-19

ties ON a general average OF about per
cent, and the banks and borsd dealers say
there is plenty Of money available for
that kind of investment. The success Of
the Baltimore ard Ohio fiotation gives
full encouragement to this theory and the
manufacture of bonds is going on at a
famous rate. A f1yorite brand is the con-
vertlble bond. Investors seem to like that
sort of thing and oversubscriptions are
not infrequent. Fully $l25,000.000 was ut
command for the $64.000000 Baltimore and
Ohio issue, and others that have come
out since are meeting with prompt and
friendly consideration at the hands of in
yestors. Such being the money condi-
tions. the promised and expected stock
market boom may have to wait awhile.
No Occasion for Disturbance
President-elect Wilson has not been
saying anything about economies and po
itical reform that he has not been saying
freely for the last six months and longer.
and there has really been no occa sion for
the disturbance which his recent speeches
have been making in the Wall street
mind. Some of his views are felt to be
radical and others impracticable but in
asmuch as he is powerless to instantan-
eously enact and enforce the laws he
would like to see on the statute books it
would appear that the hysterlcal demon
strations of the last few days in the stock
market were very childish.
Important people, usually credited with
sober and sane judgment have been work
ing themselves up into a state of mind
bordering on hysterical Some of them
ere becoming a little ashamed of what
they have been saving and are sending in
apologies and explanations. 1t is recalled
that the country has passed safely
through a great many more dangerous
periods than the one now confronting 1t.
fhn faI. tr
Is Undoubtedly full of perplexing prob
lens, but there is a peaceful solution for
all of them, and The great and powerfully
influential investment class will no doubt
In the end regulate the settlement This
class comprises many millions of the hest
citizens in the land-95 per cent of owners
of the visible assets and working capital.
Against them is found minority faction
which is just now In a position to make
noisy demonstra tions and in industrial
and commercial lines. well as in the
financial division.
Tariff Agitation
Probably more effective as factor of
stock market depression than the hula
ballo over the NFilosn speeches is the
background tariff agitation now going on.
Wall street has been paying very little
attention to this issue until lately, but its
importance is now being forced upon the
which come from Washington to the effect
that the potential high protection inter-
ests have stirred up mighty excitement
in the industrial field The effects of this
agitation are beginning to be felt in a
broad way.
Roundly stated. the influence of the
owners of 1885, 600 manufacturing plants in
the United States is being directed upon
Congress to secure gentle treatment in
revision. These manufacturing concerns
employ about 100000 people. it is esti-
mated by the experts employed to secure
effective publicity material. From OIL
cfal and non-official sources the bulk stat
stics are given out that these industrial
establishments represent a capital invest
ment of not less than $4,000 100000, and
that they produee between $4,000, 900. 900
and s23,000000, coo worth of goods annually.
1t is represented that the Underwood
tariff bills will provide for cuts of 20 to
50 per cent below the current rate and
that the 500 000,eo0, or maybe 5000 000, 900,
or whatever the total reduction in import
duties may be, Will be at the expense of
10 or 20 times as much in reduced wages
and other forms of sacrifice, burden
that will fall upon the gerat masses of
the people with calamitous force. it is
claimed 1t is tho same old ammunition
that was used by Mark Hanna II years
ago In the campaign that elected McKin-
been added to the patform but in general
terms it is about the same as capitalized
by the greatest political field marshal
protection has ever had.
Give Inadequate Idea
Dispatches from Washington that are
published in the newspapers give an en-
tirely inadequate idea of the importance
of the battle which is now being waged
there, with the Underwood as a center. |
This is no fault OF the Washington cor
respondents or OF the newspapers. Tariff |
literature does not make popular reading |
and does not get under the ''scareheads.' |
Dog fights, women suffrage conventions |
and the fistic encounters of the plug ue-
lies have a preference in the news col |
umns. The campaign is on, none the less, |
and Wall street is at last beginning to |
feel the impact of the oncoming force
Tardily awakened comprehension of the
real meaning Of the campaign is disturb
ing and is giving the financial representa-
tives of the great industries of the coun-