The Birmingham age-herald., 1913-08-03

property rights of residents and foreign
ers ourselves included in Mexico the
United States would have the underhold
on the machinery for the creation of
fabulous new wealth.
And Furthermore, such a protectorate
would preserve Intact that most wonder
full protective instrument in the Amer
can diplomatic organization-the Monroe
Doctrine. Uncle Sam in the role of big
Policeman armed with authority to
compel internal peace. might lead to the
creation of one of the richest nations on
earth. The raw material is there. 1t
only needs to be developed Starvation
wages have been the basis of dscon-
tent and blood stepped lawlessness for
300 years. Today there are at least l.
100000 men in Mexico who follow brigand-
age largely as a means of livelihood. 1t
has been an inherited business since Cor
tez seized saughterihg control of the
country. Our benevolent control might
redeem Mexico from 300 years of an
aichy-a peaceful and patient revolution
| that would be the grandest monument
to the efficacy of Big Policeman dip
lomacy in the worlds history. There
is theory that the achievement of this
tremendous work is the lurking purpose
ef the Washington administration
Dreamers who feel that way are not ex-
elusive to Wall stree and Washington.
The initiative would not be a bearish ar
gument on the value of American prop
erty and prospects, is a theory that is
deeply felt by many students of the broad
situation They abide in every COM
munity and are progressive and cour-
ageous-ever ready to "bet on the coun-
try and fight its battles
Illinois Central Dividend
The reduction of tie Illinois Central
dividend, like that of New Haven. did
not surprise the stree, although it broke
the market price of the stock of the
premier north and south trunk line 8
points in single day, and Jared the
general list illinois Central is a splen-
did SYSTEM but for the past few years
has been peculiarly a victim of hard
| luck as well as a sufferer from dshon-
est officials, and martyr to the wiles of
the arch manipulation, the late e. H.
Hartman. 1t has never recovered from
the infusion of Hartman poison. How
long the management viii continue the
policy of per cent dividends is not
known. Tt is understood to be the pur-
pose of the present control to put all
earnings i'm excess of 5 per cent back into
the property for betterment in all QUAR-
ters until net earnings once more justify
legitimate distribution to stockholders
on the former standard. The outlook for
New Haven is not so good. Seemingly
wretched and persistent Acknowledgement.
Readers of these letters will recall that
for at least two years the fate of New
Haven was foreshadowed
There is another great railroad that is
under the fire of the sharpshooters, and
that is Canadian Pacific. It's price has
been hammered down so points within a
little better than a year, and. although
it is still well above 200 it is subjected
to distressing assault, both in London,
New York and Montreal. The war upon
the giant system is becoming more viru-
lent every day and it seems to be sem
sationally effective at times The stock
is loyalty supported by a powerful com.
bination of capitalists in England and
Canada, who seem quite able to conduct
successul campaigns against the bears
whenever they overextend themselves,
an incident of frequent occurrence. Spe-
callsts in Canadian Pacific claim that
tile bears have lost more than they made
on the S0-point decline, being outgen-
er&led in market maneuvering. Casual
ties have been heavy on both sides
Canadian Pacific has spent hundreds of
millions of dollars ON the property dur
ing the past decade and in the process
has developed one of the greatest wheat
growing regions on earth, populating a
vast area with hundreds of thousands of
settlers and at the same time increasing
its own resources stupendously The com
pahy CLAIMS that its money has been
wisely spent. Its critics set up the plea
that expenditures have been profligate
and beyond all reason. The battle is on
that issue and ii is a most interesting
speculative engagement.
Favorable Steel Report
The surprisingly favorable quarterly re-
port of United States Steel had less mar
ket effect than its friends anticipated.
but they are not dismayed by the savage
assaults of the aggressive bear pool that
mas been on top of the stock for several
nohths-years, you might almost say. |
spokesmen for the bears contend that fa-
Vorable reports of net earnings are
forced charge that is deeply re-
sented by the management as a vicious
and unjustifiable line of attack Specu- |
latlon IN steel is on a tremendous scale; |
the day after the quarterly report trad
ing IN that single stock was about 25 |
percent of the total of the entire list
The government report on crop condi- |
tions on August is scheduled to be out |
next Saturday. Advance estimates from |
the experts who are swarming through
the grain producing states are not rosy. |
ana very generally predict material de- |
n fhA