The Birmingham age-herald., 1913-02-01

times from EVERY stack and chimney,
although its volume can of course be
reduced by the installation of automatic
stokers and by the use of other ap-
pliances. These changes. however. in
volve more or less expense which some
cannot afford. Many of the manufae-
turing plants claim that the present re-
quirements are too drastic, in that the
time for firing is limited to 3 minutes
per hour instead of Il. as is the rule
IN some cities having smoke ordinances.
"A story Is told of one of the most
successful of our local coal operators
who was projected into the business
some years ago without previous ex-
perience in that line that early in his
cereer as a coal baron, in reply to an
inquiry as to the amount of fixed car
bon In his coal he stated that he would
admit that 1t contained some carbon
but that he was trying to eliminate 1t.
Until the carbon is eliminated from the
coal mined in the Birmingham district
or its form changed there always will
be smoke from its combustion. 1t would
seem therefore that the demand of the
manufacturers for modification of the
smoke ordinance is not unwarranted or
else that the rule of reason should ap-
Iply in its enforcement. Natural gas has
recently been discovered in considera-
lble quantities near Jasper within SO
miles of Birmingham, and a large cor
poration is preparing to furnish manu-
featuring enterprises with electric cur
rent derived from water power, so it is
not improbable that with the exercise
of little patience the smoke evil will
cure itself without inflicting hardship
upon any one.
"The European money markets con-
tinue firm, but mueh easier conditions
iprevail in New York and other finan-
cial centers of this country. The Pujo
committee has completed its hearings
and its report is expected before the
adjournment of the present Congress.
Davison's Testimony
"Mr. II. P. Dawson of the Morgan
firm was the last witness to appear be-
fore the committee and his statements
were among the clearest and most in
| iteresting made, as well as being the
strongest from the Wall street point
of view. He denied the statement that
| a group of $50 directors control the
assets of corporations whose resources
are $4,000, 100000 and expressed the
opinion that no such eontro. could be
POSSIBLE.
He pointed our that this vast sum
was not actual cash or liquid assets
susceptible of manipulation or misuse
| by the directors, but that a great bulk
| of 1t was tied UP in the form of rights
of way, rails. equipment. factories
tools and other forms of corporate
property necessary for carrying on the
industrial and transportation business
| of the country
| HE admitted that there was a con-
lcentration of capital in New York
which is unquestionably the chief cen
ter of money and credit in this coun-
try, but pointed out that there is nc
such concentration of banking capita
lin the United States as exists in Eng
land, France and Germany. He showed
that in 1900 the banks in New York
Represented 23.2 per cant of the re-
sources of the United States and thai
they now represent only 1879 per cen
of such resources. He brought out the
| fact that there are more than 5000
distinct banking institutions In this
country, while there are only 116 II
Great Britain less than 500 in Germany
land 81 in France.
| Accommodation. -. Nax, Vail