The Birmingham age-herald., 1913-09-07
present writing and during the
past.
Effects of Wreck

The dominant feature of the frequent-
ly recurrent accidents on railroads is the
| unpleasant attention they call TO the
fact that most of fatalities and losses are
due to the employment of wooden cars.
| Railroad officials agree that nearly every
line and system is lame in equipment and
that at the present rate of reconstruction
II VIII be many Years before the work of
replacement of metal for wooden cars is
completed. Meantime loss piles on loss,
both in life and property, try as the COM
panies do, to modernize the plants and
minimize sacrifice. Very much greater
headway would be made in the work of
reconstruction and safety if larger per-
centage of revenues could go into equip
ment and the betterment of structure. 1t
Is an open secret that a very. consider
ahle percentage of earnings could go into
property with better results than in the
enforced enlargement of wages and other
expenses of transportation.
That high wages are Indispensable to ef-
f1ciency of service is the gospel of organ
ized labor. and 1t is always the bed
rock of the argument for continuous
sweetening of the payroll The inveterate
reply of the employing companies is that
wages and many other items in the
cost OF transportation are directly at
the risk of safety of lives and property
and that until accorded the right to
charge higher rates risks will dispropor-
tionately increase in every direction. The
increasing number of destructive acci-
dents and the swelling total of losses fur
Fish inconquerable evidence of the vital
need of improved equipment and greater
efficiency of operation. Only few rich
ana powerful systems can maintain high
standards OF excellence and at the same
time pay just and equitable returns to
shareholders on capital invested These
are among the many phases that will be
urged upon the attention of the inter-
state commerce commissioners at their
hearings in October on the petitions of
% railroads east of the Mississippi for a
per cent raise in freight rates. As the
GATE for these hearings approaches closer
commission action becomes more vital
stock market uncertainty.
Not Much Money Wanted
Conditions go to show that the south,
middle west and southwest have less de-
sire for government treasury benefcence
than had been anticipated. Only small
part of the initial $50, 900 600 reserves placed
at the disposal of farmers and country
shippers has been drawn upon, and from
the viewpoint of actual use, by far~the
larger percentage of the apportionment
remains untouched for the purpose in
tended. 1t WAS enough to know that the
s5O,0O0,O00, and as much more as might be
REQUIRED, was ION tap and under full
control of the farmers friend in WASH
irgton-Secretary McAdoo. 1t was enough
to know. of the existence of the reserve
and of its availability on the call of the
grain grower and shipper. Under the
circumstances. crop moving credit was
as good as crop moving coin in material
action-better. in fact, because of the vote
of governmental confidence in the SOL
vency and integrity of the soil disturber.
Il want to borrow s1G00,' said the
wheat grower to the country banker
Certainly" replied the banker; $1,000
if you need it,
II do not need it, replied the farm
er. Come to think of 1t, l don't need
nuthn' at present"
why did = you ask for It then ?r
snapped the banker.
i asked for it because I didn't think
you had it, or that il you did you wouldn't
let me have it. knowledge that you had
the cash and that had the credit makes
me feel better than the money"
It's an old. old story, but it never
smelled sweeter than under the existing
circumstances and surroundings. 1t was
q live and effective situation and went
long way to the development of general
confidence.
Ill Nature in Washington
III nature cropped out of every Washing
tariff, currency, crops and Mexico. Five
months of unflaggng discussion of pend
ing issues finally got on the nerves of
the statesmen and there is frictional de-
velopment in every quarter. The tariff
bill, now scheduled for the immediate ar
bjtration or the Joint committees of the
House and Senate may take a week, or
month for settlement as the humor
strikes the men in the middle of the bat
tie scene, but it would occasion no surprise
hereabouts If the dispute should last well
along into October The issue was to be
settled in few weeks, according to the
original schedules away off there last
spring. A regular Congress session be-
ginning in December might yet pass the
bill Stranger things have happened. And
then there is the currency reform meas
ure. That was nicely oiled for lightning
IKE passage six months ago; here again
blcekades were encountered and Wall
street is in a desperate quandary over
the prospects. The situation, as it now
stands, illustrates the fallability of new
school political prophecy along several
electrically charged wires. As transmitted
through the financial district of New York
the prayer is for prompt affirmative ac-
tion In every quarter.
Operations in the money market do not
reflect fears of material variations be-
tween September l and the end of the
year Borrowers have small trouble in
making comfortable arrangements three
to five months ahead. Prospective gold
movements are carefully estimated and the
&ction of international exchange given
Alllest consideration. There is nothing
In this field of speculation to greatly dis
turb financiers or brokers'
lrregdlarity and confusion are the rul-
ing characteristics OF the stock market.
but the net changes in prices are neither
revolutionary nor sensational Quotations
feceoed somewhat from the high range es-
tablished while the process was on for
the readjustmem of the Union-Southern
Paejhc deal, but speculative activity has
at no time been volcanic, or decisive.
SO far as can be learned no great in
clvidual fortunes have been made or lost
III the shuttle; there is still plenty of
loom Tor speculative turns before the
finish is tolled, and only sure enough
prophet can correctly foretell results. No
prophet in whom the street reposes conf
dence has yet appeared.
DIR HANCHETT TAKEC