The Birmingham age-herald., 1913-06-15

Chicago, June IA college educa
tion is worth s25,ooo,s according TO
statistics compiled by Northwestern
university and made public this morn
ing. In seeking to prove In dollars and
cents the value of higher education,
the university took census of the
class of 1903, members of which have
had 10 years to get settled"
The Investigation showed that for the
first years out sof school the average
earning power of the graduates was
......s...s....s.s...s...s
sion came to be simmered down, the
rights of railroads and shippers were
found to be more clearly defined than
ever before and the relationship be-
tween nation and states set out un
derstandingly for the first time
Wherein, it was asked, have the es
tablished rights of the railroads been
abridged. and the answer came that a
claim does not necessarily. become a
right" just because its recognition
as such is demanded. The remedy is
not denied.
Any just or reasonable plea Is prom
ised a hearing. The only thing denied
is a finding without giving the other
fellow a. chance. to be heard. Maybe
in the course of human events, Sub
stantia1 public good will be found IN
those 10000 words from the pen OF
Judge Hughes. At first it was flippant
ly likened to ladder of 10000 runes
leading to the top of u fence upon
which the justices could straddle. Later
it was ascertained the fence might be
based on IA granite foundation for a
new order of things--a cleaner and
clearer understanding between the pub
lie and the arriers--between federal
and state governments.
Absence of Bankruptcies
The absence OF sensational bank
ruptcies throughout the protracted de-
cline is one of the notable features of
the widespread calamity. There have
doubtless been thousands of cases OF
freeze OUTS many of them invoking
fortunes, but there have been practi-
cally no grandstand plays in bank
ruptcy. 1t has been, in the main, a
dry panic--a dignfied, gentlemanly af-
fair. Rich men, without number, have
gone to their financial graves without
a murmur and without music-just
faded away in spectral procession.
Never has there been a panic in Wall
street in which heavier losses, indi-
vidually and in bulk, We're sustained
and never one of magnitude that was
not attended with more tumult and
lmelight How much of the $4,000 900,
900 depreciation in quoted values stands
for actual loss and how lnuchs comes
under the head of paper" shrinkage
there Is no way of forming intelligent
estimate. The figures at a minimum are
monumental. That adds to the strange
ness of the fact that the victims have
passed from the scene without identi-
fication In that respect the panic is
unique in the history of Wall street.
Who lost the money, how much did
they lose and who got it?
Wall street has the story that liquida-
ton of American securities for European
account has been sensationally less than
represented, and the bulk of sales cred
tied to London, Berlin, Paris and Other
foreign eenters really originated in New
York and other large cities in the United
States. The theory of this strange cam
paien is supposed to have been a desire
to conceal the personal source of the
wholesale unloading of shares and bonds
by rich Americans, anxious to ssget strong
in cash" without revealing the fact that
they were Withdrawing support from
properties with which they had been con-
spcuously identified Again the names
of John d. Rockefeller, William Rookie
feller. Henry c. F'rick. James Stillwell
Banker Baker. George j. Gould, d. G.
Reid and many others of the same class