The Birmingham age-herald., 1915-03-22

latest issue calls attention to the rail- road situation. clearly intimating that the continued prosperity and increase of it which have characterized some parts of the northwest so greatly as to distinguish that section Of the country from other seeetions is dependent upon increased rail- Toad facilities as well as reasonable rates Tor shippers and for travellers as well as Tor the railroads. The Review asserts that very low transportation rates do not aiWays mean benefit to travellers and to shippers for in the long run it is essen tiai to business activity that the rail- road earn a reasonable income sufficient to pay fair dividends
 The public Is beginning to understand this. In the most emphatic way the Re- view asserts that the United States at this time needs many thousands of miles of new railway lines, and when it is borne in mind that since 1912 railroad construc- ton in this country has practically ceased, then this statement Is regarded as self evident.
 No one can talk with the leaders in the financial district without realizing that they have not the slightest doubt about the ability of the United States to furnish the capital which is needed for additional railroad construction and for the betterments. It all depends upon the restoration of confidence and the ability of the railroads to gain reasonable re- turns. Not alone from Minneapolis but from remoter parts of the west. have come reports to New York that there is urgent need of construction of new rail- way lines and the improvement of those now in operation.
 MT. Morgan's Vacation
 All sorts of rumors were in circulation | AIxxk ID AT~x gan, the successor of his father in the house which bears the Morgan name. was to sail for London. The most persis- tertly circulated rumor was based upon the suspicion or belief that MT. Morgan's s visit at this time to London is found by him expedient so that he can the more easily arrange with the government and the banks of England for the establish ment of great credit in the United States. His visit is also indirectly associated with the presumed effort of France to secure great facilities in the United States for the payment of purchases the republic is ma aking here. There may be some founda- ton for these rumors. but it is certain that they are based absolutely upon the surmise. There is no more delicate sub ject to handle than one associated with the placing in the United States of great credits. None but those who participate in transactions of this kind is permitted to have any knowledge of what is going on. The attitude of the men of finance in this respect is similar to that which John Sherman, when Secretary of the Treasury found it necessary to assume when he was preparing for the resump- ton of specie payments. No one could judge from the expression of his face or from any word spoken by him what was in his mind respecting specie resumption So now the men of finance who may ne- gotiate the establishment of great cred it's in the United States find it not only expedient but vital that while negotia- tions are pending there shall be no in- formation respecting them made public.
 The probabilities are that MT. Morgan sees that this is favorable moment for him to take a brief vacation. Since Au- gust 1 he and those associated with him have been occupied with much and very important financial matters. sometimes even in the nighttime as well as through out the day. They have had not merely one but many things to consider. It was under MT. Morgan's leadership that two of the $100, 900 gold pools were organ ized and put into effect. There must have been enormous business from the other side of the Atlantic. The establishment of the commercial agency for Great Brit ain which now has it's offices in the Mor- gan building, and over which MT. Nor gan's house has supervision, was of itself a very great undertaking and responsibil ity. There mo small part of the buying in this country for Great Britain of war material and supplies is carried on. There have been some difficult questions de- veloped which have made it essential that good understanding should be reached with the state department at Washing ton. Nearly two years have passed since MT Morgan had any but a brief vacation. It is, however, reasonable to infer that ho would not have chosen this time for his