The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1916-08-23


~ ESPITE the fact that President
~ Wilson and the executives Of
the railroads were still without agree,
ment yesterday concerning the threat
ened strike, the buoyant feeling in the
stock market was significant. Wall
Street has a
Ruovant Stock way of discount.
Market Significant ing events al
fecting larg e
business interests, and as United
States Steel common made
new high record, closing at 971s,
the top price of the day, and as rail-
road shares, like industrials, were sew
eral points up, the inference was that
the market leaders had been tipped
off by the railroad presidents from
Washington that there would be no
strike.
Not only has the rise in United
States Steel this week been rapid, but
the transactions have been vast IN
volume. In fact yesterdays trading
was the largest at any session within
the last three months.
Republican politicians have been
asserting that the prosperity prevail
ing in the great business centers was
only temporary and would not con-
tinue into next year. But when United
States Steel common, good barome-
ter, is close to par and the sales books
are crowded with untitled orders, there
must be great deal of solidity to the
present era of thrift.
ERIENDLY reviewers of the pre-
i paredness legislation now on the
statute books state that the Sixty
fourth Congress has done more for the
national defense than was accom-
plished during any two republican ad-
ministrations. This is putting it con-
servatively. The
What Has beenDone country has Ad-
for National Defense m Dewey's
word for it that
the naval bill recently enacted into
law is the best ever adopted by any
Congress; and further, that it will re-
store the United States to second place
and enable this county "to meet on
equal terms any power, save one." AS
the great admiral suggests, every
American should be proud of the navy
and that the vital question of national
defense should be lifted "above
parties and craftsmanship"
The republicans have long boosted
that theirs was the party that die
things, thereby implying that the dem
ocrats were weak in achievement
Every one will admit that the repub
licans have done a great deal for the
navy, but the modern sea fighting es
tablishment received it's first impetus
from a democratic administration.
President Cleveland in his first tern
had for one of his salient policies chi
building of new navy. He was cor
daily supported by William G. Whit
ney, who was his Secretary of tn
Navy, and by Col Hilary A. Herber
of Alabama, who was then, at Mr.
Cleveland's request, made chairman O
the House naval committee, of whicl
he had been for sometime a member.
The republicans during Presiden
Harrison's term carried out the Cleve
land idea; and in Cleveland's secon,
term, with Colonel Herbert as Score
tary of the Navy, still greater prog
ress was made. In asking for in
creased appropriations for the nav,
President Cleveland reminded Con
Congress that nation with a veal
national defense was necessarily ma
ton with weak foreign policy.
What the United States had lon,
needed for the betterment of it's nav
was continuing building programme
just as other great powers have. /
1903. when Roosevelt was President
the general board recommended
comprehensive continuing constructio
programme, but it was pigeon-hole
and was allowed to remain so unit
President Wilson came into office