The Birmingham age-herald., 1916-06-17
ALL POINTS TO CHANGE

These two demonstrations-one made 1 by democratic authority and the other l by the representatives of the republican party-are regarded as sufficient proof that the public is not only ready but anxious that wholesome and sufficient regulation of the railroads be established so that the railroad companies may not hereafter find it impossible to secure the capital necessary for enlargement, im- provements and other undertakings which are vital if the railroads are to handle the commerce which the vastly increasing prosperity of the United States will bring.
 Furthermore, there seems to be a change in the public attitude toward American business life, probably because the people better understand now than they did some years ago what the real relation between business and the public should be and because business methods have improved In addition to this, the belief is commonly held that Professor Theodore Salisbury Woolsey of Yale was well within the truth when he stated for 1 publication yesterday that corporation batting as political agency has had it's l day
 l These influences are chief among those which caused the securities market to re- l port appreciation in the market value of | securities. It is evident that in the pres | idential campaign now beginning there | is to be freedom from attacks upon Amer l ican business life and also recognition that the railroad companies of the United States need such legislation as will en- able them to escape hereafter the embar- rassments occasioned by regulation by 49 different commissions, state and na- | tiona,
 PAYING OUT BILLION DOLLARS | A few days ago Sir Robert Fleming at the annual meeting in London of one of
 the largest financial institutions, is re- ported to have made statement which l is regarded in the financial district as of vital importance because of it's relation 1 to the handling of American securities
 owned by English investors chiefly for the purpose of paying English debts to the United States through the marketing to England of exports of it's long con- l tnued debt to Great Britain.
 Sir Roberts statement does not differ 1 from opinions held in the financial dis i trict for some time-namely, that it is of the greatest advantage both to England and to the United States that at the be- ginning of the European war we were in debt to England on account of American securities held there aggregating perhaps as much as $3000,00 00,000.
 This statement, too, is indirectly in &C., cord with one which appears in the latest
 annual report of the Imperial Duetsche bank of Berlin. In that report it was said with emphasis that New York is
 about to take the place of London as a money center. If the United States pays what she owes to Great Britain by talk ing American securities in return for her exports and if this continues for a year or two longer then by the close of the war the United States will no longer be debtor, but will be creditor nation New York could not become the great money center as long as the United States was debtor nation.
 Sir Robert stated that the United States securities of the investment class have held their own in market price in London better than any other of the same class. and this notwithstanding the immense amount that America has al- ready brought back. estimated at not less than s1.O0o. .0o0.000
 RUSSIA'S LOAN
 Upon the same day of the, publication of a synopsis of Sir Roberts remarks an- nouncement was made that Russia. after negotiations that have continued for six
 months, has perfected an agreement with the United States for loan of $5O0O0. .O00 Thus, again. the United States has taken the position as lender of money in large amounts to other nations. doing this at the very time there was absorption of $1 ,0oo, 900 ,oO0 in American securities held
 abroad.