The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1913-12-28
Manhattan Has for Some
lime Noted Depreciation
! Valuable Property
SINCERE EFFORT TO
MEET CURRENCY LAW
Corporations Greatly Encouraged by
Sane Manner in Which Mercy
nolds Is Proceeding in
Handling the Situation
ny HOLLAND

New York, December 27-(Special)
Some years ago parcel of real estate
which is located in the Wall street dis
ulet was bequeathed to the trustees OF
enc OF the large hospitals of this city
Inc property was incumbered but the
estimate of the appraisers fixed the equity
as of the valueof about 100000
Recently the trustees of the hospital
have offered to give quit claim TO the
property othe mortgagor. Apparently
the income is not now sufficient to meet
the various charges. interest. taxes, in-
2esHance and the upkeep and the estimate
OF the equity in that property now fixes
the sum at a trihing figure.
This depreciation may be explained by
overbuiding in New York city. For a
year or more conservative business men
who are familiar with the real estate con-
ditions in New York have been apprehen-
sive lest there was over-expansion of
sbuR>fng, at least upon the Island of Man
haitian, and undue appreciation of real
property II this be the explanation, then
the instance could not be cited to illus
trate the general feeling of depression
which unquestionably pervades all busi-
ness circles.
At times the apprehension is so keen
as to lead those who are anxious to say
that before the winter is ended there may
come real business catastrophe. How far
reaching this apprehension is and how
firm a hold il has upon some men who
are usually cool can be demonstrated by a
statement made day or two ago to one
of the leading business authorities of New
a. liclas # Il,
fnl periodicals. The publisher said that
while the periodical business is fairly
good, although not quite up TO the record
made two or three years ago. neverthe-
less lie was greatly concerned about lis
Investments. lie had accumulated he
said, by industry and care about $500, eco
All Of these savings had been invested in
iirst class railroad bonds Yet he feared
that within the next two or three years
the interest upon these gonds would be
passed and that would be the case with
all railroad securities, stock and bond.
Is 1t Hysteria?
There is no doubt about the sincerity oil
this publishers apprehensions They may
be due entirely to a condition of mind
which has recently been characterized as
hysteria, But IL has been pointed out
here that the term hysteria really explains
nothing. II Is a name used to characterize
a symptom. All the presidents teach that
panic complete collapse which is pre-
dicted rarely comes. IT is the unexpected
thing which creates panic For this rea-
SON the NEST careful business men in this
city scott the idea that anything like
business panic is likely TO occur. Nor is
there any danger of financial panic. at
beast danger from any condition which
can be seen and studied. Should the emer-
gency justify action he secretary of the
treasury can instantly utilize 500000,000
OF currency under the provisions of the
ch-Vreeland act.
Is II Lack of Confidence?
II the so-called lack of confidence Is
due to ina ginery fear then recent revela-
tons of purpose of the administration at
confidence or at least to prevent any
spread or increase of distrust.
Following the Precedent
When Grover Cleveland was President
tho second time and when President Nc
Kinley in his first administration was in
authority il was the policy of both of
these Presidents to attempt to cure bust
ness errors or to put an end to illegal
organization or operation under the Sher-
man law by calling the attention of the
business men who were involved to illegal
or harmful conditions. That was believed
to be the better way. The public has
never had knowledge of the number of
conferences that both President Cleveland
and President Mckinley and their attor-
neys general had with business men who
their administrations felt. were conduct
ing business in violation of the Sherman
law, but in ignorance that they were
violating the law. In almost every in
stance the conferences were followed by
readjustment whereby illegal organization
or management was ended
1t is true that the great era of cor