The Birmingham age-herald., 1913-07-13

pnintment to the trading public and to
his long list of loyal followers, who
had him slated for the Napoleonic
Leader" on the stock exchange po-
sition now vacant and hungrily waiting
to be filled. Baruch has the qualities
of a great leader, but does not propose
to jeopardize any part of his 100000
900 fortune (every dollar of it self
made) in further risky adventure Dan
iel G. Reid is scheduled for two months
In Europe He says he is entirely out
of the market and would not go across
the street to put prices either up or
down 10 points. Like most of the mill
iionaires he is carrying about with him
a deep disgust over business and poll
tical conditions.
Analysis of Present Situation
What briefly follows is not Ser
mon on the Mount or idle imagery. but
an attempt to intelligently analyze
existing conditions that tend to alarm
men OF substance and keep them in a
state of uncertainty and non-action-
in sense, semi paralysis. 1t has place
as leading factor in. the securities
and business situation The subject is
not new one, but it's discussion is
vltally pertinent to current develop
ments: Wall street complains bitterly
that politicians and the general run of
newspaper writers cannot understand
that there is wide difference between
big business and "trusts"-and that
mere size is not necessarily monopoly
or oppression.
Naturally the big fellow has an ad-
vantage over the little fellow BY rea-
son of his larger capital he can do bet
ter with the general run of customera
In many ways other than cutting prices
or forms of skull duggery, and he nat
urally profits on that account on even
terms and in straightout competition.
he can extend larger and longer credit
than the little fellow can as a rule
manufacture and deliver the goods
cheaper and quicker and in many WAYS
put 1T over" the poorer equipped COM
petitor, without violating the rules of
fair play. Heavyweights can lift more
and do more than lightweights. nor
necessarily because of unfairness, but
mainly because of superiority in
weight, strength and the capacity for
performance Usually 1t is simply and
plainly a matter of form" and class.
and the minor participant has no more
right to kick on account of commercial
disparity than 100-pound prize fighter
In physical competition with a 200
FOUNDER. Speaking soberly, the seat of
class discomfort and prejudice against
the prosperous and energetic is a fail
ure of the majority public to under
stand that success and growth do not
necessarily constitute crime. There is
growing comprehension OF true condi-
tions, however, and probably In the
course of time an equable readjustment
may be reached-forms of handicaps
created that will prevent disproportion-
ate overgrowth of the powerful at the
expense of the miscellaneous masses
1t Is becoming more clearly evident
that the country Is in an acute stara
of progressive evolution--a peacefnl
but noisy crisis, struggle of the high
er brain forces instead of resort to gun
and sword, as in other days Meantime
surface demonstrations fill the minds or
men with alarm and nervousness. AL
most as much as would actual destruc
tion on a colossal scale.
Railroad officials are almost stereo-
typed in their explanation of the main
objection to the Erdmann law. They
Every arbitration under the Erdman
as well be entered of record in advance
Der Of commission of three, and as he
does not want to take sides he auto
matically assumes the middle ground
In their plays for higher wages the
men ask for double the amount they
expect to get, and on the inevitable
Compromise they are given the full
amount they expected. although on the
surface 1t appears that they were cut
so per cent In their demands. 1t is
foreor1ained that the railroads get IL
in the neck whenever they submit to
an Erdmann arbitration."