The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1913-12-27
The True Condition


| While undoubtedly some anxiety and
some misanthropic views respecting bust
ness do prevail yet not any of the LEADING
bankers of New York and not many of the
business men share this feeling, Careful
inquiry makes 1t possible not to summar-
lie that prevailing opinion in New York
seems to be respecting present conditions
and what the outlook for the future
really is
III the first place there seems to be
not a culver of apprehension on the part
or bankers of New York respecting the
financial or money situation They do not
mean to say that there may not be con-
tinued some strain due in great part to
conditions which prevail in EuI ope. This
WEI not be ended until the great debt
caused by the Balkan war fas been con-
tinued for some months.
In the next place, reports from all over
the country refer to more or less BUSH
mes recession. This is due undoubtedly to
several causes. Inevitably tne readiust-
ment of business to a new tariff law
causes some stagnatlon. business has
also been waiting for definite action of
Congress upon the banking and currency
proposition In addition to that, it is UNI
questioned that some of these who are
engaged in large business have been mone
or less disturbed by the attitude of some
politicians and by legislation proposed or
enacted, and especially by the attitude of
the government toward so-called "big
business
Yet, Notwithstanding these depressing
influences, the business situation through
out the United States is, uress it has
been grossly misrepresented, of a kind
which would make complete demoraiza-
ton approaching panicky. conditions inn
possible.
Speculation, excepting possibly in the
field of real estate in some parts of the
country is practically asleep. The record
of the stock exchange of New York, which
Is the chief barometer telling of specu-
lative activities has told a consistent
story practically throughout the year of
1913 of the withdrawal OF that part of the
public which is disposed to speed ate from
the market
Merchants throughout the United States
have been buying with great caution. be-
ing careful not to overstock seeking only
to meet the immediate requirements of
their trade. The final reports from
Washington tell of crops In The year 1913
which are to be of the money value in
the aggregate possibly in excess of the
amount received for the great harvests of
last year.
In addition there is she manifest dispo-
stion of those who are in authority at
Washington to welcome into conference
all who are engaged in big business and
who desire to CONDUCT that business I'm
ccmpletve accord with the law 1t used
to be said that it was not part of the duty
of the department of justice 70 teach cor
poration leaders lessons in the interpreta-
ton of the Sherman law. But it has
been discovered that many men of unim-
peachable integrity WHO are anxious to
carry on their business in good faith and
In strict accord with the federal statutes
have, nevertheless, been i'll doubt about
the meaning of the law.
This new disposition, which will lead
to cordial cooperation between the de-
partment of justice and those who carry
or, big business, is already of tonic like
Influence. Without dissent. opinion in
banking and commercial circles in this