Atlanta Georgian., 1913-03-10
AMERICAN MONEY
PANIC STRICKEN
Nh Forward Financial Move
ment Expected Until
After April |.
BY 8. C. FORBES.

American financiers are waiting.
Their courage has been shaken. They
u.fr make no forward movement until
after April /. They want to see how
congress will act. So many dark horses
-poIiticaily-have come into power
that the future can not be diagnosed.
How does Wall Street like Wilson'S
csbinet?" was a question asked often
Yesterday Wall Street doesn't know
vet. 1t is suspicious, but is suspending
Judgment,
Some claim that Mr.. Bryan. though
radical in speech, will be conservative
in action. 1t should also be mentioned
that in financial circles Mr. BRYAN is
not expected to hold the rank of cabi-
net officer for any long period. He and
Wilson, it is hinted. will prove an ILL
matched team. Wilson retains much of
the stubbornness that goes with the
Scottish strain in his makeup, while
Bryan Wall Street thinks will not sub
mit 10 the overlordship of the presi-
dent. but will kick over the traces and
quit All this, however, is problemati-
cal
William G. McAdoo Is viewed as a
sane strong man, we'll calculated to
make an admirable secretary of the
treasury In banking circles there had
been keen speculation as to whom the
president would select for this post
after his declaration that he would not
think of appointing a banker Finan-
cial people, by the way, sharply resent
ed what they construed as sur upon
the banking profession. Said one bank
er Of International reputation to me: 81
was a supporter of Wilson. but | felt
hurt at his condemnation Of those in my
line of business. He evidently thinks
one can not be a banker and remain
honest. Do you think that is fair?"
But there is one man in the cabinet
that Wall Street will watch more close
~ than all the others. This is James
O. McReynolds, the attorney general.
Nlr McReynolds has won the title Of
trust buster extraordinary"
\ friend yesterday told me an inter
esting little story about the new engi-
neer Of the nations trust -dissecting
machinery. The late Chief Justice Har-
AN was speaking with my friend one
day years ago, when young Mercy
no'ds passed. DO you know that young
man well?" asked the judge. NO"
was the reply. We'll watch him.
have gone over the records OF the court
IN searching for precedents and I have
heard many arguments in my own time
but never have | known of clearer,
stronger arguments than he has pre-
santed.' Isn't that a very high COM
nment?' asked my friend. 1T is re-
0ed the eminent judge. But. more
han that. he possesses what, l regret to
nd ;t, hiS farnfaSSiAo 10 oh
a full measure of conscience. Watch
7is career"
That is exactly what men of large af-
fairs are now doing.
From some mysterious source Wall
Street has learned-or at least thinks
II has learned-authorita that Mr.,
Wilson'S first message to congress will
be full of fight. full of ginger and that
II VIII send a shiver down capitalistic
spines-if capital can be said to have
any spines left. Therefore, Wall Street
is keeping reducing sail and keeping
r.ose to shore lest a storm burst.
How financial markets can adjust
themselves IN ADVANCE to looked
tor developments has again been dem
onstrated this week. When first the
whisper went round that Bryan would
he given seat in the cabinet every
body said that such selection would
'.ecipitate at least a small panic. Well,
the name of William Jennings Bryan
duly figured at the very head of the
gabinet-and Wall Street did nothing.
Stocks went neither up nor down a cent
because of the official announcement.
And SO it may be that even a radical
message to congress and an immediate
and willing response in the same spirit
WI prove to have been "discounted."
Wall Street is so blue today that it can
not feel much worse. no matter what
happens at Washington.
There was a time when Wall Street
SAID: Let's ignore politics. How
about acting on its own advice?
HDTC nTT rDxxyA DDc