The Birmingham age-herald., 1913-06-01
Nicholas Presents Intimate
Viewpoint of One of Them
in Interview Form
KEEP FUNDS IDLE
TILL THEY SEE WAY
fOakum's Mistake in Methods of
Banking Probably Had Much to
do With the Frisco's Pres
ent Troubles
ny w. G.. NICHOLAS

New York, May 31.-(Special THE
writer made a close personal canvass of
a list of the richest and most influential
capitalists and representatives of "big
business and sounded them on the gem
eral business and securities situation. The
object was to obtain first hand insight
into conditions that have become an in
tolerabe puzzle and sinister mystery.
surprising unanimity of views and opinion
was developed on the part of the financial
giants and those intrusted with the con-
duct of large affairs-men who are in
closest touch with the forces commonly
described as ruling" and "controlling."
They admit being In state of helpless in
ability to form judgment as matters now
stand. They confess confidentially and
few of them openly, that they are un-
able to offer counsel upon which to base
aggressive action In any direction. Per-
sonally their policy, for their own per-
sona government is to get safe and
stay safe by doing nothing" One capi-
talist of the very first rank. who has
been successfully active for 40 years, put
his views into language generally express
siVe of those of four out of five persons
interviewed
~ Is my personal belief" he said earn
estly, that the conservative men of the
whole country have been putting their
houses in order for a year or more against
new order of things, the exact workings
OF which they could only vaguely antici-
pate. but which were dimly and forbid
dinghy foreshadowed in popular agitation
against established institutions. The un-
rest was reflected at the polls and In noisy
approval given the activities of dangerous
political demagogues and apostles of So
cial unrest. Every radical demonstration
meets with rociferous approval 1t looked
almost as though the country was in the
early stages of revolution, threa tening
TO property and life. Every move against
the existing order of things Is hailed as a
righteous protest against tyranny and
usurpation of sacred rights. The crusade
assumed a really terrifying aspect-terri-
Tying to those who composed the solid
law-abiding and property-ownlng classes.
They saw and felt the approach of a
strange convulsion and were warned to
prepare for defense.
Plan of Self Protection
I'm my own case" he continued, II
adopted plan of self protection. | con-
verted a large part of my property into
liquid assets selling my least desirable Sc
curities for cash, banking most of 1t, and
with primitive instinct actually plant
ing considerable safety fund for emer-
eency purposes This may sound child
ism but there was something about the
prospect that got on my nerves and i'm
PEELED seemingly cowardly action Euro
pean peasants are said to have buried
hundreds of millions of dollars in fright
over the Turkish Balkan war. | sl-p-
pose ] WAS afflicted with the same strange
feeling that l must safeguard myself, my
~fsmily and our common interests against
eHt1ui Il litlrf
There was and is an element of nervous
hystera about such sentiment, but
am satisfied am only one among a
myriad of my fellow men who felt, and
who are still oppressed by kindred sensa-
tions.
"In my opinion many hundreds of mill
lions of dollars are held thus in nervous
expectancy, which should normally be en-
ployed in legitimate business channels, but
which is in a state of paralysis pending
the peaceful readjustment of strained and
unnatural social and political conditions.
1t is a queer situation and is rarely dis
cussed excepting in private and among
friends, yet / feel in my bones that here
Is where you will, locate the true source
of the present otherwise unaccountable
nervousness that tends to paralyze busi-
ness activity in every quarter.
Must BE Taught BY Experience
restored until the amateurs and dangerous
theorists now in political and judicial
power are taught by bitter experience the |
insane folly of seeking the enforcement of |
half baked theories with regard to gov
ernmenial control of private property and |
the regulation of personal rights. Polti- |
cally and socially the country Is ON dam
gerous ground. The crisis of the civil |
war was no more alarming in it's bear
ngs. Personally / am a rich man and |
| lave done my full part In developing the |
resources of my country. | have been |
drawing In my own resources for quite |
awhile, and it is my present intention not
to invest another dollar In active affairs
until conditions are restored positively to
healthfulness, and until sanity again be-
comes the governing force
New Forces in Operation
The foregoing will afford the reader |
fair idea of the complexities of the pres.