The Birmingham age-herald., 1913-12-14
Many Factors Contributing
to Bring About Cessation
of Industrial Activity
SAY PRESIDENT HAS
CHANGED ATTITUDE
His Utterances Are Reassuring But
Radical Leaders Are Causing
uneasiness in Entire In
dustrial Situation
BY w. G. NICHOLAS

BY w. G. NICHOLAS
New York, December 9.-(SpeeiaI) THE
agitation in politics and the consequent
loss of courage and confidence, are large
" expressed in the semi-stock market and
the prolongation of dependency. There
is larger population in the United States
than ever before, larger supplies of food
and other necessities, and greater total
OF real wealth distributed among more
holders than ever before. There is a heavy
shrinkage of credit and corresponds
Ing loss of spending money. Banks, trust
companies and insurance companies have
called in loans to the extent of hundreds
of millions of dollars. Labor has been
discharged by hundreds of thousands in
numbers and the dinner table is already
beginning to suffer myriad of men.
women and children are approaching pri-
walton and see no relief until general con-
iidence is restored-a seemingly remote
contingency An era of actual hard times
Is at hand, and its duration is prob
lem that none can solve.
In his annual address to Congress the
President went on record with a beautiful
promise of fair play for all hands to the
controversy between capital and labor, and
guaranteed his help toward a peaceful ad-
| justment. 1T is of capital importance, !"
! spoke the President, that the business
men of this country should be relieved of
all uncertainties of law with regard to
| their enterprises and Investments and a
| clear path indicated which they can travel
without anxiety 1t Is as important that
ShnIllH M saVnlA
and set free to prosper as that private
monopoly should be destroyed. The ways
of action should be thrown wide open''
TO majority of those who had been led
to believe that progressive radicals"
would have the Presidents active leader
ship in warfare upon capital and capital
lists, the expression was disappointment
To four of them out of five it indicated
change of attitude, but clearest analysis
that can be offered is that he will enact
the role of impartial judge, having no
prejudices and taking no sides. Partissns
INDUCED in a general protest against
what they termed an unpardonable
change of front by Mr. Wilson, upon an
important issue to which he stood COM
| mitted. On first reception Wall street in
| special appreciation congratulated the
public on his generous fairness. but al
most immediately thereafter bitter crit
| icism was heard from so-called progress
siye leaders, and the market lost its good
cheer. In vain 1t Yves contended by most
thinking men that the President had
proved himself a broad minded patriot,
and that he would restore confidence and
prosperity with incredible celerity.
Many Contributing Incidents
| From steady recovery of several points
the market reacted sharply and was
helped down by an advance report of the
-
| the official overruling of another big loan
| for account of Canadian Pacific; by con-
| tinuous butcheries incident to the rebel
| lions in Mexico, and to uncertainties over
| the solicited increase of cents in railroad
| freight rates. A delayed final vote on the
new currency bill was another factor of
weakness and an excuse for reluctance in
Endorsement of the Wilson modified posi-
ton. Sentiment, which gave promise of
an almost miraculous blend of the divers
ana sundry factional dissensions, once
| more became unsettled; nervous fears
again took possession OF the nerves of the
multitude. Market bullishness, which was
| so full of promise subsidized before the ag-
gressive complaints of the bearish con-
| tingents. Not that there will be no fur
| ther recovery In tone and action, but the
hope of plain sailing weakened persis-
tently. Ragged impatience once more took
| the place of evenly distributed, growing
confidence.
| Reduction In the volume of freight ton
| mage is heavy though not evenly distrib-
uted. The shutting down of many mills
and factories, and the yexatious curtail-
ment of production in Others that still
| manage to keep going. contribute largely
| to the reduction of railroad earnings. The
last half of October and November re-
turns on coal tonnage, especially those
that handle the production of the central
| btuminous mines, are losing impressively
| in gross receipts from that source. The
biggest soft coal roads have suffered a
telling decrease from normal business
during the past so days, and there is small
prospect of immediate improvement. Gross
and net freight income on half the east
ern lines shows losses as compared with
| last year. The exhibit for quite a period
will be forthcoming for submission to
the interstate commerce commission be-
/ fore time arrives for a decision. Just
how the three new members, whose ap-
pointment is not yet automatically schcd-
| uled nor their identity officially estab-
lished. will act, are unknown quantities
and their attitude merest guesswork
Those who have the soundest basis for
prophecy keep most silent. Meantime The
street holds to an almost Overwhelming
belief in higher rates. Such an action on
the terms proposed would mean at least
S4O,VVo,UV auueu nat income TO the lines
east of the Mississippi.
Trusts Waiting to be Busted
| Since the government "busted" the
Standard OIL trust about two years ago
the parent company and it's fragmentary
parts have distributed s1535O0,00o in divi-
dends and S159,00O,0O0 in extras to the
shareholders The several stocks have a
total quoted value of over 81, 200, 600 900, an