The Birmingham age-herald., 1913-12-07
Alarming Reports Had Been
Circulated About What
President Would Say
RAILROAD EARNINGS
STILL FALLING OFF
Street Is Surprised at the Continued
Strength Shown by Steel-Signs
of an Easier Financial
Situation
BY w. G. NICHOLAS

New York, December 6.-(Special THE
STOCK market had rather sensational
running this week and made substan-
tai Improvement in tone and prices. The
President's message Is believed to have
exerted a potential influence on senti-
ment, especially that portion of it refer
ring to the desirability of a harmonious
adjustment of the friction between labor
and capital. The opinion had gained a
foothold that he would take a radical po-
sltion on the trust and labor problems,
extending the discussion to delicate and
dangerous ground. Reports to that effect
under cover of Washington gossip were
given free and disturbing circulation in
the financial district. A portion of the
message was in direct contradiction to the
unauthorized advance reports and went
a long distance tc quiet down uneasiness.
The paragraph that has commanded most
earnest consideration and which has un-
questonably extended the Presidents in
huence is repro duced herewith.
Turn from the farm to the world of
the factory, and | think that all thought
full observers Will agree that the irnmed-
late service we owe the business com
munities Of the country is to prevent pri-
vate monopoly more effectually than it
has yet been prevented. 1 think it VIII
be easily agreed that we should let the
Sherman antitrust law stand, unalrercd,
as It Is, with its debatable ground about
It, hut that we should as much as pos
sib1a he oF
ground by further and more explicit legis-
lation. and should also supplement that
great act by legislation which will not
only clarity it but also facilitate its ad-
ministration and make it fairer to all
concerned.
NO doubt we shall all wish, and the
country will expect, this to be the ceI-
trail subject of our deliberations during
the present session; but 1t is a subject
so many-sided and so deserving of care
full and discriminating discussion that L
shall take the liberty of addressing you
upon it in a special message at later
daiv than this.
1T Is Of capital Importance that the bus
mess men of this country should be re-
lieved of all uncertainties of law with re-
gard to their enterprises and investment,
and clear path indicated which they can
travel without anxiety. 1t is as important
that they should be relieved of embarrass-
meat and set free to prosper as that
private monopoly should be destroyed.
The ways of action should be thrown
wide open"
Whatever may be going on under cover
1t is certain that ample time will be taken
to give the matter fullest investigation
before positive action is allowed
Cause of Bull Spurt
The bull squirt that put prices up sew
eral points on the stock exchange this
week AID stirred up Wall street, was
explained as a drive at the shorts"
whereby these unfortunates were
trimmed" for vast sums of money, etc.
This explanation was not accepted by the
rank and file of experienced traders for
the reason that the books of the broker
age houses and banks do not show a
very heavy open speculative interest for
either the long or the short account; there
was not space enough for a stage dis
play. For weeks the situation was one of
painful stagnation, with not enough spirit
or ambition manifest to arouse the trad
ers to take an aggressive stand. 1t is
usually In the power of a single daring
speculator with capital at his command
to run a deal single handed, with more
or less dramatic effect and certainty.
The determination of the President to
soften the blow to the shorn (big rich)
lamb is glad tidings to those whose per-
sonal participation in the organization of
and promotion of some of the early
trusts" threatened them with a species
of litigation not pleasant to think about,
are once more in cheerful frame of mind.
Quite a number of conspicuous members
of the famous trust makers have since
died, but there are still in the land of the
living several prominent citizens glad to
breathe freely.
Small Railroad Earnings