The Topeka state journal., 1913-12-09

SOCIAL UNREST WORLDWIDE
'"The entire civilized world seems At
the moment to be under the spell Of
social unrest which regards success
asa crime. !" writes. Henry Clsws. the
New York banker, in his current
weekly financial review. "At home
here the unjust. vile ana malicious at
tacl<s against wall street. inspired by
small-calibered. hence unsuccessful
by intriguing demasogues whose pur-
pose II to incits the poor against the
rich so that they can become their
leaders and benehciaries. arc 1T last
asserting their pernicious influence
upon the general business Of the en-
tire nation. thereby dwarnng trade
transactions, throwing labor out OF
employment, which II not soon
stopped will be likely to grow to ssri-
ous proportions. Our steel mills are
shutting down and putting many
hands ON short time or entirely out
OF employment. One-half Of our
wooden mills arc shut down. New in
corporations, an excellent indication
Of business conditions. have been
shrinking steadily and are less than
half what they were q year ago. Our
new capital Issues since January
have been about thirty per cent lea
than for the same time last year. This
list Of injuries, having their ch1e1
source in senseless hostility to capi-
tai, could be indefinitely extended. but
It In sufncient to prove the harm Al-
ready done, which falls with greatsse
severity upon labor and the men OF
moderate means. The general I'm
preston il made to prevail that al
bad promotions and other onencss
originate in Wall street. and that tne
New York Stock exchange u wall
street. AZ a matter OF fact. the New
York Stock exchange II ON Broad
street. ana nine-tenths Of the imam
cial business Of New York IL transact
ed by financial institutions. banking |
houses and stock exchange members
who are located in Broadway. mas
sau, William. Broad. Beaver. Cedar
and Pine streets. Thus the use OF the
term wall street. In many cases for
unloading and slanderous attacks
upon all engaged in financial work. -
a serious menace to confidence, Whacn
is now so much lacking.
saThat our country IL not alone In
its trouble IL instanced by tho over
throw of the French ministry this
week for its refusal to impose a tai
on the proposed issue Of 1.so0.ooo.oo0
francs Of now 8 per cents rentes. Tho
proceeds OF this large loan arc neces-
gary to carry out the military program
which France. In sympathy with Con-
Europe as q whole, feels I'M
pelled to assume. The Socialist spirit
is abroad in Germany, in Austria and
italy. not to mention the present Brit
ish government, which unfortunately
may almost be considered the leader
of the movement that IN pitting the
poor against the rich.
"One Of the most important forms
that tia current antagonism to big
business IL taking at homo IL the re-
fusal of the government. through the
interstate commerce con- mission. to
permit the railroads of this country
to charge living rates for carrying
The interstate COM
merce commissions are undoubtedly
possibly unintentionallyi
biased. by the political and popular
disfavor in which the transportation
lines are concededly held. BY adopt
Ing this attitude people seem to for
get entirely that they are injuring
There are probably about
500, 900 stockholders In the leading
railroads Of this country. These are
direct holders. They constitute q not
part Of our entire popu-
lation who have their savings thus in
vested and are entitled an American
citizens to the full protection of their
property rights. But beyond this
there are very many millions Of our
citizens who are indirectly benefited
Or injured by the prosperity or the re-
verse Of the railroad lines. refer es-
pecially to depositors in savings banks
and policy holders in insurance COM
panies. Both Of these classes Of fnan-
cia1 institutions have large reserve
funds invested in railroad securities.
A recent compilation which may serve
~ an illuminating instance shows
hat the savings banks in six states Of
he east have 6,636,343 depositors and
hat 20 per cent Of the total deposits ,
n these institutions are invested In
he securities Of railroads. Every one
II these 6,636.343 depositors should
recognize that he has a personal in ,
crest in working in his individual ca ,
2acity for fair play for the great
lines. Aid It may. !
believe. be taken for granted that the
.onditions in the six states Of which ,
S1~v
Of all the states Of tho I
Union. Thus 1t II hardly possible to
.aggerate the importance Of ade-