Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-02-26
LITTLE WORD IF"
HANCS|NvESTORS
Iona Ago Big People Protected
Themselves While Common
People StrangIed.
BY THOMAS c. sHoTWELL

BY THOMAS Z. SHOTWELE.
IF is the busiest word in the great
financial markets of the world just now.
nn The New York stock exchange an IF
market is in progress, and the IF looms
Il nigh AS Haman's gallows. The comical
rlgJre dangling from the cross bar at the
end Of a rope is not a Trust magnate, nor
even one of the criminal rich. 1t is just
4 ,Isfn Mr. Smith, one of the common peo-
ulp. who is hung up with few hundred
shares Of stock, at prices so high that he
is afraid to keep it and afraid 10 sell it,
The big people protected themselves long
ago against just such troubles as are
now looming up in the near future. If
nothing worse develops the small invest
j on, who are being choked to death by the
politicians may escape with their lives
If the supreme court should hand down
decision at Washington next week in
the Minnesota rate cases, that will fur
nfsh at least one substantial foothold for
4 the investor. IF no decision be rendered
4 the strangling process will continue. The
sunreme court is on record in numerous
n cases in which it has decided in detail
a every point that is involved in the Min
uasota cases. IF the justices do not
4 change their minds, the decision when
A rendered must be favorable to legitimate
4 business, and that is all that the invest
q urs need. Nobody has any doubt about
n the court unfolding the interstate com
4 mprCe commission, as against the state
railroad commission. but most investors
are q bit anxious as to how the supreme
court win decide that a railroad should
he valued The lower courts in this case
Il permitted a valuation on the present cost
Il of renewing the property.
Balkan Peace Would Help.
IF the Balkan war is ended soon there
A will he an immediate revival of business
in Europe and an immediate release of
several hundred millions of capital and at
least million and a half of men who
have been withheld from productive oc-
4 rlpation by the war. Immense loans will
have to he placed, but there is plenty of
money for all that IF public confidence
can he restored by the establishment of
neace. IF Russia does not attempt to
seize ConStantinOple, peace, when eStab-
lished, will be enduring
i If the Democrats display conservatism
n reforming the tariff and IF the con-
4 Eressmen from the various sections of the
4 country persist in protecting their own
4 home industries there will be no tariff re-
4 form worth mentioning. Louisiana, Cole
4 RADIO and California can save the tariff
4 on sugar only by making trades with
4 representatives. from New England, who
want to save the tariff on wool And
even If the tariff should be reformed,
some of the greatest corporations are in
4 position to manufacture abroad and shin
q goods into this country alongside of for
4 eigners Under such circumstances the
4 NIUE NOI iul dllJilS WOulu ne nurl ana not
the big ones IF becomes a gallows again
IN this case for the little corporation Just
as 1t does for the little investor. Stocks
4 Of the little corporations are suffering
alarm.
Big Concerns Can Move.
IF thefe are drastic changes made in
The financial mechanism of Wall Street.
lat too, will hurt the little investor and
4 me little corporation more than the big
me The big man and the big corpora
ION can establish offices anywhere.
handy, but in this age Of instantaneous
communication, when there are big banks
IN all the large cities, it is not very i'm
portant where one does business since
most Of the big corporations and big men
"o world wide business 1t is the en-
a poyees who will suffer.
IF the public would only stop to con-
4 Sider That II is almost impossible to hurt
me leaders of finance without iniuring
themselves far more seriously they would
perhaps restrain their fury. The men at
me Top DO not escape because they have
contempt for the people. but because it is
Il d Jaw OF nature that when a building is
-Idshed the stones on the roof naturally
ItH on top of those lower in the build
ny; The big men do not have to be es-
.eciaiy clever to save themselves, for
NE weaker ones always tumble first.
ne present popular rage against cor
,ofauonS has ceased to be comical. 1t
mas become tragedy.
If The crops are good this summer all
iears of the people may be forgotten.
mere mas been abundant rain SO far in
most sections of the country and the out
\ 'oN Is good. But the pessimists are say
"E mat If 1t should happen to be a dry
sumner everything may be undOne. f is
WORKING months in advance. If the re-
.Wts III stock market prices were not SO
s;yNe and SO disheartening all this IF
BUSINESS would be nonsenscal, but there
is nothing funny about it.
~, If Becomes a Disease.
4 'I mas become a disease. Nine bust
ness men out of ten when asked to make
"Iy statement whatever follow their as
aorl?hs with an IF. No man knows for
certain whether he may not be arrested
ou a charge of violating some law or be
.u'yo'ted to some new form of taxation
W. restraint in business that he considers
.uidU, Livery movement in the stock
market Is under suspicion, although the
mhI,NeJ mas for months been perfectly nat
81, one pitful feature of the situation is
m@t some of the most aggressive reform
4 " nave suffered in the stock market.
gSutd"le names are mentioned in Wall
Ieel and it is hard to decide whether
us Jury displayed by these persons is re-
rEiEe or Just blind rage a wise pro-
,iIluu OF the American government pro-
IIugS mat the secretary of the treasury
HnaiI have no entangIing business al
un"mypS; IT would be well if congress
"uulu par from service on any committee
a%l 'lS dealings with the financial world,
yn ns congressman who has suffered Sc
IN 'sly as the result of his own mistakes
" puNlng or selling stocks
socks are selling for less than they are
o wulul put the monstrous If that looms
Cast ihe market like Hamans gallows
s'''N itS shadow over everything.