The Birmingham age-herald., 1913-03-23
PACIFIC DEAL MAY
TIE Up AN IMMENSE
AMOUNT OF CAPITAL
Tariff Legislation Is Still a
Cause for Uncertainty in
Wall Street
CASH IN THE BANKS
AWAITS INVESTMENT
Money Trust in Slow Process of Dis
solution Due to Gradual Death
or Retirement of the
Old Leaders
by w. G. NICHOLAS

New York, March 22-(Speclal.) )-The
minor market forces are hard at work
but they haven't done much in the way of
making important price changes this
week. True. 1t has been a short week,
but if 1t had been eight days instead of
four there would have been probably no
sensational changes. As matters have
been crystalized, there is little to en-
courage speculation, either for the rise
or fall.
The attitude of uncertainty which seems
to hold the great banking interests in
check and in state of uncertainty has
influenced the entire investment and spec
ulative community. Men who are usually
active are doing nothing. They contend
that 1t is good deal like ''buying into
law suit to take part in the market at
present.
The impression prevails that in some
way there is liable to be an immense tie
up of capital and credit incident to the
settlement of Union Pacific-S Southern Pa
cifc complication. The parties directly at
interest cannot come to an agreement sat-
isfactory to the department of Justice,
and until they do agree Attorney General
McReynolds let's 1t be known he will not
! take an active interest. He is not look
ing for trouble or doing any volunteer
peace making. He contends that the
fight over a division of the asests of the
combination rests with the owning fac
tions, and that it is for them to fix mat
ters up in compliance with thesrulings of
the supreme court. Failing to reach an
amicable agreement the chances are that
the properties will be thrown into the
hands of one or more receivers for final
adjustment. Such a contingency might
easily tie up large Wall street interests
indefinitely. This Is what is feared, and
1t is one of the reasons for stock market
inaction.
Tariff Legislation
The really overshadowing problem
that engro~cs Wall street is the uncer-
tainty as to how President Wilson will
come out of the fight for tariff revision
The people of this financial and business
community are very friendly to Mr.. Will
son. and would like to see him succeed
in many of his outspoken plans, notable
among which is one for the restoration OF
a sense of peace throughout the business
world. He recognizes that the whole
country has been In state of nervous
distraction for long time, and 1t is the
spoken and earnest desire to lnaugurate
and maintain through his administration
e
to sanity OF thought and action.
1t is now we'll understood that the Presi-
dent is deadly anxious to hurry revision
to finish. and it is not at all improb-
able that in the doing the income tax
question will also be settled. thereby dis
posing of two issues that have within
them endless dynamite--material for more
kinds of trouble than anybody dreams of.
Mr.. Wilson's self reliance and his mani
fest intention of being a real, sure enough
: leader not only of the democratic party,
but of an ideal combination of all good
people, is very generally appreciated and
indorsed. A few months will reveal
whether he is the man for the job. Until
then. this widely prevailing sense of ner-
vous uncertainty may continue. His man.
agement of tariff legislation will be
s'upreme test of the mans ability to rule.
Latest reports from Washington with
regard to the impending tariff legislation
are EXCEEDINGLY reassuring. Those which
attract most attention are that the va
rious factions who compose the majority
and its friendly allies have really been
brought into an agreement for concert of
action. If this be true, it kills In incip-
iency all the multiform schemes of little
fellows for defeating the general purpose
OF the bill by insisting on local exemptions
from downward revision. The old, old
scheme of matchmaking Congress majori-
ties by compelling favors for individual
congressman seems likely to soon be lost
art 1t looks well in print and in prelim-
mary discussion on the coming of the
political millennium. Wall street is just
a trifle skeptical of the grand results butt
hopes for the best.
Money Trust Dissolution
All of the current visible developments
and most of the speculation as to future
market action are considered by many
deep students to be. of comparative uniin-
portancc alongside the uncertainties which
envelop the great problem of high finance.
This is problem of deepest concern with
those who are now leaders and who are
held to be in a sense responsible for the
management of what Is commonly de-
scribed as "the big affairs of Wall street,
and by Wall street is meant the central
lied large interests of the country. The
money trust is In process of inevitable dis
solution. The big men who built up the
combination are dying or retiring from
active business. Those who are still In
harness would like very much to find men
who could take their places.
Thus far no stupendous financial giant
has made his appearance. Several emil
nent gentlemen would like to try the job
of bossing Wall street, but none of them
has measured up to the estimates of
commanding leadership. Under the
regime Of the last 10 years a tyranny has
grown up in Wall street which has gone
long way for the suppression of indi-
vidual independence. The financial and
business community bows its head to the
recognized powers of this great money
trust No important moves dare be un-
dertaken without the tacit or open APP
proval of the small group of insiders who
have the management of leading banks,
trust companies and private banking in
stitutions. In the guardianship Of enter
prises and men in Wall street. many acts
of gross tyranny and injustice have been
perpetrated and 1t will be great relief