Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-07-13

weights, has turned his hack on the stock
exchange and Is about to start for Eu-
rope. He tells the writer he is out Of the
game for good and will stay out. This
trading public and to his long list of loyal
followers. who had him slated for the
Napoleonic leader on the stock ex-
change-a position now vacant and hun
grily waiting to be filled Baruch has
the qualities of a great leader, but does
not propose to jeopardize any part of his
twenty million-dollar fortune (every dol
lar of 1t self-made) in further risky adj
venture.
Daniel G. Reid is scheduled for two
months in Europe. He says he is entire
ly out of the market and would not go
across the street to put prices either up
or down ten points. Like most of the mill
lionaires, he is carrying about with him
deep disgust over business and political
conditions.
Factor in Business Situation.
What briefly follows is not a sermon on
the mount or idle imagery. but an at
tempt to intelligently analyze existing
conditions that tend to alarm men of
substance and keep them in state of
uncertainty and non-action-in a sense,
semi paralysis. 1t has place as a leading
factor in the securities and business stu
alton. The subject is not a new one. but
its discussion Is vitality pertinent to cur
rent developments: Wall street complains
bitterly that politicians and the general
run Of newspaper writer's cannot under
stand that there is a wide difference be-
tween big" business and trusts and
that mere size. is not necessarily mo-
nopoly or oppression.
Naturally the big fellow has an adj
vantage over the little fellow. BY reason
of his larger capital he can do better
with the general run Of customers. In many
ways other than cutting prices or forms
Of skuflduggery, and he naturally pronts
ON that account on even terms and IN
straightout competition. He can extend
larger and longer credit than the little
fellow, can a rule manufacture ana
deliver the goods cheaper and quicker
poorer equipped competitor. without vio-
lating the rules of fair play. Heavy
weights can lift more and do more than
light weights. not necessarily because OF
periority in weight strength and the
capacity for performance. Usually 1t Is
simply and plainly a matter of form
and Class and the minor participant
has no more right to kick on account OF
commercial disparity than 10O-pound
prize fighter in physical competition with
a 2O0-pOunder.
Speaking soberly. the seat of class dis
content and prejudice against the pros
porous and energetice is failure of the
cess and growth do not necessarily con-
stitute crime. There is growing COM
prehension Of true conditions, however,
and probably in the course Of time an
equable reimbursement may be reached
forms of handicaps created that will pre-
vent disprQportionate overgrowth of the
powerful at the expense of the miscel-
laneous masses. 1t is becoming more
clearly evident that the country is in an
acute stage Of progressive evolution-a
peaceful but noisy crisis. a struggle of
the higher brain forces instead OF resort
to gun and sword, as In other days.
Meantime surface demonstrations fill the
minds Of men with alarm and nervous
ness, almost much as would actual
destruction on colossal scale.
Railroad officials are almost stereotyped
in their explanation Of the main objection
to the Erdmann law. They phrase. the
point In about these words: Every ar
bitration under the Erdmann act is a So
called compromise. 1t might as we'll be
entered of record In advance. The de-
cision rests with the third member of
commission Of three, and as he does
not want to take sides he automatically
assumes the middle ground. In their
plays for higher wages the men ask for
double the amount they expect to get,
and on the inevitable compromise they
are given the full amount they expected.
although on the surface it appears that
they were cut 80 per cent In their de-
mands 1t is foreordained that the rail-
roads get 1t in the neck whenever they
submit to an Erdmann arbitration