The Birmingham age-herald., 1913-11-09

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ment. There is all sorts of groundiess
gossip of friction and bad blood, but it
can be said with absolute certainty that
q state OF actual cordality between the
principals exists. The programme is for
strict and unbiased presentation of cold
facts In the most convincing manner and
final action in accoI dance therewith-to
the end that precise justice shall prevail.
Claims and charges that the decision has
been reached in advance is foundation
less, and their circulation is an irrita-
ton.
View of Careful Observer
One of the richest men of the nation,
acknowledge leader in the creation and
development of a variety of giant indus
tries and on closest terms with the prin-
cipal people of American affairs, was
asked by the writer what he thought of
the business and investment situation,
and when he expected recovery. He made
lengthy reply, of which the following
is brief and careful condensation, well
worth close and general absorption
"The forces of depression that have
been active for several years are becom-
| ing continually more tangibly effective
for encouragement Men of affairs have
been chilled into slower movement and
greater caution. The driv ind push and
restless energy of other days Is rarely
| in evidence now. The amazing results of
the speculative frenzy of 1997-1eH were
solidified into scores ande hundreds of
stupendous personal and corporate for
tunes Speculation In the stock markets
was a mad frenzy throughout a long
period. The poison of artificial stimulation
infamed millions of men and eventually
created a widespread prejudice against
big money. Popular i'll feeling found ex-
preston in hostile legislation and suc-
cessful assault 'on concentrated enter
l tat.fe. VD.r-4r g-Ia
the weakening influence of the crazy
orgie. and for the last eight years the
process of readjustment and liquidation
OF unwise speculative contracts has been
going OH.
1T is quite the fashion in Wall street
to voice the opinion that the worst is
over and glorious recovery is right at
hand. 1 must confess with keenest re-
luctance that / cannot yet feel the glow
ing impulse / have been a bull by in
stinct and practice all my life and today
my actual investments in securities total
very large. Fortunately, l felt what was
coming and three years ago began to
liquidate my largo and diverse specula-
tive interests. My fixed investments In
stocks and bonds are still practically as
| large, however, as they ever were. They
show heavy paper shrinkage and may
have suffered intrinsic loss, but would
have lost more money IL had run away
instead OF standing pat.
Il do not see anything in the fore
ground to justify a belief in immediate
business revival. If fundamental condi-
tions are undergoing Improvement the
movement is beyond my understanding,
my mental vision is blind to such present
development.
you ask me when and how radical
and permanent revival can be reasonably
expected. II at all. L do not know, and
7 hot
question are subject to as quick change
| as those of the rankest scalper in wild
cat securities. And mind you, am not
bear. The most profitable programme 1
can suggest is to hold off awhile longer
and give shifting elements further time to
formulate for safer guidance. There are
many stocks that can be bought now for
less than their intrinsic value, and In my
opinion the price average will work much
| higher That feeling on my part does not
carry insurance against further slump
| however. AS matters stand speculation in
securities Is merely rank gamble. None
| the less the temptation to buy at current
quotations is almost overwhelming
Against Tall Buildings
A vndictive campaign is being organ
zed against further construction of sem
satfonally high sky scrapers in New
York. So many of these lofty buildings
fill the lower spaces of Manhattan that
the larger number of smaller old build
ings are suffering seriously In loss of
tenants. Not only are hundreds of them
half empty but there will be new space
for 1900 to $1,000 additional tenants be-
| fore the end of the next calendar year.
| colossal architectural creation will oc-
clpy the site of the Equitable Life Insur-
ance company, 120 Broadway. The buiid-
ing will be the most imposing in average
height and size of any office structure in
america. When finished next winter it
will represent (ground and building) an
investment of about s20,000000. It's COM
pletion will follow close at the heels of
eight or 10 office edifces of unusual size,
| including the one in process of erection on
the area of the j. p. Morgan banking
structure.
Several pretentious brokerage houses
are preparing to curtail expenses by sur
rendering their expensive offices the first
of the year and taking modest desk room
The retrenchment programme eliminates
the clerical force and throws practically
the entire work on the shoulders of the
surviving broker. Memberships have
| taken another tumble, this time from
| above $4,000 to nearly $4,000. between
| sales. The prediction Is heard in the
hat &c l,e