The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1913-12-28


poration combinations did not begin until
the year of the death of President Nc
kinley. but the presumption is that unless
President Mckinley changed his policy in
his second administration or had the
promotion of big combinations taken place
IN the second administration of Grover
Cleveland the attempt would. have been
made, and probably with success to eradi-
cate from the big corporations the fea-
lures which the law officers of the gov
eminent were persuaded were in VIOLA
ton of the sherman law.
The attitude of Attorney General Nc
Reynolds toward big business" So
called, as that has been revealed in his
agreement with President Vail of the
american Telegraph and Telephone COM
pany, and as it is likely soon to be re-
Yealed by the announcement of an agree
ment entered into between the depart-
ment of justice and Howard Elliot, chief
executive of the New Haven railroad
system. certainly tends to inspire BUSH
ness men with the conviction that the
administration at Washington will con-
stantly and thoroughly cooperate with
the business interests of the United
States big and small, SO that there may
be establishment of all these interests
in sympathy with the Sherman law and
without drastic action or excessive fric-
ton.
In this city bankers are preparing To
make, in good faith, a thorough test of
the new banking and currency law.
There will be no resentment. no suking,
no covert attacks, but there will be a
sincre cooperation with tn government
Some of the state banking institutions
may not enter the new system. Some of
the national banks may find 1t by and
by expedient to withdraw. But there will
be no concerted action of that kind, no
wholesale Withdrawals. This attitude of
the New York bankers will also serve
to restore confidence. In banking circles
in this city 1t Is a common opinion that
President Wilson has recently been in
formed that the business situation is now
In such shape as to merit careful consid-
Grafton from the administration and from
Congress, within intent to stay appre-
houston and to restore confidence. Ba,t
something more must be done than at
trieuting this condition to state of mind
called hysteria.
One feature of the administration thus
far of the department of Justice at WASH
ington which Is spoken of in high an
prevail Is the fact that the Attorney Cen
eral seems to abhor any kind of activity.
which may be described as playing TO the
galleries. Apparently he does not even
seek newspaper notoriety, a disposition
in which he differs somewhat from some
OF those who in the past have beer ac-
lively employed in prosecuting big bust
ness and in attacking in the courts the
SPECIALIZED trusts. The best opinion in this
city seems to be that while some appre
hension does prevail, and while there is
greater business depression In certain
lines than has been publicly acknowl-
edged, nevertheless the situation is going
TO work out favorably in the course of the
next three four months, for there Is
confidence that the administration at
Washington. which has recently obtained
from very high authority thorough infor-
nation respecting the business situation.
will do everything in its power to al
leviate apprehension and to restore con-
fidence.