The Birmingham age-herald., 1914-01-04

tied trend is at last on. The argument
is that deviations therefrom are trivial
At the end of a week or a month com
PARSONS show insignificant net change.
Rallies of to points are lost. and then
the drift is definitely reactionary once
more.
There have been two or three days in
succession lately when the market was
going excitedly> through an evening up
process-the oversold shorts and the over
bought longs closing their accounts, the
contestants taking small profits or pay
ing small losses. Four out of five brok-
ers and SPECTATORS have been losing
money during the year and latterly there
has been a curtailment of expenses in
every quarter. Office and house expenses
have been whitfield to the lowest level.
Not in years have times been so hard IN
Wall street, and there was probably never
less valid excuse-that is, visibiy valid
for contraction than now, right now. The
country is in reality about as rich as
ever but there is a deluge of nervous
cowardice. Politics is at the bottom of
the demonstration.
May Have Withdrawn
Men of affairs, usually accounted cour-
ageous to the limit, pull In their horns
and declare they will do nothing unit.
they are permitted to run their own busi-
ness free from outside interference Down
to recent date the giant business organ
izations fought for the maintenance of
their independence. Surrender Is now
the word and the erstwhile leaders ne
industries and finances go to their kneos
to compromise differences, always at the
expense of pride and independence. Hu-
initiation has displaced the arrogance of
rule.
Hundreds of rich men have withdrawn
from further active participation in busi-
ness. Many of them have retired at
heavy sacrifice. They have enough to
live on and they feel they would show
total loss Of Judgment If they did not
safeguard their own future and the fu-
ture of their families. regardless of any,
thing else.
This is situation that confronts every
big community. The sense of imminent
confiscation is dominant feature. To
the timid and nervous the very thought
of a monster ogre-savage and unrelent-
ing. While this diseased state of mind
pervades business and society 1t is small
wonder that confidence is slow in re-es-
tablishment, and that property values
are uncertain. The broad experience
through which the population is passing
Is a phase Of evlution. 1t is a novelty of
strange proportion and unknown mean
ing. The judgment and forecast of the
wiseet men is of little more value than the
specualtions Of infants.
Curiosity again intensifies over the ex-
act lines of President Wilson's attitude
toward trusts and aggregations of capt.
tai. Wide difference of opinion is being
voiced In every quarter, as to the ex-
act meaning of several of his written
and spoken expressions, and the citadels
of stern confidence in his inflexibiilty are
berding. The softening of value has
been attributed largely to renewed loss
Of confidence in the stability of the WASH
inston center of political power. The
President has almost supernatural gift
of giving his utterances an angelic tenor
when emergencies arise suddenly to ~cor=-
front him, or place him in an awkward
situation.
He made his point with adroit clever
neess III the message at the regular OPEN
ing of Congress and the whole country
rose on its feet with wild acclaim. Since
that occasion blind confidence has soften
ed an ca very considerable percentage OF
worshippers are amending their enthusi-
asrn. Not all of them are confessing they
may have made mistake in subscribing
without amendment to the pledge to blend