Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-03-15

Pennsylvania, have raised acute fears
in responsible circles that those in
power in Washington are utterly blind
to the red lights confronting the rail-
roads and the financial community.
Developments are awaited with
concern.
President Wilson and Democratic
Leader Underwood are, | am told,
exercised over recent events and over
the thickenlng uncertainties. | I'M
derstand also that Mr.. Brandeis is
now alive to the urgency of the stu
alton and will not counsel any rabid
anti-railroad action by the commits
sion.
The commission, however, has lost
its strongest members. Not one of
those now intrusted with the life and
death of the country's railroad sys-
tenn has ever had business expert
ence. The chairman was a conduc-
tor on the railway, another member
was professional theorist and the
three others were-need it be added
lawyers
These gentlemen have been so
swamped with work that their annual
report for 1912-yes, 1912--has not
yet been issued. Were a railroad to
show similar dilatoriness, the COM
mission would have something very
pointed to say.
The current tendency is to pile
more and more responsibility upon the
already choked commission. That be-
ing so, it may be well to ponder the
facts here printed.
Decision Due in April.
The momentous rate decision is now
looked for about the middle or the
latter part of April
The possibility of unearthing other
sources Of relief has appealed strong
ly to the commission and its counsel,
Mr.. Brandeis, but while tangible re-
suits may be achieved therefrom by
and by, it is believed no immediate
succor can be expected and that the
commission will be compelled to al
low an advance of rates on the I'M
Outstanding that If the developments
warrant, reductions may be ordered
later on.
The repeated onslaughts by Wash
ington have been accompanied by
such extensive selling of securities
that frightened and pell-mell covering
may be precipitated at any moment.
Everybody in the inside" has been
bearish.
The consequence is that much stock
has been sold short-that is, people
have sold stocks they do not own,
but which they figure upon being able
to buy back much cheaper on the
publication of bad news.
Wall Street is wicked enough to
suggest that few selling orders
have come from the direction Of
Washington. Indeed, Wall Street
always suspicious-hints that people
of higher repute than Lamar have
taken advantage of advance knoWl-
edge of plans and proclamations cal
culated to send stocks down.
Great temptations.
The desirability of having men
above temptation on such bodies as
the Interstate Commerce Commission
VIII be apparent when it is noted that
Commissioner Harlans sensational
attack on the st. Paul Immediately
knocked $9,000,QO0 off the market
value Of the roads stock.
Were men susceptible to the allure
ments of riches ever to find place on
the commission, the opportunities for
making rapid fortunes by speculation
would be incalculable.
Of course, the game which in the
past has been considered safe by GER
tain Washington gentlemen, might
prove dangerous now that the New
York Stock Exchange has a police
committee" which prizes into mem
bers' books, for it is conceivable that
something might come to the surface
were questionable practices TO be dis
covered
The hoped for revival in general
business has not yet made satisfac-
tory Roadway.
Unemployment is rife and is exclt-
ing uneasiness in certain cities.
Employers Not Cheerful.
Unfortunately mployers-particu-
larly the railroads and the hundred
and one industries affected by them
do not feel encouraged by events at
Washington to adopt any conspicu-
ously optimistic course that would
help to provide additional work.
Ani-business legislative proposals
are being hashed and rehashed daily
without any manifest master mind to
guide the rank and file toward any
definite, sensible goal
Employers, therefore, do not yet
know what to expect
Banking interests are acting eau
tiously They want, among other
Things, to learn the personnel of the
Federal Reserve Board before assum-
".OiU''OlC NOluilleASIdl IlSkS.
In New York the more powerful
groups are worried mainly about the
railroad position and prospects in
view Of Washington's attitude
Stocks consequently have reflected
But brokers declare that the market
is oversold to such an extent that i'm
portant good news could easily start
a bear stampede. To sell what Won do
not own is always fraught with dam
ger. 1t is u game that ordinary in
Vestors had better leave alone.
My opinion is that there will be
drastic movement either up or down
within the next month or more.
Which direction the market will take
is not at the mercy of bankers or
brokers That responsibility rests in
otbar hands