The Birmingham age-herald., 1914-03-22
Much Depends on Decision

Mucn Depends on Decision
 For soine inexplicable reason the
 theory more than holds it's ground that
 great deal more depends upon the
 decision of the interstate commerce commission in the per cent freight rate case than appears possible in the mere allowance of an increase amount ing to about si5,ocO, 900 a year in the pay of railroads. By one of those cu- rious combinations of circumstances a l theory or conclusion has made this de- | cision an event of high importance. The
 mere fact that the matter of S15,- cOv,O0O year is to be decided does not appear to impress the wise men of the business world as being much more than an Incident in a great climax and In movement upon which may hinge
 national progress or disaster. The railroads do not appear to care much whether they win their case or not They feel they have justice on their
 side and that if an unbiased verdict
 could resrl. that ttey would have very | little trouble on that score.
 | AS it Is, however, the feeling will not subside which has made this
 freight rate proposition rorce of HVest importancs. In the minds of | many 1t will go long way toward the indorsement of tho ruling administra- | ton and ell it means. The underlying | sentiment of a great conservative ele- | year or two the "big rich" and "big" men generally should be subjected to | the discipline of rigid observance of the law wherever 1t affects the interests of concentrated property and the men responsible for the direction of indus
 tries and finances.
 | The complaint IS that they have been high handed and indifferent to what ! other people thought about the al- legged indifference to public opinion. It | has so happened that many of the lead | CTS of action in all lines of important 1 business have died within the last five years and cases are few where those who inherited the fortunes and respon- | siollities are not es rule yet In the entire confidence of the public The | inventors and managers of specialttes ! that developed into mining enterprises
 and reflected credit on American in-
 telligence and industry apparently left
 nobody behind to carry on the success
 ful business on the scale to which it had been built. Tie public was reluc- | tant to make very substantial protest while tho really big men were still in control. To the multitude the assets seem to be uneveniy divided. The term l "multjmillicnaire' has become offen- | sive to many million people. The ere ators of much oe this concentrated | wealth are dead-have died within | i've or ten years. The public endured l them whiIc they were alive. Most of the survivors are associates of this L.coterie Of successful marvels are not monumental in achievement. The new generation of the would be dictators of financial policies and the industries of the lard have not yet produced any wonders. While the really big mem bers of the community who compelled obedience anon, the multitudes by reason of genuine superiority and cour- p O b1t 1nff % A~s,, .1,- fin full measure as far as can be seen. Direction in New Hands
 As matter of fact, the affection of large affairs is no longer in the hands of men for whom the public has un-
 usual respect or in whom they lack the confidence that should be and must be in the makeup of those who are re- sponsible for active management. Those who still control the bulk of
 the money that is used to carry on
 business and develop the natural re-
 sources are sitting back and refuse to
 resume live participation in enterprises.
 They oppose any further investment for large immediate expansion and think
 they are doing all that is required of
 them if they hold their own. That
 many of them have adopted a policy of
 curtailment Is shown by the hundreds
 of thousands of men who have lost
 their jobs A great deal is being said
 and written about improvement in busi-
 ness in many quarters All this sort of conversation is being received at discount. Men Of the largest expe-
 rience are the men who hold back. The
 public has yet denied it's unqualified
 confidence in representa- tives of the
 new regime. There is plenty of capi-
 tai to do all the business that could
 offer, and it is ready to go ahead if
 satisfactory guarantee can be made
 that they and their properties shall be
 under full protection. This Is the
 great and powerful legend that is
 holding back, watching developments.
 They arc as patriotic on the average
 as those who are doing the talking
 and trying to do the work. Results
 have not thus far been satisfactory to
 those who have the responsibilities for actual performance Caution, however, is quality which is very largely 8
 part of their daily routine. They are
 not revolutionary. One of the things in which they have strong belief is the wisdom of continual study Of the live Issues upon which the welfare of the nation depends. The country has never been confronted with such confu sion of theories as now. In some of them are to be found the elements of actual danger to our institutions and until advocates oe extravagant depar- l ture from the rules of safety and req son take tackseats, conservatives will | not take risks. They feel there is no | vital excuse for them indulging In un- necessary speculation.
 Plenty of Money Available
 The money markets should be able | without trouble to meet all demands for | legitimate purposes. The problem is | with those who have. the surplus capi- | tai as to whether they will not be sery- | ing the best interests of the nation as well as their own locality by organiz- ing strongly against taking chances unnecessarily involving property values | and personal safeey. Sentiment against ] the possibility of Mexicanizing our in- | stitutions and customs is growing. | Very few have the nerve to be sure" l of what is going to happen in politics. | finance and industry. Before the cur | rent industrial reaction began few | months ago, there was reasonable pros l pect. Of d progressive era of improve | ment and expansion in every line. of Legitimate enterprise. The average of I conditions is not satisfactory as yet and | expressions of hopcfulness and confi- | dence do not appear to be quite so con- | vincing as to carry the force of real l confidence. Cautious men if affairs | are bullish only from their teeth out | They hope for permanent and definite l in the situation, but pre- fer rest to hysteiic action.
 The estimates cl business results in l the near future are not bright. It is l entirely too early to indulge in gloomy | gospel, however. crop conditions are l about as god as the average If not a | trifle better. This favorable symptom | is not being over.lene by the preachers ! of good times The wise men are wait |