Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-03-08

mission s dawdlng over the epOcl
these and other unfortunate
Washington developments alb
sorb time and vital energy which
employers could use, for the
greater advantage of themselves
and the whole country, in fur
thering a revival in trade and
in employment.
There have been other disqueting
happenings which can not be laid to
the door OF the politicians, but to GER
tain financial institutions
The stirring OF the Rock Island
cesspool has raised a bad odor. Fol
lowing so closely upon the lamentable
New Haven end Frisco disclosures,
the Rock Island affair is naturally
creating widespread disgust, and I'M
less the hooters OF the once sound
property can be punished and dis
graced, the public may insist upon
legislative acts not calculated to
arouse the enthusiasm OF investors.
Aristocrat Road Accused.
And now comes the Interstate Com
merce Commission with the serious
charge of financial irregularity
against the aristocratic Chicago, Mil
waukee and St Paul Railway,
charge that Immediately upset the
whole speculative market and caused
a drastic falling in st. Paul shares
Moreover there are fears that the
commission win throw a bombshell
into the New York Central camp. as
il is believed there are little inside
arrangements very profitable to the
Vanderbilt family not In harmony
with modern ideas OF railroad and
financial ethics
The daring exploitation Of Chicago
and Alton may also he dragged to
the front.
The weak position of Gould proper
ties is also exciting comment and
concern.
All this is not conducive to conf
denee.
Europe is Disturbed.
Furthermore, European centers are
becoming disguised over our railroad
scandals, some of which have entailed
upon them very serious losses Eu-
rope is also exercised over the grave
disturbances in Brazil and the acute
ness Of the Mexican impasse. while
trade there is receding very notice
ably.
A well-informed London friend
writes me privately; Don't expect us
10 buy American stocks for a long
: time Frisco, Rock Island, Wabash
Oo say nothing of Denvers and others
to Gomez have sickened Europeans
thoroughly, American bonds giving
good yield. however. can be sold here
almost any time"
From a favored source in Paris, |
have received the following illumi-
mating dispatch: The financial prob
lens our Government has to solve TO
balance the 1914 budget are so dini-
cult that the whole business COM
munity is terrified by the prospect OF
a crushing and distasteful new tax
alton. Income tax, taxation on capt.
tai or unearned Increment, all those
new forms OF taxation have fright
ened the whole country to stand
still, and until this question is set
tied one way or the other, there is no
hope Of a recovery Besides. the
elections i'm the spring also have
chilling influence on the disposition
Of business people Not much hope
for the present, as you see"
Wall Street Nervous.
Ffom all that | have sad. YOU will
gather why security quotations have
Ai'NNu HNA NNh9lF iAil6 VIC la9t
week.
In addition, there were incidents
which sent individual issues down
sharply such as the eNacting of eN-
traordinary terms by the bankers who
agreed to lend Chesapeake and Ohio
SS3.OQ0,000 for five years, and rumors
that Baltimore and ohio might also
have to jeopardize it's dividend dis
bursements in order TO obtain needed
financial succor
The underlying, but as yet uneN-
pected truth, is that the bankers have
been subjected 10 50 much criticism
OF late for having hoated securities
which proved Improbable that they
are determined to take rigid precau-
lions against a repetition Of such
m'shaps. Under existing and pro-
spective conditions the leading under
writer's do not care TO endanger their
reputation fby banking too heavily
upon any early transformation I'm the
position Of railroads
Without doubt. much was done ny
the railroads in the past that now
appears questionable n not distinct
" wrong, II the governmental aq-
thorities chose To burrow deeply into
the records, they would uudeniab'y
find lot 10 CritiCise.
Bur would the good effects of suCn
undertaking outweigh the evil2
Would the hundred million beings
IN this country be helped 10 find more
work or TO draw better wages by ge-
opening old sores
or would the ends OF justice and
the interests of the public be better
served hy letting the dead past bury
1'- dead-eNCeut in 0agrant cases
and ny eNotiug chief attention tu
-nsuring clean. straightforward