Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-01-25
Boersianer Sees Reversion Near
After Thirteen Spasmodic Years
Of Uncertainty Precipitated by
Many Presidential UpheavaIs.
Wilson's Pragmatlc Temperament
Throws Finance Into Prolonged
Slump Which Rivals That Wit
messed During McKinIey's Term.
By BOERSIANER.

CHICAGO. Jan. 24-Wau street has
rot enjoyed a bull market In the old,
intense sense. in thirteen years Ad-
vances of fair extent and moderate
endurance there have been in the pc
Rod specified. but at no time has the
run of standard stocks attained the
altitude recorded previous TO McKin-
leys death.
on the contrary, the mass of share
Issues, taking one year with another,
have deprecated since 1901 ST. Paul
was quoted in the high 1905 Penn
sylvania and New York Central above
10. Chicago and Northwestern better
than $50, New Haven at aboA the
same figures, and so on 4
It has become a general assumes lon
that money in normal seasons could
not command more than per cent to
the money market. Holding promo
tons, extensive and somewhat reck-
essl~fnanciering were the order OF
the times. Nothing was too big moth
ing seemed impossible for the pro-
moter and the flnanCier. Combination
otter (and upon) combination was
formed. Countless millions of dol
lars were paid without effect The
Mandarins OF finance appeared to
have magic magnet that held all
the open and secret monetary sources
of America and Europe.
Danger Intensive.
For two years the country was
worse than under the thrall of a
financial passion. II was in. the
throes of an orgy. Not that the Chief
Executive in Washington was una
ware of the intensity and danger. He
was in fact, aware of it-and scent
ed its perilous possibilities. But he
and his associates in the Cabinet
and in the judicial Federal Offices
throughout the country appeared
helpless to check the widespread in
fatuation. They seemed to be obliv-
ious OF the efficacy of the Sherman
antitrust act. which was not in
voked even tentatively.
So ignorant was Washington off,
cially of the Governments power to
intervene that Mckinley appealed to
J. p. Morgan personally to allay the
craze. The President requested Nor
gan not 10 organize the United States
Steel Corporation. He feared not only
the political effect of such a mann
moth organization, but was appre-
hensive of its ultimate solvency.
Roosevelt Acts.
Roosevelt had a fine ear for the
muttered protests among the lesser
industrialists and rank and file
tradesmen. With him 1t was not so
much a question of how a thing
should be done as when II should be
done. Though he had pledged him
self (to Mark Hanna) mot to dis
turb business" he bided his time for
the first sword thrust. This came at
the Admiral Schley trial verdict. The
finding of the court martial against
Schley was not popular, but II met
Roosevelt's approval-who did not
like Schley ON the day the Admiral
~ Board pronounced against Schley
Roosevelt-through his Attorney
General-brought suit against the
Northern Securities Company-the
initial trust busting" action. 1t was
at once timely and polite.
Taft's advent looked suspicious He
was a iurist, sunshine" diploma
fist, a man of order and conservatism
so finance thought The lift in bust
ness and in securities which ensued
upon Taft's election was short lived.
The Taft of the perpetual smile was
found TO be a legal worm; a rigid
interpreter of the letter OF the law,
with no conception Of its spirit. Suit
succeeded suit in breathless success
sion. Corporation managers were in
utter confusion-and the stock eX-
changes reflected their dismay mex
orably.
Wilson Brings Slump.
Then came the scholar Before he
had taken Office he threatened to hang
as high as Hannah Finance was
shocked. II apprehensively concluded
here was a scholastic-not a scholar
with the pragmatic temperament OF
nonconformist and the Needless res
oluteness of book hermit called up
en- to act.
A slump followed; a prolonged, per-
sistent and insistent slump in Wal
street, which later impaired and
threatened TO demoralize the coun-
try's commercial structure The schol-
ar-or scholaStic--Was made aware OF
what was impending He perceived
-feebly-that literary stones do not
nourish commerce and that scholastic
poison is never innocent when infused
into the practical affairs Of life
He retraced his steps hurriedly. II,
would meet business halfway Blu
before he had extended the invitation
for the appointment stocks and bond.
hit the low level-in November-ir
the average the lowest since McKin.
leys death.
Probably the thirteen years dowr
course is in process Of reversion. Tn,
sins Of wild and reckless commission
of 1900 and 1901 have been mainly
atoned. The country's wonderful vi
tality has really overcome the promo.
ton debauch. Many Illegal infringe.
ments have been remedied. Crude
inconsiderate and false as have beer
the remedial measures Of three Ad
ministrations. they have been in Ger
Ain measure effectual - a.