The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1903-10-02

party satisfied with the fact that it
comes more nearly governing the
whole State in the interests of the
majority.
LOW PRICES ON WALL STREET.
The price of the common stock of the
United States Steel Company was listed |
5 on Wall Street last Monday. This |
would indicate that there is something |
radically wrong, as this trust with the
aid of one or two outside combinations,
practically controls the product of steel
rails in this country. For the past two
years the company has had more orders
than it could possibly fill at the price of
S2S per ton, which is considered exorbi-
tant by consumers. Many keen-sighted
men consider it an Indication that the
Democratic party stands good show OF
winning the Presidential election next
year, and, should they be successful, will
pass revised tariff bill which will prob
ably remove the duty of $7.S4 per ton on
rails. The par value of the steel stock is
So and it sold at this price for some time
after it was first listed. 1t has a guar
anteed income of four per cent. and was
considered a safe investment. In point
of fact, however, it has no real value
other than what is given it by the
effects of the Dingley tariff bill, which
puts the rate production above that
Of any other country, where rails are
manufactured. Anexperinent was made
last year by several large concerns, who
were compelled to have this product, and
the trust was unable to furnish the same.
They imported several cargoes from
foreign countries which cost them about
$50 per ton 1t will thus be seen that
the trusts keep the price just inside OF
the foreign goods with the tariff added.
The'condition of other stocks on Wall
Street, and especially those which are
capitalized on a more or less superficial
value, which has fori its origin the import
duties imposed by the Dingley tariff. has
also suffered severely, and it is not I'M
likely that that the depression is per-
manent one which will last atleast until
after the Presidential election. While
many innocent holders are suffering
from the depression, yet the peo-
pie at large will have very little
sympathy from those who are thus
caught, from the fact that investors
have taken advantage of the countrys
necessities and abetted enterprises that
had for their basis ofprofit the tariff duties
imposed by Congress. The recent gradual
rise Of the necessities of life is directly
traceable to this source and while a new
adjustment of prices may hurt the money
ed interests. yet the people will be the gain
ers, as commodities will become cheaper
when our manufacturers are compelled
to meet the competition of the outside
world.
The present state of affairs has been
predicted by those who have favored a
tariff for revenue only. The prosperous
lIlilCS llIsil navy bSNh a. NJ SssitA
portion of our population came from
artificial stimulous only, and it was but
a question of time before the final crush
had to come. There should be and really
is but one method of controlling prices,
and that is the supply and demand The
farmer being in one of the less favored
classes is compelled to market his goods
on this natural law of trade. While he
has suffered from an increase in price of
almost every article that he purchased
through the effect ottavoring laws, yet he
is compelled to sell his goods in competi-
ton with all the agricultural producing
countries ofthe globe. The REIMBURSEMENT
of prices on Wall Street cannot fail to be
of advantage to him, as it is only ques-
ton of time before many trusts will be
compelled to disband should the present
financial status remain.
question but what the moving influence
behind this depression is the uncertainty
of Wall Street as regards the future policy
of our government While the nomina-
ton of Roosevelt is an assured fact, the
same as Mckinlcy's was in 1900, yet it
would seem that the moncyed interests
have not the same confidence in his cleo
ton that they did in that of the martyred
President. There can be no question of
fact but what the people at large are de-
handing radical changes in our existing
tariff law. These demands will shape
themselves into ballots cast for the
Democratic nominees should our party
show good logical common sense in plac-
ing at its head a man in whom the coun-
try at large has unbounded confidence.
No one can yet foreshadow our choice
and while many names have been
mentioned, it remains for the future to
choose the Individual However, no one
can question the bright prospects which
are in store for Democracy should wise