Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1900-1911, 1908-06-19
CLEWS HAMMERS
AT STEEL TRUST
SAYS CUT is BELATED AND
TOO SHALLOW
HIGH, UNSETTLED PRICES ARE
BAD FOR BUSINESS
Recent Hoid-Up Policy Is Branded as
Injurious from Every Stand
point-Great Grain Crop
Assured


ter, says: % A., ,,,ae1,
was the reduction in the price OF IRON
and steel. This step should nave peell
taken long ago; the rlg1d feIusat "
recognize changed business condiClohs
being not only very poor Judgment ,l put
decidedly bad business poncy. ne
onlv criticism to be now made Is thd1
tho emf was not sufficiently deep. Buy
ers fully appreciate this fact' ana Wl.l
simply hold off until convinced Ilal
bottom has been reached. values aae
et;ii co high and unsettled as to re-
strain new business, ana a stlhiuiait liz a.
absolutely needed in the shape or DOT
ton, nrices. Already some of the lhae-
nendents are making deep cuts uiiuel
the United States Steel corporat,I9,i u,
creating feeling of uncertainty "nIoi,
might have been avoided mao tne So &c,
trust souarely met the SITUATION ~
nronontly coming down to bed-rock
Sf5s9,ras The recent hold up pollcy
was Injurious from all standpoints.
II was politically foolish, economically
,,nso,1nd and commercially injurious
Nothing has done so much to~aIu -
having a prompt recovery IN pu l ie 90
+he defiance of the ineradicable law
of sunplv and demand by the various
Combinations which have endeaVoreo 10
Sssnlace cornpetition by artihciai resu-
lation. .4.La.
Penalty for Such Mistakes
Natural laws may be held in allegiance
for a, time but the penalty TOT sucn
mistakes invariably operates upon tne
community with the same certainty oS
the laws of graV1tation' l., vo+
The steel Industry, however, Is not
the only one which appears 10 pc III
need of good Judgment at TINS tiI 411;
Some of our railroad Managers sun
seano determined to advance treisnt
rates as soon as feasible. here asalt,
il a singular lack of both puslnessS oAiO
political sagacity. ,,ou
beginning to subside, and at last reason
&C. resuming her wonted sway An az
vance in freight rates, however, "ouid
surely revive the antagonism TO ram
roads in a worse form than oeforei pai-
ticl1larly in the interior. furtnel;
bsoher freight rates would depress anu
ma stimulate traffic. Moreover, as
hnsiness RECEIVERS traffic will revive, ana
fhera will be less excuse for adVahclils
rates. The railroads have alfeady Hlaue
heavy cuts in expenses, ana wns ,ii
traffic revives the proposed advance -.
rates would give the railroads proira,L .s
of big increase In net eafil Ila5nor,e IN
would doubtless be very welcome -
stockholders: but. as this gain would
necessarily be forced out OF the pupiic
-,ocket without giving any adequate
ennivalent In service, the wisdom OF
such a step is obviously questlonaple II.
view of the present attitude OF pupii,o
oninion toward corporations, ana ran
,aaas in particular. It would produce
the strongest argument in favor or goH-
eminent regulation of railroad fa'es
that has yet been produceo'
General Business improves
e.a,ora1 business shows an improving
tendency. Confidence Is gaining stead
iiv. and. while summer may prove
nsr,od of quiet, there is we'll gfoundeu
hone that with a good harvest anu
n1itb nolitica1 uncertainties out or the
wav. the volume of trade VIII shoW
steady Improvement In the coming laii
and winter months. AS t s INC go S he
market moderate fluctuations may pe
apt,cinated. No serious break IS prop
ot1e. nor is a sharp advance lKe!y at
this time when favorable elemenls nay
been so fully discounted very snortly
buving in anticipation or tine 1uly III
vestment demands will pc III olue sl
satisfactory results at the chicago COR
yenfion would also help the market,
hut the possibility of political seares
should not be overlooked.
nyha one feature of encouragement
which now stands out more prominently
than all others Is the crop oullooh.
Present indications point 10 large CROPS
Of ALL the lIlpOl ldlle A.
wheat and hay are eacn reporteu ~,
h,ob condition, and with larger acreage
tbe promise Is almost certain as 10
big yield. ,,
The summer months are frequent
,eriods of deterioration; but, allowing
for these usual declines, our crops ars
still sure to be heavy. Both WINTER aLu
swing wheat are in excellent condition.
apa fhe outlook, according to some
authorities, is for a crop or ABOUT .oo,-
mn mo bushels. or the second largest on
record. Big oat and hay crops are also
certain. Moreover, there Is an uh,
usual absence of injury by insects anu
fine ground has been so well saturateu
as to make damage from drouth or not
winds much more remote than usual.
CORN is late; therefore somewhat un-
oortain This is our most important
cron. hut. as the soil is generally In
good condition, few weeks OF nol
weather would quickly compensate TOT
present backwardness, ana there IL Iio
occasion as yet for any uneaslness IN
this respect. Last year, 1t Will De re-
rnenabered, the crop was late; neverthe-
less the yield was exceptionally heaEy.
orr farmers, therefore, are pract1cally
sure of another profitable year, since
nrices are high and there are no sur :
nlns supplies. This is the chief OASIS
FOR the uncompromislng optimism OF
the west. which contrasts so pleasantly
with the depression still hanging over
the east.