Aberdeen herald. [volume] (Aberdeen, Chehalis County, W.T.) 1886-1917, 1909-03-01
STEEL war MOTIVES
VICIOUS MOTIVES ASSIGNED TO
THE,STEEL TRUST.
Cutfhroat Campaign Regarded as a
Deliberate Obstacle to Prosperity
for Tariff Effect. Prospect Of
Wage Reductions and Strikes FOL.
lows the Announcement

New York, Feb. 25.-The cut
throat price war declared last week
by the Steel Trust will prove, in the
opinion of large element of busi-
ness men, the most disastrous and
depressing thing that has ocrurred
since the panic days of 1907, and
throughout the Wall street district
today the action Of the Steel Trust
was denounced as a deliberate obsta-
Gle thrown in the way of return of
general prosperity.
The effect on the stock market was
plainly disastrous. Steel stocks went
down 50 violently, and were so lack
ing in support, as to give an appear
ance of jobbery to freeze out small
and weak holders. Had this been the
only effect, dealers in the market
might have been disposed to look up
on the matter philosophically, but the
whole market list, with the single ex-
ception Of Louisville & Nashville,
shared in the slump, and there was a
general and bloody slaughter of
lambs all through the short session of
the Exchange that day.
Had the Steel Trust been content
to announce definite reduction in
prices, such action would have been
hailed as sensible move, and as
showing that the trust was disposed
to yield some of it's greed in the in
terest of the general business situa-
ton.
But, instead of this, it announced
a cut-throat war, candidly not in the
interest of consumers, but designed
altogether to enable the trust to
smash it's enemies. There is strong
disposition in financial circles to as
cribe to the trust the worst sort of
motives for its announced policy. 1t
is pointed out that the big men of the
trust are determined to do everything
in their power to prevent the Taft
administration from gaining a reduc-
tiOn of steel duties in the special ses-
sion of Congress that is to be called
to revise the tariff, and that by de-
liberately bringing about demoral-
ization of the trade this can probably
be accomplished. 1t will serve to
raise howl that American steel
makers are barely able to exist with
protective tariff, and would surely
perish without it.
Another suspicion is that the big
insiders of the trust have found that
the present time, when the general
market for corporation securities Is
largely supported by sentiment Of re-
turning prosperity, is a good time to
smash the market and SO make big
killing" for their own benefit.
Again, the question Of wages is in
volved. There have been some half
hearted statements that wages will
probably be reduced-unless the tar
iff is--but it is a known fact that
the Steel Trust is anxious for some
good excuse to cut it's payroll, and
will seize upon the opportunity to do
so. Just now there is no very power
full organization among the steel
workers, and strike would not be
hard to combat when most of the
workers have been on limited time
and have no savings.
The stock market slump last Sat-
urday was little short of sensational.
Steel shares were most seriously af-
fected. At the outset $4,000 shares
Of Steel common sold simultaneously
at AZ SIS to AZ rs, as against Fri
days closing price Of 4S 3-S. But in
spite of further selling in volume. the
price was kept close to 4S until short
ly after II o'clock, when support was
suddenly withdrawn. Then the en-
tire market collapsed, and Steel com.
mon sank steadily, reaching finally
46. This price compared with 40 3S
Friday morning, SO IA early in the
week and 5S ga last fall, when the
great public buying after Taft's elec-
tion carried Steel common to the
highest price ever seen for that
stock.
Steel nreferred fell to 109 5-S