Evening star., 1909-03-14
BIG CHAPS INACTIVE
Wall Street Leaders Waitinu
on Tariff Action.
REVERSAL OF DOCTRINE
Bullish Philosophy of the Brokers q
Contrast.
IDEAS UNDERGO A REVISION
Steel Likely to Be Sinister Figure
in Tax Controversy-Trade Ex-
hibits Discouraging.
IDEAS UNDERGO A REVISION

hibits Discouraging.
Special Correspondence Of The Star
NEW YORK. March -. lsl?
Wall street is again complaining If
a deadlocked market situation. \ great
majority of the important people are
either out of town or inactive In a
market sense. Cheap money has APP
parently ceased to be an enticcment
to them. Their policy Is seemingly
waiting one. They are waiting the
tariff revision. and although they have
a very good line on what Is likely
TO happen in Washington. they realize
that it is unsafe to become welded
TO forecast. however highly inspired
1t may be. The feeling among those
who are usually very well informed on
the Washington status Is that the worst
that can happen will be outlined I'm the
original bill and report of the House
ways and means committee; but then no
body can tell. The force of the blow
against the sacred institution protection
may get harder instead of easier with
the progress of the bill from Its intro
duction to the final vote although that
is not looked for.
Meantime they are preaching a gospel
in Wall street entirely different from that
proclaimed two years ago. During the
bull times which followed the relapse of
1903 everybody preached the bulish phil
osophy of advancing prosperity as reflect
ed in higher wages, increased tonnage on
railroads. increased volume OF Industrial
production. increased merchandise sales.
increased constructive enterprise in every
field Of activity and, incidentally, also, in
creased rates of interest due TO the de-
mands Of business. Now We are asked
to look OH the reverse face of the
medal and find enthusiastic bull inspira-
ton in a general wage reduction re-
duced activity in trade and industries,
lean tonnage for the railroads and cur
tailment in every direction. We are told
that cheap money In mountainous supply
piled up at the expense of business is
a good thing, inasmuch as 1t enables the
railroads to fund Indebtedness incurred
during the preceding epoch of extrava-
gance. The fact that about 100000 freight
cars are rusting in idleness on side tracks
Is mentioned a good thing, because
1t gives equipment a rest and stops waste
on that account.
The Really Good Thing.
In contrast to the theory that work
for everybody at high wages was good
thing for general business because 1t in
creased the buying power OF the masses
we are now advised that less work at
lower wages Is the really good thing. be-
cause it teaches the masses the virtue OF
economy and also very viSibly increases
the efficiency of the working men, who
were in danger of becoming careless and
sloppy in the performance of their duties.
We hear a great deal about the enlarged
amount of work which employers are
getting out of their men now. The drop
in revenues of every kind OF corpora
ton enables them to put into effect econ
nv~,fA fph hi 6nr- fhn
old wide open regime. Also the tariff
agitation Is good thing, because il is
forerunner of settlement and re-
adjustment of business on a basis which
can be depended on to remain unchanged
for series of years-ten or fifteen at
least
Wage earners will become educated to
the beauties of tariff revision. because
they can then buy almost as much with
their reduced wages as they could before
with more dollars at their disposal. \
dollar will go further after the tariff is
cut to pieces. At any rate they will lie
rescued from danger of overfeeding and
extravagant habits. Down-to-date science
teaches us that We eat too much any
way-that meat two or three times a week
is very much better for the system than
two or three times day. The latter
menu Is liable to overtaX The stomach and
lay us open to the attai iks of disease
Very evidently the ideas and philosophy
in force five or six years ago must he
revised a we'll the tariff in order to fit
new or impending conditions. Wall street
with its penchant for anticipating things
is trying hard to discount what is in store
for US in the way of good things. Some
how or other the brave talk does not find
reflection in bullish sentiment immedi-
ately higher prices for securities.
Wall Street Debating Ground.
Wall street is for the time being 4
debating place on tariff questions. Outside
of Washington there Is probably not a
place in the country where so much wis
dom about tariff is exuded. Everybody
you meet is prepared to enlighten every
body else on the all-a absorbing theme.
Over and above the clamor is heard the
loud cries of the iron and steel men. The
trade war now being waged by the steel
trust against the independents has made
a deep wound in the general situation. So
long as the independents were left safe
and free TO cut prices and take business
away from the trust all was lovely, but
now that the giant corporation has gone
into the open in A struggle for orders the
matter looks entirely different Already
an army is descending upon Washington
carrying flag OF distress and making
ready TO bcseech Congress 10 Save us.
oh. save us. from the monster. meaning
the steel trust. How will we save you:
the statesmen are asking. by letting
ever so thinIy. is the answer. 1t is a
beautiful game that is being framed up.
The stage will be Washington, but the
wires will be pulled very largely from
Wall street.
Steel threatens to become the central
sinister figure in Washington on this
tariff revision occasion, even sugar
was during the days of the last Washing
ton tariff campaign. The hunch here Is
that steel is to he the particular stock
whose movements will be influenced up
and down by daily bulletins from the
National capital. The big insiders of the
corporation are said to be diSpleased over
the prospect and will do their hest TO
Keep their company out of the limelight.
1t looks as though they might not be able
to do that The trust, being the biggest
thing in the industrial field and the most
vulnerable to political attack, will almost
inevitably be the grand central figure and
come in for all manner OF attack. Al
ready people are reviving stories in con-
nection with the sugar scandal of thirteen
years ago and making unpleasant prophc-
cies as to what will happen touching
steel.
Scandal Over Sugar Deal.
1t is recalled that the speculative cam
paign in sugar engineered from Washing
ton during that period developed into
scandal Of the first magnitude. 1t result
ed in several national characters becom-
ing very rich through their stock market
operations and drew the attention of the
entire newspaper reading public to the
fragrant manipulation engineered from
of xt,a m xNl