The Washington herald., 1910-11-14
WALL STREET NEWS
Political Factors Succeeded
by Economic Worries.
CONDITIONS UNSATISFACTORY
Cost of Labor Going Up, While
Farmers Are Holding Crops Ina
Hope OF Higher PriceS-RaiIways
Fear 10 Invest in Supplies with
Freight Rates Unsettled.

New York, Nov, IA week after cleo
ton day has passed and there seems no
reason for any one 10 change the opinion
so generally held on the day following
the contest. that the result was a heavy
If not fatal blow to New Nationalism. II
Is true that the issue OF Rooseveltism
was more closely drawn in this State and
In the Eastern part of the country than
II was in other sections. Still. even II II
be admitted-although there seems the
strongest reason for doubting-that Mr..
Roosevelt's popularity in these other sec
tons is yet strong. the fact remains open
10 no question whatever that his general
popularity has become so diminished as
TO make him unavailable as Presidential
nominee
Meanwhile, with the upshot OF a pollti-
cal election no longer remaining to be
discounted. the stock market and the
financial situation as a whole are face 10
face with the ordinary course Of economic
factors. These are still not highly salts
factory. The best thing that can be said
of the current state of general business
is that IL IS still running in pretty large
volume that no great quantity of mills
and factories are shut down. that labor Is
sfairly well employed. and that any pass
Ing observer would say that things, taken
as a whole, were going along at a reason
ably active rate.
Profits Soon Eaten Up.
But the drawback is that although the
amount OF business, taking all lines to-
getheT. is moderately large, the rate OF
proht derived therefrom is not large and
seems 10 be steadily decreasing. II is a
complaint common 10 railroads, manufac-
tories. and all classes of business that
profts are eaten up by expenses and that
capital does not seem 70 accumulate. at
least az anything like its normal rate
The best proof OF this perhaps is afford
ed IN the operation Of the railway lines,
where all through the last six months the
net earnings have been decreasing, even
If gross earnings have increased, and
where now gross earnings. too, are be-
ginning to fall of.
The cost Of labor instead Of being re-
duced seems to be mounting higher and
higher, and there are many signs that
laboring men In the mass are dissatisfied
and restless and are taking every posi-
bic occasion to ask for larger pay. The
disposition Of labor IN our own city has
lately been abundantly shown The engi-
neers Of the Western railroads are now
making a second great demand for more
money. following upon one that was ac-
ceded 20 by the railway managers a short
time since
II Is 10 be hoped that substantially all
the railroad companies Of the land will
soon be in enjoyment OF an increase IN
freight rates granted by the Interstate
Commerce Commission; but ii is becoming
"A serious matter of doubt whether with
the pay OF employees increasing as II has
done the value Of this prospective in
crease viii not be taken away. Finally
as regards this whole general subject. in
teIligent men are more and more coming
10 perceive that an attempt 10 meet the
high cost of living difficulty by cOntin-
ually enlarging the wages of employees
and raising prices all around. instead Of
bringing a remedy for the trouble, IS
only making the matter worse.
Prices Are Lower.
Next to the business of the railways
that OF the iron and steel mills interests
Wall street and the stock market most;
and with every desire 10 indulge in hope
a
grounds for hopes Of an exceedingly rosy
and brilliant sort are afforded. one by
one IN the last year the prices OF the
great staple commodities in the country
have been falling In response 10 the in
exoTable law OF supply and demand, Cop
per has been and is greatly depressed;
wheat and corn are selling low in COM
parison with last years high record fig
ures. and Of all Of the great agricultural
crops the price of cotton is alone main
tanned by the failure OF the crop in the
present year TO enlarge as was expected
With the railroads holding off orders;
with the business OF iron and steel pro-
ducing establishments declining each day,
and with stocks Of pig iron heavily over
hanging the market. what strong reason
is there for thinking that the iron and
steel market will not have TO undergo
something Of the same sort OF readjust-
ment?
Security Prices Rising.
Neither can it be truly said that the
money situation in the country warrants
the assertion Of those who maintain that
conditions are ripe for steadily rising
prices Of securities. While money is
cheap in Wall street and in pretty nearly
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