Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-10-08
Wall Street Against Country.

BY common consent the street has now
taken the expressed stand that national
politics is to be an important IL not a
controlling factor in stock market and
business affairs until the next presiden-
tial election and probably longer. 1t is
Wall street against the country at large,
and with singular obstinacy and blind
ness the view is held that Wall street
will win out. The view now most strong
ly urged is that the program of trust dis
solution to which both Of the great par
ties seem committed will bring about in
dustrial and commercial desolation. The
thought is being very generally voiced
that the only way to teach politicians
sense wall street sense) is to starve
their constituencies into compelling their
representatives to do the right thing
that is, to let the trusts have their own
way.
1t is a very simple theory and has d-
rectness about it which leaves little to
the imagination. Undoubtedly Wall
street is working itself into the belief
be taught the people before the realiza-
ton comes that the big interests must be
let alone. The situation Is the most
serious that has confronted the country
in years. Forces are organizing rapidly
and in distinct alignment for a great bat
tie between Wall street and Washington,
and we are only in the beginning Of it.
The speeches by President Taft and the
announced policy of the Department of
Justice make 1t plain that the trusts will
either have to bend to the laws or en-
gage in fight that may materialize the
worst forebodings and prophecies yet ex-
pressed.
Situation Is Changed.
At the time Mr.. Morgan and Judge
Gary issued their famous declaration of
INDEPENDENCE there was a very general
sentiment among the leading spokesman
for the big interests to cooperate in a
friendly spirit with the powers that be
at Washington and in some way effect a
friendly readjustment with as little fric-
ton as possible. The stand taken by
very materially. How much cannot as
yet be determined. but there Is no longer
unanimity of opinion among the cap
tains of industry and the kings Of high
finance as to the best policy that ought to
be pursued One faction is for fighting
and delay in the hope that conditions
may be softened. The other still leans to
the theory that the easiest and smooth
will undoubtedly reflect the ebb and flow
of sentiment on this point as develop
ments may warrant. Turmoil and dis
turbance cannot be tortured into bullish
ammunition. They are distinctly and EN-.
phatically against prices. There cannot
be bull market in stocks without wide
spread and deep-seated confidence in the
business future. and that is signally lack
ing at the present writing.
The market as it is found now Is In
very much the condition 1t was at the
time the last big decline started. The
principal point Of difference, according to
the strictly local view. is that there has
been a change In active stock market
great house Of Eugene Mayer & Co
stood in the forefront and acted for the
bull combination. Low prices were made
by spectacular Liquidation Of the bull &C
count through this house. The experience
was costly and the concern declined to
continue in the conspicuous and widely
advertised post Of honor Shearson, Ham
mil & Co. are now the leading bull house.
and attention Is directed to that quarter
as 1t was previously to Eugene Mayer &
Co. 1t bought a vast quantity of stocks
at the low range, and has been the big
buyer on all breaks ever since. This is
the concern that has long been the favor
| lite with those who have made a speciality
of steel stocks. Insiders Of the trust have
done the bulk Of their trading through