Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-11-26
URGE GOOD ROADS bUS|NESSNOT HAPPY
MANY Auoists Attend Con- Thinks 1t Is Being Oppressed
uress at Richmond and Prosecuted.
JAIL CLASSES Benefited MARKET IS NOT HARMED
Relation Of Stock Values Steade
Motors Movement the Uncertainty
SOME ILLINOIS LEGISLATION CALL TRUST WAR FAILURE
Of OIL
Taxesa Contribute Justice to
Development compish Purpose
Thinks 1t Is Being Oppressed
and Prosecuted.
MARKET IS NOT HARMED
Stock Values Seem to Be Steadied by
the Uncertainty.
ALL TRUST WAR FAILURE
Magnates Declare Department of
Justice Has Failed to Ac-
complish Purpose.
BY w. G.. NICHOLAS.

BY w. G. NICHOLAS.
Special Dispatch to The Star
NEW YORK, November 25-The cry of
big business that 1t is being oppressed
| and prosecuted and pounded out of shape
| Is finding expression in great banquets
and feasts at which politicians and bank
ers and lawyers make speeches demand
ing amendment to the Sherman anti
trust law and a general letup. There is
no trouble in finding speakers willing to
add to the cIamor and contribute to the
discomfort and dissatisfaction over the
business and political situation. That
kind Of talk is very popular just now
and interests Wall street immensely. The
kings of high finance, captains Of in
dustry, corporation attorneys. bankers
and ambitious politicians are only too
willing to encourage attacks upon the
administration and the prevailing order
| or things. Between harsh criticisms
from the west and south that the admin
istration is not going far enough or fast
enough, and loud outcries from the big
business interests that 1T Is going too
| fast, Mr.. Taft Is having a hard time Of
It Bricks, decayed hen fruit, tin cans
and other missiles are all coming his
way these days.
ton is to steady the stock market. Out
OK the din and turmoil there has develop
ed a feeling that when the worst is
Tdone no very great harm will actually
| result to the business interests Of the
country. The trust crowd makes no con-
| ceaiment of the belief that the Depart
ment Of Justice has fallen down in its
campaign for the reorganization of the
\ do
that in spite Of the great work It claims
10 have done in the way of reorganiza-
ton, dissolution and readjustment 1t has
really failed to get anywhere''-that it
+, has merely cut up the stocks into smaller
pieces and distributed them among
original owners without making any
| change Of ownership, control or manage
ment-that practically the same old
methods are employed for CARRYING on the
business as before.
| The claim is made that the only actual
change is imam increase Of the bookkeep-
| ing force at the various trust head
minor offices to be filled by clerks and
! poor relations. This idea Is being indus
| triously cultivated, and is beginning to be
accepted as the truth.
| What, them" ask the trust spokesman,
| "is the use Of burdening the business or
| ganization with a lot of cumbersome
deadwood and clogging 1t up with useless
| machinery. when the real object and pur-
l
| ed or advanced in the least?'
Price Average Improved.
The general average of prices has un-
dergone Improvement during the week.
| A number Of specialties have enjoyed
marked rallies Of consequence, but some
| how or other, the public is not taking q
| very lively interest in places where most
| has been done to encourage It. For in
| stance. there has been no outside trading
| in such speculative leaders as Union Pa
cific, Steel. Reading Lehigh Valley and
New York Central, except in the shape Of
| q dribbling and feeding for account of
| miscellaneous holders. There has been
lively trading in these stocks. but It is
floor traders on the exchange. There is
| marked lack of confidence In the gen.
| uineness of the movement In these spec
ulative favorites. Manipulation has been
Cling almost merits the description:
| coarse work"
| This has been VIGOROUSLY SO in the
| case of the copper group. An advance of
| " cent in the price OF the copper metal
| has furnished an excuse for theatrical
| bull campaign in Amalgamated, Shelters,
Utah Copper. Anaconda, Nevada Con-
solidated and some other well known
| belief that the whole play is largely ma
| niptIiative, and that az a matter Of fact
1T Is without any other excuse than de-
| sire to make a market upon which pow
erful insiders can sell stocks.
| The public, however, is filled with sus-
| picion, and has very generally let the
| stuff alone. Doubtless the gamblers were
| enabled to get rid Of some of their shares,
but the campaign thus far has not been a
| bowling success. It Is doubtful il the
| visible supply Of the metal has undergone
| anywhere near the reduction claimed by
the specialists on the stock exchange.
| However, it Is still possible for the insid-
| ers to make a fair distribution Of shares
| even though the great accumulation Of
metal undergoes slight reduction
When the Public Buys.
The public is in the market none the
less on fairly generous scale It alb
serbs considerable quantities Of such
stocks as Pennsylvania, Louisville and
| Nashville, Baltimore and Ohio, Atchison,
| Norfolk and Western, Southern Pacific
and properties of that high standard
character. The investing public takes
| kindly to the steady, conservative and es-
| tablished properties-those that earn and
| pay dividends year after year, maintain
plant and lay little away to the credit
| Of surplus There are many such stocks
| on the list, not only railroads, but indus
trials. and 1t is into these companies that
the public is putting its money. There is
good reason why prudent and saving peo-
pie should fight shy Of the securities that
| are made favorites by the gambling ele-
| ment in Wall street. The public Is ex-
ercising sharp and trained discrimination.
| There Is no doubt that it has become edu-
| Gated An increase of 5000 to the num-
Der Of stockholders in Pennsylvania in
| one quarter is eloquent testimony of the
| truth of this statement. There is be-
lieved to have been no actual decrease in
the number Of stockholders of the gam
| bling specialties.
The steel industry Is working into bet
ter shape. Reports continue to be made
OF increased business, but at the same
time 1t Is admitted there has been no inn
provement In prices. In fact, very
large share of new orders are entered
upon the books at prices showing the
thin margin of profit Steel trade author
tiles make open claim that the trust Is
now only making Sc to 81 a ton on the
average. II this be true, then the inde-
pendents must be doing business for moth
ing or close to 1t. There is general talk
and prophecy Of reduced or passed divf
dends for several Of the independent com
panies. One that has been openly named
| as marked for dividend cut was Re-
public Steel. Rumors as to that particu
lar company were set at rest this week by
the action Of the board Of directors i'm or
dering the usual la per cent
| on the preferred. Railroads are begin
ming to come forward with heavier orders
| for rails and other construction material
| as well as for new cars. It Is Estimated
that since the beginning Of the month
over 6OOO0 new cars have bean ov~dar~1