Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-10-29
LOOKING TO MORGAN
Wall Street Wonders How He
Will Answer Steel Suit.
IT'S HIS FAVORITE CHILD
Financier Is an Old Man, But Only
in Years.
HAS LOTS OF FIGHT LEFT
Alloway Says Great Banker Has Not
Often Been Found on the
Defensive.
By H. Alloway.
Special Dispatch TO The Star.

into court to show cause why ii should
not be extinguished. This is as Wall
street alarmists have been a long time
propheSying. Finally il reaches the crux
of speculative issue-we are now 10 have
Judicial determination OF what is or is
not fair and legitimate and lawful in
the organization and conduct Of indus
trial corporations. Among causes Celebres
there thus develops for the business
world what will tor many an epoch 10
come be regarded as extraordinary. The
steel trust is not gong to surrender.
The United States government is actually
in earnest.
During the coming week we Will have,
probabIy. ardent enert upon the part OF
both factions n the market 10 show that
there IS significance ana influence, even
domination, IN TINS new move made ny
the government. Technically the situa-
lion at tie start ri tuls contest is that
an extended snort interest already exists
and that bear SPECTATORS VIII be likely
to take quick i. JiitS rather than prolcnS
their campaigning. tpon the other side
the bull contingent has not for many a
day had 10 look out for relatively 50
small an amount OF stock as now has to
be projected. The fight is close to being
even. Steel common stock, paying ; Per
cent dividends, is selling now Well on
toward a yield OF 10 per cent. This divi-
dent is earned not only currently, but
Is bulvarked hy SURPRISES. accumulated
through years. Of size sufficient to war
rant the continuance Of the > per cent
disbursement indefinitely.
But there ente.S into conditions the
personal equation-what is going to be
the disposition us Mr.. J. II. Morsan? He
conceived the SIeel trust. He organized
1t. He made II successful Al the good
which il stands for. all the tremendous
net profits il mas earned, all its splendid
achievements, are monuments 10 Mr.
Morgan.
Mr.. Morgan is an old man only in
years. IN alertness. in comprehension, in
forcefulness he is the same stAlwart that
Wall street became acquainted with dec
AIDES ago. He doesn't ike to be disc!-
pinned. He isn't in the habit of having
anybody fight him without showing readi-
ness to fight back-and never Yet as the
fight p ogf essed has Pierpont Morgan
finally been found upon the defensive.
: X x
1t is hardly probab that the outside
world has any commensurate idea of the
acute sensitiveness of Wall street just
now as to the .public's disposition toward
corporation affairs-the fact being that
never hitherto has there been anything
approaching the p esent ardor of finan-
ciers to find out where they are lat,
from the public S viewpoint. 1t finally
is realized in the New York Stock EX-
change district that finance and finan-
cers. even little ways distant are not
quite the sacred objects which brokers
and banke hereabout are so much
p.eased continually to be proclaiming.
The apparent experience of Mr.. Taft out
west seems to be educational When ne
departed Wall street was sure that he
was sympathetic with what Wall street
always pleaseS itself to denOminate the
investment interest meaning those who
print stocks and those who manipulate
them Wall street happily engaged itself
In Announcing that Mr.. Taft was con-
servative-the favo,ite descriptive label
heipy ultra conservatives.
But there is somewhat modified enthusi-
assn now when out west, in a rar1iled
atmosphere the President is moved to
say that he likes his countrys laws and
proposes to see that they are executed.
Standard Oil made defendant, tobacco
trust made defendant. other conspicuous
millionaire organizations made defendant.
and now the steel trust brought TO the bar.
such i the national administrators at
testation that it IS keeping faith not only
with the country but with It's own pro-
LESSONS. Wall street in one regard.
throughout all its Sherman Law debates
and disuuietude has exhibited itself as
superlatively siily-affectingc ontemptuous-
~ TO belittle the capacity and 70 iinpugn
the intec rity of the governments CHEF
law officer The man Wickersham. who
is Attorney General OF the United States,
is neither tyro nor a dreamcr-his expert
ence In the stnrdiest fights that New
York corporation contests record have
trained him for championship of any $
sue that the law courts require. Long
before he went to Washington he was
tried a-plenty.
ing half a dozen years or more ago
Thomas F. Ryan said to me apropos of
the animated litigation then proceeding
for the control Of the traction situation
in New York-Mr. Ryan with his surface
railroads In collision with August Bel
mont controlling the elevated and the
subway projects. Said Mr.. Ryan: Bel
mont has one asset He has for his law
yer man who is a phenomenon. No
matter what Is done or what Is proposed,
err with however much prestige any mat
ter is presented. this one lawyer comes
hlithely 10 the front and heads of every
body We've COTS lots of lawyers-we
think we have the very best in the world
but somehow this one solitary practition-
er seems forever able to balk them, TO
stop them, 10 have pretty much his own
way. He's great man. / wish we had
him. His name is Wickersham. One of
these days the country is going to hear
from him
In those times George W. Wickersham
was the Junior in Wall street law Of
hce. Thomas +. Ryan is a senior fore
caster.
A curious mood is disclosed in what
some of the comfort purveyors OF Wall
street are arranging in the way of a pub
lie dinner early next month-to be given
by what is called an Academy of Po-
littcal Science" A Columbia professor
IL president OF this organization-and a
long string OF associates is composed of
Wall street personages. ~ the proposed
dinner Senator CumminS is 10 speak
along with John Hays Hammond George
w. Perkins and others, the two guests
Of honor" being Judge Gary of the steel
trust and Attorney General Wickersham.
II Is difficult TO comprehend whether this
proposal Is intended to be humorous or
provocative of riot. But what is aimed
at. according 10 the promoters. is some
thing which in the way of good, whole
some .old-fashioned missionary talk will
induce the public TO feel more kindly
toward corporations. It's funny. Too
much corporation evangefi "a ton is be :
II Mr.. WickersEano be present at this cor
poration dinner ana Mr.. Wickersham is
candid Mr.. WickershSm may be recalling
20 some participants what happened once
upon time TO Abner Dean of Angels
when a chunk of old red sandstone took
him in the abdomen, and he curled UP
ON the door with the subsequent proceed
ings interesting him more.
Wall street, / opine, is not at rs bright
est. giving dinner invitations to George
w. wickersham.
speculative Wall street is interested
An this weeks return of James K
Keene from Europe. II has been care
kully explained sthat Mr.. keene is not
coming back to renew his Stoc-. marke Ell
activities He is simply In love with
the country Folks who know Mr.
Keene will enjoy his exquisite humor
OF this confidence. For forty years