The Washington times., 1911-10-01

recently displayed, 1t would seem that
the volume of general liquidation prop,
ably has not been as large as casudl
observer might think. The theory mas
gained ground recently that the bear.sh
performance has been part of plan to
induce the Washington authorities to re.
fratn from disturbing big business
so, the professional character OF the
work would go far In defeating that
object.
Steel Trust Statement.
Throughout the entire week Wall
Street was looking for reassuring state
ments, and, having fixed its mind upon
that object, It seemed to regard certain
of its statements as of that character.
Whether they will be so regarded in the
final analysis remains to be seen:
One thing which the statement issued
by Mr. Morgan and Judge Gary settled
definitely in the negative was the re-
port that the Steel Corporation was
contemplating a voluntary dissolution.
Why the officials of the corporation
could not have made this statement a
week earlier than they did. when the
first vague rumor was circulated, re-
mains a mystery. They never nave
shown a like reticence in the past In
denying an unfounded rumor, so far
as any one can recall, and their attl-
tude in the present instance certainly
went further than anything else TO give
the report currency and the serious ef-
feet on the stock that it exerted.
Naturally the Steel Corporation offi-
cials could not give denial to report
of which they had no knowledge bear
ing upon an alleged contemplated suit
by the Government, nor could the De-
partment of Justice or President Taft
anticipate that event either by anirma-
tion or denial. 1t is something. how
lzaN hat N1a NJ
corporation believes the organization to
be legal and not in conflict with the
provisions Of the Sherman act, and II
is sincerely to be hoped that the Fed
eral authorities will take the same
view, but the actual fact, either of
be instituted-has not been determined
by any of the weeks happenings or
statements. The hysteria which marked
the discussion of the question during
passed away and Wall Street is GER
tainly the better for it.
President Taft's Speech.
Nothing. probably, better illustrates
the present temper Of the financial dis
trict and the division Of opinion exist
ing there than its treatment of Presi-
dent Taft's Waterloo. Iowa, address on
the Government and Business" copi-
Gus extracts reached the market Thurs
day forenoon. some hours in advance Of
the deliverance of the speech. As a
result OF the first Interpretation stocks
were sold, on the score that the Presi-
dent was more rabid than ever" Later
on some ope discovered the plea for
charity and confidence and stocks were
purchased on the score that the Presi-
dent was highly reassuring to business. u"
As a matter of fact the speech was
rendered builish or bearish, according
to the individual market position of the
reader.
Much the same confusion as to the
purport of the address prevailed among
the New York newspapers. This was
clearly disclosed by the headlines. Tins
the Tribune took the optimistic view
and carried the address under the cap
ton, Taft Calls Halt in the War on
Prosperity" The Sun holding a some
what similar opinion, displayed II with
the heading, Taft Asks Square Deal for
Business. Not SO reasrrring the
Times. which at the top Of the column,
said: Trust laws Must be Enforced
Taft" AS the Herald viewed 1t: Trust
Prosecution VIII Be Pushed, Says