Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-11-05

two other important causes contributed
to the stock markets recovery. Ono was
an Unexpectedly favorable quarterly re-
port OF earnings by the steel trust and
the other a supposed softening Of Attor-
ney General Wickersham's attitude In his
crusade against trusts. His arguments at
the hearing Of the tobacco trust case
were construed In Wall street as mean
Ing that he had no intention OF warning
on business, but that he would be satisfied
with honest efforts on the part OF trust
managers to bring their organizations
within the spirit Of the law.
Mr.. Wickersham has put himself on rec
ord repeatedly that he would not attempt
to drive big business into Impossible posi-
tons and to exact Of them requirements
which could not be fulfilled. but that first.
last and all the time trusts must realize
that they would be granted no special I'M
munity, but that they must conform to
the law Of the land and adjust their al
fairs accordingly. This has been Mr..
Taft's position also. but the great inter
ests had construed the language OF both
Mr. Taft and Mr. Wickersham as being
uncompromisingly harsh and hostile.
Within the last few days, however. a
change in Wall street sentiment in this
regard is taking place 1t is beginning
to be understood that the administration
has no wicked designs upon the business
interests of the country. and that It will
conduct it's campaign Of trust reorganiza-
ton along reasonable lines. There Is
now disposition to apply this phrase
struction and Interpretation of the
Washington attitude. Mr.. Taft's remarks
at Pittsburgh show that he has become
very sensitive to what he looks upon as
misconstruction OF his position and the
modified attitude of Mr.. Wickersham In
the tobacco case Is held to be a reflection
Of the desire of his chief to correct mis-
apprehension on this point There Is
evidence that the administration and big
business will get together on some mid
die ground that will permit of read just.
ment of organized interests peacefully
and without unnecessary further dis
turbance.
Made Steel Men Mad.
1t is more than likely that an illustra
ton of this improved feeling and mutua
desire fer reasonable solution of the
disturbing problem will be given In AZ
early settlement Of the steel trust con
tention. AS stated in my last letter. tn.
suit interrupted a program OF steel truss
| REIMBURSEMENT by segregating its iron or
properties, its coal properties, its railroad
properties and it's cement interests ant
turning them over to separate corpora
tons. stock in which would be distributed
pro rata among the shareholders of the
United States Steel Corporation.
The bringing of the suit incensed many
of the steel trust insiders, who felt tina,
the Department of Justice had shown I'M
fair haste, and in the heat of the mo-
ment threats were INDUCED in TO contes,
the action to the uttermoSt limits. There
is ground for the statement that this kind
of talk is now regretted by those who
voiced their first sentiment of anger. and
that the plan as outlined will be put UP
to the Department of Justice for its sane
ton. The program is admitted to be
reasonable" and it is felt that under
it a satisfactory adjustment may yet be
reached. 1t would be a very happy So
luton of the veXed problem and affords
an honorable method of compromise that
would meet popular approval and still
leave the government in the practical
position of controlling the situation and
debating terms. without imposing unnec-
essary humiliation upon the trust or the
magnates In charge.
There is radical disagreement among
high authorities to the actual state OF
the steel industry. On the one hand, ii
is announced that improvement in condi-
tons is discernible and that the situation
is on the mend. On the other hand. 1t
IS claimed, with rather more proof behind
it. that the industry is worse demoralized
than at any time since 1896. fifteen years
ago. Facts are massed showing that a
large number of plants are being run on
short time or closed down. of which no
public record Is made. and that prices
are so low that profits are practically