The Lamar register., 1911-03-22
ALREADY PAYING THE PENAL
TY
Dropping Market Values Tell What
the Extra Session Folly Is
Costing the Country


protracted extra session could be
found than its effect on market
prices of securities and commodi-
ties of all kinds. The entire alb
sence of favorable comment on the
reconvening of Congress is striking
ly apparent. The hand of every
man engaged in gainful pursuits
As raised against a renewal OF dis
quieting discussions and enactments
No need to put an ear to the
ground to catch the trend of pub
lie sentiment. 1t beats upon Wash
jington with the insistent roar OF
the ocean. But most signal testi-
mony of all is the sound of crash
ing values-the sacrifice of sub
stance on the altar of mistaken
policy and misdirected effort.
The check given the January
boom by the looming up of the
probability of an extra session led
to discounting operations until the
active securities touched the low
point for the past twelvemOnth.
but the full effect was not felt
until a lingering doubt that
call would be issued was removed.
At first blush it would seem that
the great textile industry. already
long depressed. will suffer to a
greater extent than any other in
terest. The failure of the Scott
antioption bill gave the market
thrill of buoyancy. but this
quickly vanished before the extra
session menace. Mondays New
York cotton market report. which
is typical Of conditions at other
points. is herewith given:
There was a further sharp break
in the cotton market today under
more or less general selling. which
seemed to be inspired by an un-
favorable view OF the trade situa-
Dion and feeling that no immed-
late improvement is likely in do
MtoAAt VIC CAhle
session Of Congress. The close
was barely steady at q net decline
of IA to 20 points. with May so
points below the high point of
last Thursday. or So q bale.''
Stocks listed on the New York
exchange are largely held in strong
hands. as is well understood. and
when on Monday q raid was start
ed the bears found the list protect
ed against assault. Just as had
happened when the railroad decis-
Ion caused a furry. AS a leading
broker apuy puts It. stocks have
reached . low level when the mar
ket is Washington shock-proof."
So. predictions as to the effect
politically must serve to mirror
the state of mind In Wall street to-
day. Descriptive OF the consensus
of thought pervading the atmos-
phere, n market review says:
''of all the events of the week
the feature which got most upon
the nerves OF Wall street was the
prospect of the extra session of
Congress. Republican wall street.
which went forth SO gayly on cleo
lion day and cast its ballots for
Democratic governors and Congress
men in order to rebuke somebody,
sees no bull argument now in a
special session of the Congress it
helped to elect.
THE average stock broker and
the average hanger-on In the brok.
er's office appear to have gotten
into a way of thinking that a gath
ering of our statesmen at Washing
ton spells ruin and disaster. and
though 1t is pointed out that a
radical Tariff revision is impossible
in view of the divided condition of
affairs in Washington, brokers
generally seem fearful of the re-
suit. II the election were to be
held tomorrow. wall street appar-
emily would return to its old allie
glance and cast its ballots for the
party of its original choice"
The Chicago grain markets,
which had been rallying from the
shrinkage due to reciprocity, lost
their buoyancy Saturday. and gave
indications that an extra session
was rather more to be dreaded
than a truce of reciprocity to be
welcomed.
Should not the concrete fact
that cotton has declined SO a bale
representing loss of s37.5OO, 900
on the basis of Last years crop,
bring southern congressman to a
realization of the high cost of an
extra session at this juncture?-
Washington Post.
The republican party after six
teen years of control of the gov
eminent. which by the way were
the country's sixteen most pros
porous years. was made the foot
ball for the voters to kick last fall.
and merry time thew had If