Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-08-06
Traders Eating Heads Off.


The gloom was intensified when traders
received their statements of account the
first Of the month and were called upon
to stand big interest charges with no Off
setting profits. They9 realized that they
were eating their heads of. and a. good
many of them in sheer disgust ordered
their stocks sold and the leak stopped.
That might have been in reality the most
important factor in the decline. No mat
ter how thoroughly poisoned with the
virus of speculation players will get tired
once in while when there is nothing
doing except to pay out good money for
the support of brokers and the banks.
There has been unquestoned disappoint-
ment over the failure Of strongly enter
tanned hopes of a general Improvement
to begin about the first of July. There
was start all right. but somehow the
situation went dead almost before any
thing was done. 1t was another one of
those flashes in the pan. A sputter and
1t was ali over.
II there has been any real improve
ment in the business situation it is only
observable in spots. In the iron and steel
and allied industries the early part Of
July witnessed some increase in orders,
but taking the manufacturing lines as a
whole they do not show any marked ad-
vancement in activity. The great flood
of orders for equipment and new material
for railroads has not material1zed on any
thing like the scale expected. At the pres
ent moment the halt which took place
during the latter half Of July seems to be
giving way to actual recession IN many
departments. In New England, for In
stance, there has not been time in
years when there was less machinery in
motion, and when there were more work
ing men and working women, either. out
of employment or working on short time.
The same is true in four-hfths Of the
manufacturing localities, except here and
there in the middle west and south.
Put Blame on Tariff.
The tariff is blamed for the non-ful-
fillment Of promises of a revival in the
industry. A CLEAN Of hope was felt
when Washington reports were printed
to the effect that the democratic ma
jority Of the House of Representa-
tives had announced a willingness to
put through a moderate tariff revision
program at this special session II the
republican Senate and President would
cooperate. thus putting speedy end
certainty. Wednesday. the day Of the
market slump. this good news was
knocked in the head by an apparently
authorized statement that the Presi-
dent would veto the first tariff bill that
might be presented for his signature,
thereby serving notice that he would
not permit the arrangement to go
through.
II this should be done and the coun-
try forced to endure year and half
more OF disQuieting tarin agitation be-
| cause OF the presidential refusal to
bring 1t to close. expectations Of a
grand and glorious business revival
might as well be abandoned. Such at
least Is the opinion Of large major
ity of men In the financial district
Information received by the represen-
tatiyes of every business interest In
the country is that the people are
overwhelmingly for moderate revision,
and that the manufacturing interests,
feeling that there Is no avoiding the
issue, are reconciled to quick action
and more than willing to have Con-
gress act quickly along the middle
ground of reasonable reduction in
duties.
Overlooking Bull Party.