The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-11-13

STEEL IS Ex-POLlTICs
BY THOMAS c. sHoTWEiL.

BY THOMAS G. SHOTWELI,
NEW YORK. Nov. 12.---It Is sci.
dom that such complete reversal
OF sentiment IL seen as that witness.
ed the past two weeks in the Gnan.
cial world. The outcome vindicate,
the view taken in this column Of tho
tobacco and oil decisions at the time
they were rendered. but, In common
With many persons. the writer Of thi.
column has apparently been taking
too seriously the intermediate devel-
opment. knowledge that the raid or
the stock market was being conduct
ed by men OF the highest financial
standing was responsible for the mis-.
taken view published hero two weeks
ago. The view expressed then tha'
1t In dangerous to make investment,
in American stocks and bonds ma.
really been confirmed by what ha.
taken place.
There can no longer ne the alight.
est doubt that hand Of pirates car
dominate the stock market Ions
enough to ruin thousands of person.
and cause profound declines, while
the great ananciers, who by reason
OF their assumption OF universal au.
thority In the financial world are
under moral obligation to protect
and permit the pirates to accomplish
their purposes.
Events prove that II Ia useless for
person intending to make an in.
Nestment in stocks or bonds to give
the matter any thought. The onl,
way to invest In America is to GUY
something and pay no attention te
the price. The country is 10 young
and vigorous that prices always re.
cover and always go to higher leveil
than ever before, 30 that investmen Mt.
that are fully paid for are never in
danger.
Politicians Share in Profits.
There is reason to believe thae the
politicians have shared handsomel,
In tho piratical profits. flched from
frightened investors in the stock mar.
ket, for everything in Washington IL
now favorable to an advance In the
stock market The Stanley invest.
CATION has been made harmless h.
the suit begun by the government,
against the steel Corporation. That
- itself has been made harmless
by the final settlement OF the tobacco
case. The settlement OF 4ne tobacco
case is exactly in line with the Su-
preme Court dectyton. aoo the out
come gives such general satisfaction
that no other corporation need fear
the Sherman law.
The election proves that neither
political party has any advantage
and the one hoping TO win mus
cater 70 the business interests OF the
country. This means that the sarif'
platform reform mus be carried
through. but both parties are already
pledged to that. 1t means that no
4.
ed striking at big business. and the
to repeal the Sherman antitrust
law.
The question of States rights will
como mp in connection With the steel
suit. and although that question waa
settled once In connection with slav-
cry. 1t must be settled again in con-
nection with business. The suit
against the steel trust. therefore.
serves some respectable force by
bringing this question up for adjudi-
cation.
Steel Il Ex-Politics.
With the understanding that tnyeS-
tors ought never read anything or
think Of anything that may influence
prices, the stock market must be
We've cd at present by SPECTATORS in
the light OF reason that has been shed
by the tobacco decision Although
steel 10 Is points above the level At
which 1t sold the day after suit
against It was filed. IL 10 really cheap
er At IS than II was at SO. for tho
reign OF terror 10 ended and steel IL
ex-politics. Nothing more can he
gained for the politicians by attack
ing the corporations. and what 10 true
of Steel il true OF every other stock
rf'J. p. Morgan will stand up and
fight for tho next year as he has
done for the last two weeks. the
OF prosperity that will crush the poll
t,cians. The issues OF the presiden-
ttal campaign now in progress have
vance. The campaign promises TO be
but little choice of candidates since
all entertain the same views
From the speculative standpoint
the stock market promises to reward
most richly those spectators who buy
on the reactions and sell on the ad-
vance, maintaining a position on the
long side OF the market. After such
a violent advance ~ the market has
had the past two weeks. q reaction
ought to come. but the market has
not yet discounted fully the import
ance OF J. p. Morgan's determination
to resist the stock market pirateA. He
deserves censure for refusing to come
to the rescue sooner, for he knew
that some directors Of his steel trust
were members Of the pirate band.
But he has finally taken UP the night
and ha dAaervAa ApnnA crAdlt far fhnf