Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1911-10-13
SPECIAL CORRESPONDENCE.
BY CLYDE H. TAvENNER.
Washington, d. c., October 8, 1911.

The President has been in the West.
The people listened to his defense. And
they still believe he did wrong in vetOing
the honest efforts of both branches of Con-
gress to reduce the awful cost of living in
the United States.
Such is the tenor of the news that has
come over the wires from the special cor
respondents who either accompanied or
trailed Mr.. Taft on his 10000 mile swing.
Arthur Henning, Washington correspon-
dent of the Chicago Tribune, interviewed
hundreds of Westerners and found that
the people generally liked Mr.. Taft person.
ally but absolutely disapproved his record
as President.
Angus McSween, the celebrated Wash
ington correspondent of the Philadelphia
North American (Republican), wired from
Topeka, Kan, as follows:
President Taft did not make a dent in
the surface of strong progressive sentiment
in the State Of Kansas during his visit
here"
II developed, too. that great many men
in all walks of life candidly admitted that
next year they proposed to vote for DEM
ocrat for President, Notwithstanding they
always before had voted for Republican.
A great many of these referred to the
magnificent record the Democrats made in
Congress last session, and frankly admitted
that since the Democrats had shown real
ability to govern, and govern well, it was
no more than their due that they should
be given greater responsibility.
THAT TAFT BOARD Is A PEACH
Is it fair to Judge President Taft's tariff
board by what the chairman of the board
himself thinks of it If so, it is sort of
joke.
Chairman Emery. of the tariff board, in
speaking at a banquet of the American
Association of Wooden and Worsted Manu-
facturers at New York City, said
There are certain things that are very
difficult to get, and one thing, that accord
ing to the platform of the Republican party
and incidently that does not mean any
thing to me, except that have been given
the job according to that platform-is to
try to get the cost of production. thank
you all, gentlemen, that you did not laugh
Laughter frankly say right here that
this idea of settling things on cost alone is
all nonsense. You must not think that am
joking about this thing, but there is joke
about it, and the joke is this | have no
powers whatsoever. The tariff board has
no powers. There is really no such thing
as a tariff board. The law says that for
certain purposes the President may employ
such persons as he sees fit. ! am one of
such persons. That is all. Laughter and
applause.
And it was because of this board, even
the chairman of which treats as Joke
that President Taft vetoed the efforts of
both branches of Congress to reduce the
cost of living.
FALL Or STEEL STOCK.
One of the New York financial papers,
which has the interest of Wall street very
much at heart, printed statement follow
market to the effect that the furry caused
decline in steel shares of approximately
one hundred million dollars.
In the three days of the furry nearly one
third of the trusts 500.000,000 of COM
mon stock was sold on the Stock Exchange
in such volume that the price was carried
to new low levels. thus showing that the
one hundred million dollars in decline rep
resent the amount of money it is worth to
the trust to be considered immune from
the operation of the Sherman law.
Nothing has happened to indicate that
anything is wrong with the intrinsic value
of the steel properties The mills are
working as usual, and are in exactly the
same state of efficiency they were in two
years ago when the stock was selling at
high water mark. The Shrinkage came
because of rumOrs that the trust was to be
prosecuted, and as the business the real bu-
siness of the trust was not injured in any
way. the one hundred millions simply rep
resents the excess profits the trusts stood
to lose in the event of dissolution under the
application of the Sherman law. In other
words, the shrinkage serves as measure of
the value to the trust Of a license to viO-
late the law. When that license was
threatened the trusts shares fell immedi-
ately, and this fall in prices. simply as the
result of a scare, is pretty sure to be used
by the Democrats as an argument for
making securities keep down to their real
value through an enforcement of the anti
trust law.
Commenting on the fall of steel prices
Chairman Stanley. of the House committee
which is just now investigating the steel
trust. said that nothing could better DEM
onstrate the necessity Of enforcing the anti
trust law.
ut is obvious" Mr.. Stanley said, that
the reason steel stocks fell hundred mil
lion dollars is because the trust was opera
ting under an assumption Ofimmunity from
prosecution under the antitrust act The
instant that immunity was threatened, the
stocks fell The very insecurity of the
basis on which the trust rests, as thus
shown, is sufficient reason for an applica-
ton Of the law that will compel the steel
milliOnaires to put their business on a more
legitimate foundation. Otherwise their
stockholders will always be apprehensive,
and their methods open TO suspicion"
That il was this fear Of losing its license
to violate the law which caused the steel
trust to suffer is indicated that the break"
in stocks applied to no other securities.
Nor was there any indication Of lessenin9
Of the demand for the products Of the trust.
Market conditions remained normal the
stocks Of some Of the railroads increasing.
The steel furry" was proof positive
that the shrinkage in stocks, under the
conditions named. reveals that the steel
trusts license to ignore the law is worth a
hundred million dollars to the trust
TAFT Now A Dr. JEKYLL.
ION the tariff the President occupies the
position Of DIR. Jekyll and Mr.. Hyde. de-
clares Oscar Underwood, Democratic leader
Of the House. when tariff legislation is
up the protected interests Of America are
always able to convert him into Mr..
Hyde. standing for all the indefensible in
EQUITIES Of high protective tariff. As
soon as the tariff Legislation Is out Of the
way, and the big interests have got what
they want. and the Presidents genial smile
radiates from the back end of a Pullman
car. he becomes DIR. Jekyll, with the gen
tlemanly intention Of relieving the Ameri
can people from the indefensible burdens
Of taxation that his former acts put upon
them"
CHANGING HOSES.