Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-03-17
MYSTERY IN LEADERSHIP
Some Attribute Daily Manifestations
Entirely to Manipulation.
FEAR PROVES UNFouNDED
Awful Things Predicted to Happen
Fail to Eventuate as Prices
Grow Stronger.
BY w. g. NICHOLAS.
Special Dispatch to The Star.

orally characterized as news" has been
very generally unfavorable and disturb
ing all week. but the stock market has
shown continued firmness of undertone
and prices have slowly but surely moved
up. Actual visible conditions do not jus
tify any bullish excitement in securities
It has been the deep underlying and in
visible forces that have controlled That
gives to the market situation an appear
ance of mystery, and those who do not
indulge in deep thinking attribute the
daily manifestations to manipulation, al
though they are totally at loss to dis
cover or identify the leaders. In point
of fact, leadership is the one thing
that is notably lacking in the stock mar
ket at the present time. The great ma
jority Of men Of affairs in the financial
district lean to the opinion that prices
are high enough at present. They do not
discourage the buying impulse, and, Il
the same time, are free with suggestions
that 1t might be just as well to go slow
that the boom, II one really be general
ing, will not be of volcanic and instantan-
eous action, but Of slow and careful
process.
For one thing, it has been discovered
that the dissolution Of unlawful COM
spell ruin. Standard Oil. American
Tobacco, and other big trusts, are quiet
ly going through the process Of readjust-
ment In conformity with the decree of
the Supreme Court, and their properties
instead of going to smash have greatly
increased In value. The disasters that
were to follow the enforcement of the
law are proving to have been imaginary.
The awful things that were to happen
have failed to eventuate. Standard Oil
{yNcTfn mn To-. 81 F,,I1
30 per cent In aggregate market valua-
ton since the courts decree. Tobacco
stocks are worth tens of millions more
than they were q few months ago. Other
trust stocks are getting stronger instead
of weaker in the face Of certainty Of dis
solution and reconstruction. Even steel
the biggest and one Of the new combina-
lions, Is taking on courage and is un-
dismayed at the prospect of having to
go through a form of reorganization.
than ever in its integral parts, and stock
holders are impatiently awaiting when
they may be given fragments instead of
being obliged to retain ownership in
parent shares, and given no show at the
hidden assets which have been piling up
in the background for many, many years.
The men who have grown inordinately
rich In the management of those hidden
assets are holding out against the in
evitable, but they will have to come in
and obey the law as others are doing.
Most Of them, however, are getting old,
and as they are rich, they can afford to
retire. Others will be found to fill their
places.
Great Change Of Attitude.
The changed attitude of the Standard
Oil crowd is one of the most noticeable
developments Of the times. Down to with
in a very recent period they were
grouchy and respondent They looked
with mixed feelings of sorrow and in
dignation at the movement Of forces
which We're shaking them from the con-
troll of their unlawful combines. They
had worked themselves up into the belief
of going to the bow-wows. If they were
endorsed or their methods changed. An
advance of $500 a share in the price OF
Standard Oil stock has been a most pow
erful agency for bringing about a change
of mind and Of heart. They are discov-
ering that, big as they were. they are
only a very small fraction of the whole
country and its industries. The bile is
working out OF their systems. They find
that the treatment they have been sub
stock market and business situation is
feeling better for this change of front
and Improvement of temper.
Railroads as a rule are coming out OF
winter in better physical condition than
anticipated. 1t is true that they are
lamentably short of rolling stock, and
that hundreds of thousands of new cars
will have to be built before they are
fully recruited in this respect, but a year
or two will fix that up. Millions of
to be made and laid. and the roads will
find way to do that also, although they
are bitterly complaining Of poverty, OPP
pressive restrictions, calculated to curtail
palling increase in the number of acct
dents on railroads must stir them to
action in self protection, although 1t is
understood to have been a desire on the
part of not a few railroad financiers
and managers to let their properties run
"object lesson" Such a policy, however,
is found to be q two-edge sword-dan-
gerous to play with. and 1t may be aban-
doned. 1t is fact that railroad manage
the days roll by, and that the actuating
policy among them now Is to get in close
touch with the public and retain its good
graces by increasing efficiency and mani
fest intention to render the best possible
service AS 1t is, railroads, particularly
those Of the east and south, are doing
big business. earning good money and
paying their way.
Stories of Mr.. Stillwen.
Wall street is enjoying Arthur E.
Stillwell. He is contributing to the gen.
eral gayety and in that role he is mani
testify uncomfortable. When he began
war on the money trust he wasn't look
ing for any such denouement. He pre-
fers to be taken seriously rather than
being looked upon as a joke. To be adj
vertised in the reading matter of news
papers as having been turned down by
prudent bankers because they did not ap-
prove Of investing their clients money in
rainbows or sunshine is getting on to
his nerves. All sorts Of fun is being per-
petrated at his expense. Among the
stories told about him with great glee Is
the old one, sprung years ago, of his al
legged experience with q Holland banker,
who came over to inspect the Stillwill
properties into which the frugal Dutch
men were being invited to put their
savings. The visiting banker had a game
leg, and Mr. Stillwell, who is an earnest
apostle of Christian Science. suggested
that his guest submit to q course Of
treatment according to the rules Of that
cult. Before the treatment was COM
pleted the Hollander was obliged to re-
turn home in haste. Mr.. StillWell, ac-
eording to the ancient version OF this
tale. comforted the departing guest by
saying that he would give him absent
treatment. A couple Of weeks later, ac-
cording to the chronicle. this cablegram
to Mr.. Stillwell found it way under the
,cean. For Gods sake stop absent