The Washington herald., 1912-03-31
wall street.

| 1t is a question whether the sentiment
| throughout the country in regard TO Wall
street is not slowly changing for the
better. This is due perhaps to the
broader education the West is receiving
as the country grows. by reason OF the
contact with the financiers and capitalists
| of the East, which the Western leaders
| of progress have had in the last few
years in their operations for the upbuild-
ing Of great enterprises. The Western
men have found that the people they
have come here to see are not so different
from themselves: that they have been
met halfway. and that the interest or
the Eastern capitalist has been to make
success of whatever was undertaken
all Of which involved caution and con-
servatism. And these very methods OF
the East have appealed TO the Western
men. and in conjunction with the latter $
energy and aggressiveness. many large
enterprises have been carried to success
full completion The fact is that Wall
street, and by this is meant the great
aggregation of Eastern capital and
brains. is a very large owner OF all the
most important enterprises Of the, whole
country.
Changing Sentiment.
The people of the West are part owners
in these institutions and corporations
which are thus being carried on. and as
the West becomes richer and richer. this
ownership becomes larger. To wipe out
all prejudices there is no panacea like
publicity. The still SOW that swallows
all the swilI is the object of the concen-
trated hatred OF its fellows: and 1t must
be admitted that for some years the
ashton was to conceal and to proceed
stealthily and mysteriOusly, licking up
all the dollars in sight. without regard
to the feelings or the rights of fellow
men. The time has gone By when these
methods can be pursued without the
greatest danger and ultimate confusion.
The warning signals are flying and the
guns have been booming for two or three
years In a way to rouse managers to
policy of the utmost frankness and pub
licity in conducting the affairs of great
corporations Those who do not heed the
signals are inviting destruction.
Wall Streets Political Opinions.
In this view of matters Wall streets
opinion on large political affairs should
be considered without prejudice and
given due weight.
In Presidential matters Wall street and, |
in fact. a large part of the business
interests of the country, feel that II is
a time when the President to be elected |
should be thoroughly honest; intent upon |
administering the government for the |
benefit of the country irrespective OF |
what effect action shall have upon per- |
sonal political fortunes; firm in purpose !
to have the laws observed but careful |
that neither he nor his assistants shall |
be allowed to make political capital out |
of any procedure; conservative In judy l
ment rather adhering to old and we'll |
tried lines of progress, than ready TO /
take up new and questionable theories: |
free from heat and impetuous haste: |
calm. wise according to his lights. given
to painstaking investigation Of condi-
tons affecting the people and open TO
conviction after careful consideration
II there is among the candidates no
man who wholly measures w to these
requirements then selection of the one |
qualifying most nearly must be made.
And the reason for this conservatism
in selection is, that to be prosperous
the business of the country must be re-
Iieved of turmoil and disturbance, which
for two years has had so large a part
in curtailing earnings and arresting our
Industrial progress.
Steel Corporation Finances.
The issue by the United States Steel
Corporation of S3O,5OO,OOO in underlying
bonds for the purpose OF providing cap
ital for extension Of properties, &c, in
vites attention to the results of the last
two years and especially OF the last
year, TO the business Of the country, great
and small. by reason of curtailed profits
The Steel Corporation showed for 1911
a surplus after dividends of A,6O0. 600. but
this result was obtained only by draw
ing upon the resources OF subsidiary
companies, and II this had not been done
the statement would have shown a de-
felt of over s5.OO0.OOO. In the last three
months the iron and steel business has
shown marked revival. but this has been
indicated in volume of orders and not
by profitable prices. With the Steel Cor
the business has been excep-
tionaIIy large. but the earnings have
decreased. and 1t is said that
the business for the current quarter Is
likely to show a deficit after dividends
OF more than Ss.oOe.OOO. The experience
OF the Steel Company is more or less
that of the whole business OF the United
States, and IL is because OF this. al
though there Is a better demand. that
business men. when speaking OF their
own operations. characterize business as
poor and disappointing.
Increasing demand. however. Is bound
eventually to bring better prices in steel
operations and all other business.
Business and Stocks. II
The outlook In general business con- I