Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-04-28
MARKET 4 BIT 0fF1STR|KE CRISIS OVER
Trading irregular Yesterday important Development of
When Not Reactionary. Week in Financial Circles.
LOSSES SLIGHT, HOWEVER lGRAviTY HARDLY Realized
Only Reading and Canadian Pa Wall Street Did
cdc Do Declines Exceed Point Until Acute Stage
DnkMISHES IN FINAL HOUR PUBLIC HEAVILY IN MARKET
Prices Fall Back Selling mo
Directed Against That It Is Buying
ket Leaders Some Improvement
important Development Of
Week in Financial Circles.
GRAVITY HARDLY REALIZED
Wall Street Did Not Awake to DAN
ger Until Acute Stage Was Passed.
PUBLIC HEAVILY IN MARKET
No Longer Any Reason to Doubt
That It Is Great Buying Force.
Some Improvement.
By w. q. NICHOLAS.

By w. q. NICHOLAS.
NEW YORK. April 27.-By far the
| most important development of the week
was the action taken by railroad man.
ayers on the one side and representa-
tives OF locomotive engineers on the other
TO avert the threatened strike. The
timely Intervention of Judge Knapp and
Labor Commissioner Nell saved the sit
uation. The country was on the point Of
being involved In a railroad blockade which
| would have jeopardized the health and
| lives OF millions OF people, and put every
man, woman and child east Of the Mis-
sissippt to needless discomfort and loss.
Not until the very last minute did Wall
street awake to the gr-vity of the case,
and the crisis was over almost before
1t took acute form. Now that the dis
pute Is In a fair way to be settled, the
stock market has gained enormously in
underlying strength and in a sense of
stability, which has been lacking for two
! or three weeks; in fact, ever since inside
financial interests began to understand
and appreciate the danger. The effect Of
the favorable turn has been to restore
confidence in quarters where the market
attitude was unfriendly. and to give in
vestors In general q clearer feeling OF
security. Prices have not advanced to
any great extent. but a growing tendency
to iiQuidate securities has been checked.
AS the issues involved in the strike dis
pute are thrashed out, the public is likely
| to hear good deal about the railroad
side and to be enlightened as to the in
justices complained OF by the transporta-
| ton interests. The performance Is likely
| to De Well staged, and as developments
occur popular interest may be expected
to increase. The matters under discus
| sion concern everybody, and there is a
| lack OF appreciation Of the facts except
ing on one side-anti-railroad. The writer
had long interview q day or two ago
| with one OF the leading financiers Of the
experience and impartial He has grown
| up from the farm to the rank of one of
the foremost men OF the day and Is active
| in the management Of corporations rep
employment to. many hundreds Of thou
sands OF men. He Is accustomed to look
ing on all sides OF questions in which he
Is interested, and by training and DISPOSE
ton inciines strongly to the square deal.
The talk turned on railroads. their re-
| lations with the public, stockholders and
employees. The views to which he gave
expression were startling, although the
| idea is one that has engaged the earnest
consideration of the brightest minds in
the country. They are especially timely
at this juncture and have live bearing
on the business situation. For that reason
space is given them. Much value would
be added IL the identity of the speaker
could be disclosed. He said:
Right Of the Government.
1T being conceded that the government
has the right as we'll as the power to as
sumo virtual control of the railroads for
and on behalf OF the public, the govern
ment takes on the responsibility (also
for and on behalf Of the public) for their
protection against lawless interference.
AS duty to society and to prevent ex-
tortionate charges on traffic the govern
ment lays down and enforces strict regu-
lAtfons. fixing rates and prescribing how
business shall be conducted. It limits
income, and at the same time demands
htgh-class service in order that the rail-
roads may do their full duty to the public
(society). 1t is thoughtful Of the high
cost OF living and of the convenience and
comfort OF employees, but is deaf and
blind to the increased cost of living as
applied to railroads. to the continuous in
crease in the cost Of transportation and
maintenance. Railroads have been for
mally adopted by the government. AZ
such they are entitled to the protection
OF the government In the uninterrupted
management Of their business.
Railroads having become in a special
sense feature Of the government, does
1t not follow that every man who enlists
IN tpe service OF the railroads becomes. q
part OF the organization and machinery
of that particular governmental agency,
and clothed with the same obligations and
responsibilities imposed upon it as an en-
urety. The arms, legs. head, heart, lungs
| human body than are the engineers. fire.
men, conductors and train dispatchers
parts OF the railroads they serve.
Ihe point l make is that in a broad
ana binding sense skilled SPECIALISTS en-
pioyed by railroads owe allegiance and
| loyalty to the state. and should be held
to degree of accountability akin to
that which invests a soldier in the regu-
lar army For soldiers to quit in a body
because Of q disagreement with the gov
eminent over question of wages, or for
any other cause or excuse, would be to
place them in the attitude of deserters,
and they would be treated as such. The
proposition by any organization of men
who are an indispensable part of the
operating part OF the operating machinery
OF railroad to desert their posts and
summartly blockade transportation of
freight and passengers Is as distinctly a
declaration of war against society as an
armed invasion by hostile nation 1t
IL not merely move against the rail-
roads to enforce wage demands. but
against . ward Of the government, and
| against the public-the whole nation.
Carried to tho threatened conclusion
strike Of 1900 railroad engineers would
cut OH inc 1000 supplies OF more than
10000 600 men. women and children, who
comprise the population Of a hundred
cities east OF Chicago Hundreds of
thousands Of babies would be deprived
OF their daily supplies Of milk. a catas-
trophe that would spell wholesale DEATH
Starvation would grimly confront millions
Of human beings within fortnight. The
result would be more terrible in actual
loss of life than a hundred Titanic dis
asters.
THE public would be the victim. And
for what reason? Simply because OF the
unlicen4d action Of body Of men who
owe special allegiance to the government
Ito society-just as obviously and sacred.
~ as the soldier under oath to protect
and defend the. flag. Ia it not right and
q safeguard the people owe to themselves
to arm the government with power to
protect itself and them against danger in
that quarter, an well as against anv
other form OF lawlessness?'
Public Great buying Force.
There Is now no longer any reason to
doubt that the public has been q great
buying force in the stock market. The
floating supply Of stocks has been very
thoroughly absorbed by the ..outside.
Spectators who sell short do not find
1t an easy matter always to borrow the
securities with which to make deliveries.
The great bulk OF stocks relied upon for