Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-08-25

/ mountain resorts. Conditions are still
admittedly bullish 1t is only a question
| Of time when the market responds to the
favorable development of the period.
National politics is still a matter of real
| concern, although there is little discus
| sion on the subject in Wall street that
reaches the outside world. Talk
is confined largely to back offices
streeters foregather after hours The
| opinion grows stronger that Mr.. Wilson
| will win out. although there Is a large
| element that believes the bulk of thought
crouch against President Taft, and in
| time to vote for his reelection.
May Be Tariff Scare.
| The Washington deadlock having made
the tariff the paramount campaign issue
the manufacturing interests are begin
ming to show signs of uneasiness. although
as yet not to the extent of affecting
prices of Industrial stocks, SO far as can
be seen. 1t is not improbable. however,
that as election day approaches there Will
be a tariff scare in the stock market. 1t
would be strange If something Of the sort
did not occur, especially if 1t should trans
pire that Candidate Wilson announces
a purpose to call special session of Con-
gress in the event of his election. The
elections in Maine and Vermont early in
| September have aroused very little inter-
| est in Wall street. Maine Is regarded as
a doubtful state, but the best the Wilson
people hope for in Vermont is a reduced
republican majority. That, they think.
might Indicate tidal wave tendency. If
| the voters Of that.rock-ribbed state should
show revolutionary tendencies, then 1t
| would be looked upon as an important
development
Railroad financiers and managers are
| far from easy over the outlook. They
realize that they are going to have the
heaviest traffic on record during the next
six or eight months. and many of the
weaker lines openly admit that they may
not have cars and other facilities neces-
sary to handle the business. The stronger
| roads, which are Well-tO-dO in the matter
of rolling stock, warehouses and ter
minals. are taking measures to keep their
lcarS in their own hands. In the past they
have suffered from the borrowing habit"
| on the part of weak roads. They were un-
able to get back their rolling stock with
in reasonable limits, needy lines holding
back cars and using them in their own
business, finding it cheaper to .ay de-
murrage than to patrOnize the equipment
going to be stopped il possible. and there
Is undoubtedly trouble ahead for the
| weak sisters.
Not only is there trouble for them in
that respect, but also on account of the
| possibility of wage increases being forced
upon them. The special commission
which is arbitrating the wage dispute be-
| tween the engineers and the eastern rail-
| road systems will bring in its report
some time in September. and the result
| may be an increase in the pay rolls.
| Wall street has a hint that a majority
| of the commission leans that way. This
| Is premature as the statisticians have
| not yet completed the work of elaborat-
ing and proving out the facts and figures
| laid before the commission. They are
| about done. however, and will hand in
their reports in a few days, it is said.
Tax Would Prove Hardship.
| Should the commission find in favor of
the engineers in part or in full, the add
ed tax will be hardship on such roads
as Wabash. Ontario and Western. Alton.
J Clover Leaf, Southern railway and other
| systems in the hard-up class. Strong rich
| systems like New York Central, Penn
| sylvania, Baltimore and Ohio, Reading,
Lackawanna and Lehigh Valley can
would hurt badly. Especially would this
| be the case, as rise In engineers wages
would almost certainly be followed by an
| increase in the wage scale of locomotive
| tiremen.
| Labor unrest Is recognized as very
| serious problem. 1t Is affecting every
| line of industry. The city of Newark.
n. j., affords a striking illustration OF
| the uneasiness among labor people.
Newark is exclusively a manufacturing
city. and probably has a larger diversity
| of Industries than any community In the
| United States. The workingmen are fair
| Is seething with excitement, and from
| every quarter spring insistent demands
/ for more pay.
| Labor leaders have never been as busy
! and have never found more fruitful soil
| for the exercise Of their peculiar genius
| for agitation. Wall street hears that this
| same spirit is rife in every manufacturing
| center Politicians understand the con-
| ditions and are planning to avail them
| selves Of it for election day purposes.
| Whether the labor vote can be pulled
back for the high protection candidates
| or whether it will swing in a revolutions
airy direction no one appears as yet able
| to say with certainty. This is one of the
| deep down factors in the stock market
| about which the public has. as yet. heard
| very little, but which is unquestionably
| acting as a deterrent upon the actions of
| the interests" 1t is one OF the things
| that is holding back the stock market.
| Investors and spectators in the anthra-
| cite coal roads would like very much to
| know what the interstate commerce COM
| missioners are going to do with regard
| to rates for coal on these lines. The
| commission has the matter under consid-
GRAFTON and Is trying to find out what be-
cost of coal at the mines and the cost
of coal to consumers. The claim has
| been made for years that the railroads
| are getting altogether too much of 1t. and
| that they ought to make a heavy reduc-
| ton in transportation charges. Nearly
| every one of the anthracite coal-carrying
| roads has made enormous sums OF money
since the settlement OF the coal strike
by the Gray commission nearly ten years
/ ago. For every dollar the miners have