The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-11-25
MEtRHUL TONE TO
PREVAIL IN STREET
nsess IN WAR, MONEY MARKET
AND WAGE DISPUTES ARE
ALL PASSED.
BIG PEOPLE BULLIST
AMY THE PROFESSIONALS CAN
SEE HEAR SIDE OF THE MAR
KET-sCIESTIrIc TARIFF
REFORM.
BIG PEOPLE BULLIST
a. THOMAS C. sAorwgLL.

snnnex, market and in the matter OF
uare disputes between railroads ana
sfheir employees Peace abroad, cheap
~ money at home and freedom from
!. fear OF railroad strikes are the three
rreat facts that have not been dts
( cnnnted In the market much more
II cheerful tone. therefore, should pre-
vail. Since the professionals are all
bearish, and the big people all bulb sh,
%f4 will be only natural to expect a
higher range OF prices. whether thb
advance Of the market Will be acid
depends upon the humor of the gen
Arai public for the advance promises
TO be of proportions sufhcient to at
tract profit taking.
Officlai publication will be made TO-
I morrow of the finding OF the locomo-
tive engineers wage commission. The
i pubiication will be official only, for
L WALL Street has had the report IN
1 the type for several days, and II .aas
been in verbal circulation for more
4 Than two weeks When the general
4 public receives the report, It Ia ex-
II pected that q loud cry of protest Will
70 up from organized labor. Fhis -
4 the iirst time organized labor has re-
& ceived a distinct check in It's uenahoS
+ Tor high wages. The advance granted.
~ has been stated in this column sew
ErAilroad men consider 1t great VIC
larry. especially because the commas
sion recommends that future disputes
Ehe referred TO q national commission,
ESAnd that the employees be competed
Eto accept whatever findings are MADE.
Strikes Against the Law.
The idea that employees should be
Ecumpelled to continue their work pend
ing arbitration OF wage demanas. HAS
been discussed for several years. tut
This is the first time that any definite
action has been taken to enforce THIS
kprfncipie. While, 1t is true. any IN
Et1isidual has the right to quit wosk
Ewhen he pieases, Il is a fact that
EStrike Is not an assertion OF this nat
ksural right, but is Ia "a conspiracy
Eench AS In clearly forbidden by the
fisherman antitrust law. The polin-
Ecians al Washington have been care
Efully deceiving the public in regard to
Ethe principle of the sherman antitrust
EdAM, and part of that deception mas
Eheen TO enforce IL against cousp1rarfes
EDf capital, but to leave conspiraSies OF
labor exempt The idea now popular
Enmong all sober citizens is. that since
@tic continuous operation OF railroads.
n4H necessary to public comfort and
health. all persons accepting employ
ernent on a railroad should do SO with
Sthe understanding that they owe pc
4Eniiar duty to the public~-the duty or
remaining at work. The work has
Haurh an Interest In the operation OF
rnfiroads that etcsertion OF railroad
men should be put upon the same
Rplana as desertion of soldiers. The
B1Uss Of life might easily be much more
N4erribie in the case OF railroad
Extrtke than in a strike of a whole
army.
This II peculiar danger that busi~
mess organization Of modern tunes
has developed. and the common wise
@ay suggests that the United States
government should take charge Of all
wage disputes between railroads ana
Efhsir employees. The fact that this
Eprtnciple has finally received official
secognition Is of great value to IN
Evestors. as well. as TO the general pub
nc.
No War Scare.
AS a matter Of routine ii may be
Efeiterated here once more that the
Eampontant bankers of the world have
mot the slightest fear OF general war
LIN Europe. War scares, however. Will
1rcur from the time, bat about all
The scare has been taken out OF the
SBalkan situation. In reality, the
Balkan war has been u good thing
EXMF lItCstGES, bNSLuSG AZ uAS put shU
Eend to runners that it was going to
<nake place, and these rumors have
6een frightening the stock markets Of
#3he world for the past twenty years
sDeftlement of the war officially Is la
E6le 10 be announced any day, and
That will release such flood OF gold
- will revive business everywhere.
E This year, for the first time, the
&bnlk of the cotton export movement
Gkas been financed In New York. When
ever the bills were sent abroad this
autumn they met advancing money
4Sntea and the result was that the
1rcat bulk either remained In New
York or were sent back TO this center
- be held until maturity. The bills
E1are now maturing and Will, in the next
&4xty days, release at least a hundred
KffffOu dollars that is tied up IN New.
$Kork. but that London will be COM
neIled to take care OF. Easy money
VIII be- seen from now on. and this
sNdil help the business boom that Is
rowing in spite of tariff reform.
Tariff No influence On Steel.
4 Since President elect Wilson an
fSOunced that he would call an extra
exaion OF congress. come OF the most
important consumers of steel products
America have obtained prices
HDroad They ind that nothing could
u gained by buying abroad even
b0ugh the tariff We're removed all
AEelhfr Sallld es1e. toreign steel ulen
nd themselves Ia the midst OF "A de-
nFession abroad al u time when a
loom il III progress in America. then
4teei could be sent to the United
Mates To advantage This would
eally be a good thing for investors
n stocks ~ steel companies, because
would prevent the American mills
rom overbuilding- II would make the
k&e1 business more even.
THE United States Steel corporation
now selling one-ffth of it's total out
MI abroad and In the event Of the
kFfN being reduced to a level where
couid not compete by using Ameri-
- labor, II could easily establish
n1fjs In foreign countries and flood
A United States with the produce Of
tuper labor and thus protect Its
6ckhoiders, even though congress
Stn1at compel 1t to reduce Its EN-
90es 10 . lower condition Of life than
~ NOW enjoy.
No Harm TO Anyone.
&npttAl has nothing to fear from
1G reform. as the entire blow Will
upcn iabor.
6tentinc reform OF the tarY need
hurt even labor. and that 10 the
1 Of reform that Is promised. 20
III there il no reason for getting ex-
over the tariff. because Of the
afirAbie CROPS Just harvested and