Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-02-02
in NARROW LIMITS
Wall Street Speculative Play
WoefuIIy Inane.
FORCES AT WORK BEHIND
Operators More Serene Over Drastic
Legislation.
TRUST LEADERS ARE QUIETED
Industrial Problems Working Out
Their Own Solution-Money
Situation Easy.
TRUST LEADERS ARE QUIETED
BY w. g. NICHOLAS.

NEW YORK, February 1.--Gnats mos
quitoes. jiggers and kindred pests have
stung Wall street into state of irrita-
ton difficult to understand Or describe.
The disorder is only skin deep and in
due course Of time will pass away. At
present, however. the sensation is far
from pleasant and everybody Is complain
ing. Stock market action is irregular
and gives operators no cue to act on.
Nothing could conduce more to feverish-
ness and unrest. This feeling has no way
to give itself expression. Price fuctua-
tons are within very narrow limits and
the speculative play is woefully inane
excepting in a few of the specialties
which are under the absolute control Of
pools and individual plungers. 1t has
come to pass that the great leaders on
the list have been forced to take back
seats at times in favor of such specula-
tive things American Can, California
Petroleum. Copper and Rubber. Sterling
stocks. like Pennsylvania. New York
Central. Atchison, Baltimore and Ohio
and Norfolk and Western. hardly bulge.
while the popular favorites of the hour
fiuctuate wildly. On the surface the ac-
ton is seemingly meaningless. This is
not true, however. for the great forces
are at work behind the scenes and gov
erning sentiment will one OF these days
take form. Then. to use the language Of
the sporting man, something Will be
started
Excitement caused by the verbal ex-
ploitations of the two most conspicuous
progressive leaders-Wilson and. Sulzer-
alarm occasioned by their earlier out
breaks has given place to a feeling OF
partial serenity. From their later utter
ances 1t begins to appear as though both
OF them when confronted face to face
with actualities are less anxious than
formerly to use the club and bludgeon In
prosecuting their campaigns for national
reform and uplift. The glove. instead OF
the club is to be used both in Washing
ton and in Albany, although in the latter
case local conditions may compel the
governor to be drastic in some OF his
operations. In national sense, however.
the Wilson program seems to be less
threatening. Leaders of Industrial and
railroad management and also the kings
Of finance no longer fear that what they
have accumulated in the past Will he taxi
en- away from them They have been told
frankly that they will be allowed to en-
joy the fortunes they have amassed down
to date. but that i'm the future they must
be more careful in their methods and
must give greater consideration to the
rights and feelings of the public. This is
clearly compromise situation and sng-
gests the imminent probability OF settle:
ment by mutual concessions. This is
very quieting condition and is an ele-
ment of foundation strength to the stock
market as Well as to general business.
Real Controlling Factor.
The consoling thought is taking hold
of Wall street that the politicians at the
national and state capitols are realizing
that the really controlling factor in affairs
is the solvent element-and not the noisy
crowd that does the talking and beats the
drum. An overwhelming majority Of men
who support the home and who are de-
pendent upon prosperity are set against
anything radically revolutionary. although
they tolerate the vocal demonstration OF
the windy fellow. When it comes down
TO actually doing something. the poll
ticians exercise discretion and they are
letting the thinking public know that they
understand the situation and will act
accordingly-Or not act, as the case
may be-
The leaders Of Wall street. and that
means the leaders in the business world.
are rather ashamed for allowing them
selves to be thrown into state of trepi-
dation by the wild talk of revolutionary
legislation. 1t may be revolutionary after
all, but not confiscatory. The spirit of
compromise seems to be taking possession
of leaders of thought on both sides, and
d
we'll as for the general public.
Two of the most important industrial
combine tons of the trust class are in
the early processes Of voluntary dissoiu-
ton. namely: harvester and sugar. The
results of the compulsory disintegration
of the standard Oil and tobacco trusts
proved such a profitable experience that
all fear OF similar action in other cases
IS disappearing. The advance in the SUBJ
sidiary stocks Of oil and tobacco was an
eve opener and turns OFT to be an incen-
tive to quick action by the trusts them
selves This peaceful readjustment prom
ises to do away with the necessity of
government litigation to break UP the big
combines There are hints that United
States Steel will adopt the same plan
and peacefully break up into its original
parts. These reports are denied at the
Headquarters of the steel trust but no.
hody pays much attention to official
statements Of that description. II is be-
ing discovered that a good deal Of mis-
leading information has originated in the
steel trust headquarters and for that rea-
SON the label Official no longer carries
weight. Those who are Entrusted with
tho work Of scouting for news in Wall
street attach slight Importance to state
ments that cannot be verified by known
farts outside OF headquarters. This
statement OF course. does not apply to
all of the corporations, but notably to