Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-03-23
"Biq Men" Are Not Inclined to
Move Until Financial
-,
Skies Clear.
HUGE SUMS OF MONEY
LIE IDLE IN BANKS
Will GO for Purchase of Stocks
When Owners Are Satisfied as
to Conditions.
BY w. G. NICHOLAS.

BY w. G. NICHOLAS. -
NEW YORK. March 22-The minor
market forces are hard at work, but they
haven't done much in the way of making
important price changes this week True,
1t has been a short week, but if 1t had
been eight days instead of four there
would have been probably no sensational
changes. AS matters have been crystal
LIKING, there is little to encourage specula-
ton either for the rise or fall. The .att-
tude of uncertainty which seems to hold
the great banking interests in check has
influenced the entire investment and spec
ulative community. -
Men who are usually active are doing
nothing. They are waiting, they say. for
the situation to become more stable. They
contend that it is good deal like buy
ing into a lawsuit to take part in the
market at present. The impression pre-
walls that i'm some way there is liable to
be an immense tie-up of capital and credit
incident to the settlement OF the mon
Pacific-Southern Pacific comphcauon.
The parties directly at interest cannot
come to>an agreement satisfactory To the
Department of Justice, and until they 90
agree Attorney General McReynolds lets
IL be known he will not take an active
interest He is not looking for trouble
or doing any volunteer peacemaking-
lie contends that the fight over a dlvl-
sion of the assets of the comolnatlon
rests with the owning factions, and that
il is for them to fix matters up in COM
pliance with the rulings of the supreme
Court Failing to reach an amlcabie
agreement the chances are that the prop
critics will be thrown into the hands OF
one or more receivers for final ADJUST
ment Such a contingency might easily
tie up large Wall street interests linden
nitely This is what is feared. and it is
one of the reasons for stock market IN
action.
Tariff News Measuring.
Latest reports from Washington with
regard to the impending tariff legfsia-.
ton are exceedingly reassurng. Those
which attract most attention are that the
various factions who compose the ma
jority and its friendly allies have really
been brought into an agreement for con-
cert of action. If this be true 1t kills In
incipiency all the multiform schemes OF
little fellows for defeating the general
purpose of the bill by insisting on local
exemptions from downward revision. The
old, old scheme of Matchmaking Congress
majorities by compelling favors for lnd1-
vidual congressman seems likely TO soon
be lost art 1t looks well in print and
in preliminary discussion on the coming
of the political millennium. Wall street
a
suits, but hopes for the best.
All of the current visible developments
and most of the speculation as to future
market action are considered by many
deep students to be of comparative unim-
portance alongside the uncertainties
which envelop the great problem of high
finance. This is problem of deepest
concern with those who are now leaders
and who are held to be in a sense re-
sponsible for the management of what is
commonly described as The big affairs
of Wall street. and by Wall street is
meant the centralized large interests Of
process of inevitable dissolution. The big
men who built up the combination are
dying or retiring from active business.
Those who are still in harness would
like very much to find men who could
take their places. Thus far no stupen-
dous financial giant has made his appear
ance. Several eminent gentlemen would
like to try the job of bossing Wall street,
but none of them has measured up to
the estimates of commanding leadership.
Street Reforming Itself.
We are in the dawn of great reform
in this respect, down in Wall street. The
system OF interchange of condolences be-
tween the big banks, out of which has
grown a system of espionage and con-
troll over mems financial affairs, is
doomed. The practices connected with
the confidential circulation of private
affairs are now being recognized as
wholly improper and dishonorable. The
business community is i'm process of lib
Grafton from a species of slavery-shame-
full subservience to the dictates of self
elected guardians of public and private
financing. Personal independence may
soon again become permissible, and with
il exemption from the humiliating senSe
that personal affairs are under dishon-
orable surveillance.
The confusing reports incident to the
Union Pacific-Southern Pacific contro-
yersy have done good deal this week to
unsettle the minds of the traders on the
exchange and reduce the general market
10 state OF semi-stagnation. Next in
point of interest was Steel. For some
unaccountable reason there is always a
dead weight of heavy selling in that
specially, yet on every important recess
sion a solid impregnable support makes
it's appearance. There seems to be I'M
limited buying between 50 and 81. Wheth.
er this is strictly inside buying is some
thing nobody seems able to ascertain to
certainty. 1t looks very much as
though a party of multi-miIlionaires have
supporting orders in around that figure
for all stocks that may be offered.
In No Hurry to Buy.
An incident occurred in one OF the clubs
which fairly illustrates the prevailing
sentiment among operators OF the better
class. A party of well-to-do and rich
men were assembled around dining
table and conversation naturally drifted
to Wall street conditions. One of the
men casually remarked that he would
like TO get into the market again, but
would not make a move until the skies
cleared. Il have $4,000 in bank he
said. "and it has been there for three
months. / sold out some of my stocks
and put the money on deposit intending
10 reinvest in a very short time. i ex-
pect to put all of that money end more
into good stocks one OF these days. but
I'm not going to be in a hurry about 1t.
The situation doesn't suit me- OF course
conditions will improve, but people who
are waiting for the Improvement must
not be III bury 1t may be some