Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-06-01
G|ANTS0F FINANCE
ARE LYING Low
Present Hour Policy Is Said to
Be "Get Safe and Stay Safe
by Doing Nothing"
WALL STREET DULLNESS
ECHO OF THE ELECTION
Millions Husbanded Because of I'm
certainties Over Political Outcome.
Stocks Narrowed.
BY w. g. NICHOLAS.

BY w. u. NICHOLAS.
NEW YORK. May 3f.-The writer made
a close personal canvass OF list of the
richest and most influential capitalists
and representatives of big business"
and sounded them on the general bust
ness and securities situation. The OBJ
into conditions that have become an in
tolerable puzzle and sinister mystery
a surprising unanimity of views and
opinions was developed on the part of
the financial giants and those intrusted
with the conduct of large affairs-men
who are in closest touch with the forces
commonly described as ruling and
Controlling They admit being in a
state OF helpless inability to form judg-
ment. as matters now stand. They con-
fess confidentially, and few of them
openly. that they are unable to offer
counsel upon which to base aggressive
action in any direction. Personally their
policy, for their own personal govern
ment. is to ''get safe and stay safe. by
doing nothing.
one capitalist of the very first rank,
who has been successfully active for
forty years, put his views into language
generally. expressive of those of four
out of five persons interviewed.
1T is my personal belief. he said.
earnestly, that the conservative men OF
the whole country have been putting
their houses in order for a year or more
against new order of things. the ex
act workings of which they could only
vaguely anticipate. but which were dim
ly and forbiddingly foreshadowed in pop
ular agitation against established inStttu-
tons. The unrest was reflected at the
polls and in noisy approval given the
activities of dangerous political dema
nd 1pc nf inl
Every radical demonstration meets with
vociferous approval 1t looked almost
as though the country was in the early
stages of a revolution. threatening to
property and life. Every move against
the existing order of things is hailed
as righteous protest against tyranny
and usurpation of sacred rights. The
crusade assumed a really terrifying as
the solid. law abiding and property-own-
ing classes. They saw and felt the APP
proach of strange CONFUSION and were
warned to prepare for defense.
Conversion of Property.
I'm my own case" he continued. Il
adopted plan of sef-protection. ]
converted a large part of my property
into liquid assets. selling my least de-
sirable securities for cash, banking most
of it. and with primitive instinct actual
ly planting a considerable safety fund
for emergency purposes. This may sound
childish. but there was something about
the prospect. that got on my nerves and
impelled seemingly cowardly action. Eu-
ropean peasants are said to have buried
hundreds of millions of dollars in fright
over the Turkish-Balkan war | sup
pose I was afflicted with the same
strange feeling that l must safeguard
myself. my family and our common In
terests against some undef1nable danger
,lrf,, nd G
element of nervous hysteria about such
a sentiment, but l am satisfied that
am only one among myriad or my
fellow-men who felt and who are still
oppressed by kindred sensations.
I'm my opinion many hundred OF mil
lions Of dollars are held thus nerv-
Gus expectancy which should normally
be employed in legitimate business chan
nels but which is in a state Of paralysis
pending the peaceful readjustment OF
strained and unnatural social and po-
litical conditions. 1t is a queer situation
and is rarely discussed excepting in pr1-
vate and among friends. yet feel In my
bones that here is where you will 10
cate the true source of the present other
wise unaccountable nervousness that
tends to paralyze business activity III
every quarter.
Danger From Theorists.
In my opinion confidence will not be
restored Until the amateurs and danger
Gus theorists now in political and judi
cial power are taught by bitter experience
the insane folly of seeking the enforce
ment of half-baked theories with regard
to governmental control of private prop
erty and the regulation of personal
rights. Politically and socially the coun-
try is on dangerous ground.
The crisis of the civil war was no more
alarming in its bearings. Personally.
am a rich man and | have done my full
part in developing the resources OF my
country. | have been drawing in my own
resources for quite awhile. and it is my
present intention not to invest another
dollar in active affairs until conditions
are restored positively to healihfLlness.
and until sanity again becomes the gov
erung force.
The foregoing will afford the reader
fair idea of the complexion of the pres
ent securities situation. as they appear to
representatives. of the active interests in
Wall street Conditions are novel and
hey end the comprehension OF students of
keonest observation and longest expert
ence. New and unanalyzed forces are
in operation. and past experiences count
for little or nothing In the forming of
conclusions. From a speculative and in
vestment standpoint Wall street IS an
uncharted sea. For the most part trad
ers, usually active. defend their inertia
with the assertion that they are not
afraid to play, but that they do not in
tend 10 take position until the real
leaders make up heir minds. There is
"a general expression of kindly feeling
toward President wilson but through it
all /. rGental reservation that he must
prove an. better than lie has Yet done
Iefor, he can he accepted - the Moses
of the hour.
Steel Backbone Of Market.
ON several recent occasions coming
events have been discounted, the record
shows Furekuowledee of the cut In New
Haycn's dividend from to q per cent
caused q break in the price from around
i:;J 10 nearly par. since which time the
stock has been as solid as an thing on
the list 1t has seemingly permanently
Joined the q per cent group. Frisco broke
Ia points. IhereIbouts. right Tito the
lap of the receiver, there - stop FOR "A
rest About all shat could happen has
happened to several OF the etiait.es.
and they too have gone into uneasy
sleeps. When dis ers slipped through
an air hole in the rotten ice. to the loss
Of AZ points in half an hour, : cScitci
hardly Il ripple. The sugar issues rue
weak generally on the prospects of Il
tariff cut: another case of discounting the
future Steel. although under the mar
row of all kinds of persecution. has been
one of the strongest of the active specu-
IatIVe stocks for several weeks III was,