Evening star. [volume] (Washington, D.C.) 1854-1972, 1915-10-19
NO LONGER FEARED
| BY THE F|NANC|ERS
"Washington" Ceases to Be
CIassed as ''Bugaboo" in
Big Business Circles. j
BELIEF THAT Mr.. WILSON
IS SOUNDING SENTIMENT
No Radical Legislation by Congress
Is Anticipated-New York's
Moneyed Men Serene.
BY N. o. MESSENGER.

BY N. o. MESSENGER.
NEW YORK. October 19.-Down in
the financial district" where abide the
men who hold the purse strings and
control the destinies of great business
railway investments, Washington
has ceased to be bugaboo In this
connection washington" is used COL
loquially as indicative of governmental
restriction, through executive and legis-
lative action, of the plans of big
business"
Time was, and not long. when the
financial district went to bed at night
wondering what next days dispatches
from the seat of government would
bring forth in the way of menace-that
is, menace from the viewpoint of the
street, though considered remedial and
reformatory by the powers that be in
the capital.
The financial district was afraid OF
Congress. afraid of the Supreme Court.
of the interstate commerce commission
and deathly afraid of the Department
of Justice. At one period in the decade
it fairly shivered at the thought of the
White House.
practically OFF the Map"
But The Stars correspondent. who has
been making inquiry in competent
quarters upon that subject, is informed
that now the district no longer lives in
mortal terror of Washington and its
works. The capital is practically of
the map. so far as big business here is
concerned. A recent occurrence to i'll
lustrate may be cited, when announce
ment was made ten days ago of the pro-
posed merger of a number Of independ-
ent steel companies into two big cor
porations to rival the existing man.
moth combination. under fire in the
courts. the Department of Justice is
sued a statement which might have
been considered warning to look out
for the Sherman antitrust law. Did
the district take alright? Not for a
minute. 1t glanced at the statement
with curiosity but not alarm. turned
the paper to the next page, where were
the latest quotations of the stock of the
ahead with it's plans for the mergers.
/ am told that the controlling reason
for the prevailing Indifference to WASH
ington and what it may or can do is
the fixed belief that the national ad-
is trailing big business. in
stead of the reverse being true. as here
tofore.
Is Sounding Public Sentiment.
1t is said down town that the financial
leaders are convinced that President
Wilson, as head of the administration,
is seeking to sound public sentiment
and follow it-that 'he has his ear to
the ground" to quote a term most fire.
ouently used in a political sense. This
conviction is assigned as one of the
supporting reasons for the existing big
boom in the stock market, the principal
one being the war orders and tnterna-
tional financing. Every report that
reaches New York from persons close
to the President and his administration
adds confirmation to the accepted 'un-
that President Wilson is
intent upon maintaining a friendly atti-
tude toward the business world.
Incalculable strength was added to
this sentiment in financial circles by
the recent announcement from the
White House that sugar would not be
allowed to go on the free list. and the
later that revenue duty
might be placed on wool. The business
world Immediately accepted this as evil
dence that the President does not in
tend to allow the southern free trade
element in Congress and the western
"customhouse razers'' to have full sway.
Classed as Greatest Menace.
The fact that nearly all the impor-
tant committee chairmanships in the
House Of Representatives are held by
southern democrats, whose radical low
tariff views are well understood. has
been realized by the business world to
be the greatest menace of the demo-
cratic administration. Recently the
financial district has reached the con-
clusion that President Wilson has
drawn into closer sympathy and under
standing with business and manufac-
turing industry and they believe he
will not allow further radical legisla-
ton, but may, in fact. urge some de-
sired changes in existing tariff law.
The Treasury Department no longer
holds the financiers in awe. Once the
Secretary of the Treasury was the des-
pot of national bank flnanciering, now
the federal reserve board in a measure
supplants him in all affairs touching
national banks. 1t is true that known
element in the department causes un-
easiness as to certain purely admins
trative functions relating to national
banks, but it is felt that the federal
reserve board controls the broader
Of the reserves of the national banks,
and this control is not now in the
hands OF one man.
The Department Of Justice. it is said
ed with less apprehension than for
merly, as the conviction is held that
the department is attending to its
knitting" the same being the admin
istration of it's definite functions.
There is no fear of the department
running amuck" in big business mere
ly because it is large.
Railway Situation.
The interstate commerce commission
for many months held the railways in
a state of misery over the question
of demanded increased freight rates.
1t appears that the railways have
finally decided to go ahead and do the
best they can in existing circum-
stances.
There is nothing of large concern to
big business before the Supreme Court
since the Standard Oil and other cases
were disposed of. except the appeal In
the Steel Corporation suit. and the
unanimous favorable decision of the
lower court Is expected to stand. AT
any rate. tendency of the appeal is not
affecting business.
Nothing is expected at this session
OF Congress to disturb business. II
is not understood that the President
has any radical legislation to propose
and IL is felt certain that Congress
will not run away with itself OF its
own accord.