The Washington times., 1919-10-25
Boersianer's
Comment
on Business
BY BOERSIANER-

I ~
Z. n Gary's pungent speech to the
members of the American Iron and
Steel Institute and the defeat of the
Lloyd George cabinet have an i'm
port beyond their apparent face value.
| ihey mark, openly and pointedly, az
chanse In the conciliatory attitude of
capital toward labor in the United
States and in the United Kingdom.
In this column it was noted last
month, not without some surprise,
that the essence OF capitalism, Wall
street, was as whole taking the side
Of labor in so far as concessions and
| constitution are espousal.
| Bankers, promoters, stockholders,
| astonished the penman by arguing in
1 FAVOR OF the employed Wages should
be higher, hours shorter; a moderate
| percentage of the annual surplus
might be bestowed down the payroll
roster with results mutually beneficial
| The old order between the employed
and the employer must be altered; not
to the extent implied in President Will
sons pleas. advocates and concrete
policy, but in a degree which would
offer more dignity and income to the
| worker. The dissenters in the finan-
cial district were so few as to stress
| the proposed new rule of tentative
| cooperation.
Today different word is heard; a
word defiant and determined. Some
thing has happened in the meanwhile;
something has snapped. Perhaps
capital-as 1t is represented in the
thoroughfares which furnish the
world with money-capital thought
| itself Tilted, would not be met half
way by labor. Possibly in extending
its hand capital fancied the other
| party wanted both arms; wanted, that
is. more wages and shorter hours plus
a too large part of the profits, with
eventual proprietorship.
Whatever the cause or causes
| these could be set down readily and
lengthily although hazardously-
capital has taken firm stand against
labor; has set its teeth, as it were, in
| the determination to oppose what 1t
| believes to be ruinous aggression,
In this country the stand is typi-
| fled by the Steel Corporation, in the
particular person of Mr.. Gary. From
| the formation of the corporation to
the day of the strike the chairman
| of the board of directors had been
symbolic of tact, diplomacy and unc-
tuous accommodation. Suddenly he
became adamant and his utterance
/ ringingly defiant, as at the Hotel
Commodore yesterday. A principle
is involved, he declares reasonantly,
| which can never be associated with
| compromise.
Abroad, the events which have
ultimated in the Cabinet crisis were
| not so clearly cut. Lloyd George
has the gift of making enemies at the
two economic extremes. He is hated
by the ultra radical laborites and by
| conservative capitalists-if the latter
| term be not Pathological.
| Capital has not worked against the
premier as has militant labor, loudly
and angrily, but it has operated far
more effectively. Since armistice day
the British who are capitally respoa-
sible for the empires economics be-
gan to undermine the Lloyd George
cabinet st they might be rid of
Lloyd George.
The aversion to the Little Welsh
lawyer is not new. Long before the
war George was regarded an econ
omic danger by English financieIs.
But for the war the silent fight on
him had begun sooner. To Threat
needle street it became clearer week
by week that there is no one less
suited by training and disposition for
the management of nations trade
than politicians of the Lloyd George
type" Commerce can flourish only
il the Lloyd Georges will keep their
hand from meddling and meddling
with 1t. Interference by the Lloyd
Georges produce discord and trade IS
made the sport of political adventures
and wire pullers, English bankers de-
clared.
While the war was on. Thread
needle street held its hand, but since
last November it's fine hand has been
operant. Everything fairly Legitimate
has been utilized to make Lloyd
Georges position as a political pow
er untenable. The fight on him has
been sincere and convinced so far
| as the financial and commercial in
terests of the United Kingdom are
| concerned and the sincerity and con-
victions were doubly confirmed by
the economic recklessness and ex
travagance of the Lloyd George min
istry during and after the war
Although Lloyd George may not be
a Socialist at heart, his Political
pusillanimity, London ffnance-charges,
has done more to brood Socialism in
England than the half century propa
ganda of the Fabians, London finance
| charges.
| And with the postwar campaign to
depose Lloyd George. the tone ana
tendency of certain English periodi-
Gals have changed. For a time publi-
| cations like the Economist and the
Statist expressed themselves as Wall
| street expressed itself last March.
| Financial London came back-or went
back-as financial New York has re-
verted to the old reliable base
Neither in London nor in New York
has labor now friends in enemy's
| camp. The enemy is unanimously
belligerent: and this may account for
the dwindling influence of labor trou-
bles on the stock market. Stocks
break on fresh outbreaks in the union
camp, but they recover quickly.