Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-04-08
Financial News Letter
BY w. @. NICHOLAS.

NEW YORK a prii THE motive behind
the raw manipulation for high interest rates
Is obviously to attract money from all
parts of the world In order to make foun-
dalton for big bull market, but some of
the pool leaders and room spectators
couldn't walt. Accordingly they put on
steam ana let her go. AS per schedule the
spring Doom In the stock market should
not nave commenced before the 1st of May,
put Things looked good that the high
rollers, or some of them, concluded not to
wait. They were so full of ginger and en-
thtslasn that they couldn't sit still They
picked out Reading, Union Pacific, Amalga-
mated and the Steel stocks for their favor
ties and proceeded to do business. In the
race OF an apparent certainty that there
would be q strike in the anthracite coal
mines Reading was advanced about s. a
share The rise in Amslgamated made the
net gain sl3 a share from the inside quota
ton established a few weeks ago. Union
Pacific rose strongly and the Steel stocks
were in great demand al a recovery of sew
eral points above the depression incident to
recent extensive liquidation for inside
count. The whole market, with the SXcep-
ton of New York Consolidated Gas and
some of the other industrials which had
been unduly bulled, felt the influence of the
Tally In the favorites. st. Paul. Brooklyn
Rapid Transit Illinois Central and a dozen
other stocks on the active list moved in
sympathy with the leaders. Later high
call money caused a moderate reaction.
The anthracite coal barons have been ex-
ceedinsly cocky. They have acted as
though they were more than willing to en-
gage in a conflict with the miners Their
attitude from the very beginning has been
that OF supreme confidence. This is based
on what they believe to be the best of in
formation that the anthracite miners are
satisfied with their situation and will re-
turn to work quickly under the conditions
RI me no Las
operators are seemingly not averse to a
season of ideness at the mines, which
would allow them to work off the accumu-
lated surplus. Another point which has
been made clear is that the opera tors are
prepared to make stand against Wash
ington interference. They seem 10 think
that the President has learned his lesson
and Will not again attempt to ''butt in
but If he should they are ready for him. so
they say with one voice. They refuse to
admit that they are harsh or selfish in de-
Ginning to give their workmen larger share
of the profits taken from the public and
contend that the workmen are amply COM
pensated and entitled to no more than they
are getting. They refuse also to concede
that their unyielding attitude is in any
manner contributing to the general polit-
1cal and social unrest. which Is everywhere
apparent There is a feeling in high
thracite circles that the President will keep
his hands of his time.
To hear some OF the bulls talk one would
think that balloons wOulI be necessary 10
find the top of the market. To their joyous
view the crops Of 1895 have been harvested
money is I'm abundant supply al per cent.
labor ana capital are al rest Mr. Hearst
has been suppressed, Insurance thieves have
been punished and the scandal quieted high
financial graft has been stopped the United
States Senate is abolished rate regulating
and trust busting are at an end and the
STANDARD Dol has gone out of business
Such being the case Tin their miEds) there
appears to be no good reason why Union
Pacific should not be selling al 300 Anal
gamatei Copper at 25U. Pennsylvania and
New York Central at 225 and the Hill
stocks away mp in the clouds
The statesmen of Wall street who are
keeping their hands on politics at Wash
ington and In the several states are Inclined
to the theory that the complexion of the
lower house of Congress is likely to change
next fall, the democrats going into power
These same statesmen have ''doped'' it out
that the President will be easily reconctled
10 such situation. IL would give him a
valid excuse Tor not winning out on many
of the schemes entered into by him since he
went into the White House-schemes of
doubtful wisdom or eXped;ency they say
and which were predestined to failure
There Is a great deal of this sort of talk
going on at the present moment in Wau
street.