Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-03-25
Financial News Letter
BY W. q. NICHOLS.

NEW YORK. March "a, 1900
The weight of opinion Is that the stock
market liquidation has about run its course
and that further important decline in prices
Is unlikely. As a matter of fact the setback
In the general market has been much less
than most people suppose. A majority of
the standard issues are not much, II any,
lower than they were ninety days ago, al
though there have been very severe freaks
In some of the sDecialties and active ia
vorites. For these exceptional cases there
has been specific reason. as for instance.
In Reading, Consolidated Cas- Colorado
Fuel and Iron, Shelters and the Hill stocks
Pennsylvania, New York Central. Union Ia
cifc. Illinois Central. Louisville and Nash
vile, Southern Pacific Rock Island and
Southern Railway yielded only a few
points, less than 10 on an average Some
of the seasoned industrials suffered very
little, and continue to stand up strongly.
The street elected to place bearish con-
struction on the New York Central plan to
finance its vast improvements by the issue
of $l00. 100000 new stock 1t may have to
shift Its viewpoint later
X
The epidemic of investigation and the
resolute determination of both Congress and
the administration to make a record in
the matter of regulation and trust marrying
continues to distress Wall street 1t is
not that any bill which Congress may pass
Is likely to entail loss on railroads, but
every Washington development indicates a
popular unrest and sense of irritation over
recent disclosures of irregularities in high
finance. Congressional action is one of the
easiest ways the people have of taking
II out of corporations and combines This
same feeling finds reflection also In the ac-
tion of state legislation and aldermanic
bodies. The storm does not seem to die
away. and there is evidence of persistent
irritation all along the line. The senti-
mental effect of this is felt more keenly
perhaps by SPECTATORS than by investors.
1t remains to be seen whether the bearish
conditions which have been seen in the
stock market represent temporary reaction
or the beginning of long decline. The
actual holders of securities incline to the
former theory. but they are by no means
unanimous, and they are not as strong as
they would like to be in the expressed be-
lief that all will turn out for the best and
that disturbing features will presently dis
appear.
x
So far as can be ascertained there Is no
actual overproduction except in cotton
goods and no actual further trade hesita-
ton excepting pig iron. 1t cannot be
learned that the shelves of retailers are
overburdened that wholesalers, jobbers
or manufacturers are alarmed over present
conditions or over the outlook. Railroads
are making record earnings and manufac-
turing industries appear to be in a generally
satisfactory condition. Collections for the
most part are good and the population as a
whole Is more than comfortably well off.
The country Is literally full of money!
situation which applies to all classes, from
the lowlieSt to the highest. 1t will be
seen, therefore, that the ills which are felt
In Wall street so poiguantly are of the
mind rather than material 1t seems to be
a case where Christian Science will reach
situation durable by application of the
doctrines of Mrs. Eddy. Truly, the sick
ness from which Wall street is suffering
is a sin. May be it needs pill
a great many of the old families of New
York have been badly hit by the big break
in Consolidated Gas stock. From first to
last the stock has declined nearly 100 points
and has gone from a 10eo dividend payer
to So with every prospect of still further
cut to 49e Con" Gas has been a favorite
investment for Little Old New Workers for
many years and has been looked upon by
them as one of the gilt-edged things which
was as sure as government bonds. For this
awakening, as witness the wailing and
crashing of teeth. Curses loud and deep
are being directed against the legislature at
Albany and against the yellow newspapers
for forcing reduction in the price of gas
from S1.00 to so cents. In the fashionable
clubs and In the back parlors of swelldom a
vote taken today would consign the news
papers and the statesmen to deepest perdi-
ton.