The Birmingham age-herald., 1909-01-10
SPECULATORS ARE NERVOUS
Supreme Court Decision Against Con- soidated Gas Was Complete Sur prise to Wall Street-Money
 Is Cheap and Plentiful.
By w. G. NICHOLAS.

did not count. Whole chapters of acc- dents were passed over without making the slightest ripple. Now it is different. Every time noise is heard Wall street jumps and involuntarily side-steps.
 The supreme court decision in the Con solidated Gas case gave the market first shock this week and 1t has not yet entire- ly recovered its tone or nerve The decision came as a complete surprise It had been tipped off consistently and for several weeks that the decision would be in favor of the company. On the very morning of the day in which the supreme court acted parties were going around the street offering to bet 5000 to $2O0 that the court would decide for the company The tipsters had 1t sure" and they pretend ed to have their information from 26 Broadway (Standard Oil headquarters).
 If they had any inside information down there as to what the court would do, 1t was evidently used for the purpose of making market for "Con Gas" upon which to unload. Indeed, 1t would now appear that such might have been the game, for disclosures since the 40 point break prove that the street was literally plastered with that particular stock great deal of the stuff was bought around top prices on margins of 10 to 15 points. The market broke through marginal pro- lection mad left many brokerage and com- mission houses hung up with the goods. Of the houses that found themselves in a gap, a good many hung on, hoping that there would be a sharp recovery, which would enable them to work out without loss This experience has created good deal of III will and has led to general comparing of notes among the victims on the stock exchange.
 The conclusion which seems to have been arrived at is that a mass of inside stock was unloaded on manipulative rise based largely on the wholesale and indus trious circulation of misleading and false information. Of course nobody can com plain about having been stuck through be- lieving in what might be stated of the intentions of the supreme court of the United States. The mere fact that sen sible people should be fooled by that kind of advices would shut their mouths against public complaint. If any of them should "squea1 the verdict would be, Served 'em right" Tn this case every body in Wall street knew what was going to happen in Washington-and then it didn't happen that way. So far as. can
 
 Wall street who made a killing on the bear side and that was MT Keene. Ac- cording to gossip he argued that even though the court decision might be as tipped off, the stock had enjoyed all the advance it was entitled to- and that the receipt of the best news that could be given would be followed by taking on scale sure to cause a break in quo tations He is said to have cleaned up kt, nnA Itxan of shares or such a matter. He just took a little flyer, as 1t were <
 The real hurt from the 40 point break in Consolidated Gas Is found in the fact that the slump forced spectators in that stock to sell out other securities in order to protect their accounts in Gas. The ef- feet was felt most strongly in the high priced stocks Pikers did not meddle with Gas to any extent, or if they did 1t was on the thinnest possible margins, and they were wiped out the first crack out of the box, when the stock broke 26 points in about three minutes. Low priced issues were not jared so seriously. The reversal of the $29,000,000 fine case against Standard oil did not make much of a stir. It's importance was overshad- owed in a local sense, and in stock mar ket importance by the Gas decision.
 Bull tips are suspiciously prevalent in Reading. The wise ones had it that the stock Is going to advance 20 to 30 points within the next 90 days. What basis there is for the expectation of big rise in that speciality is not disclosed. In fact, every movement in Reading is founded on mys- tery. It has happened many times in the past that the talent has been shame fully dumped in Reading, and ip some quarters the belief holds that the doeful experience is to be repeated. The tactics employed now in Reading bear points of similarity to those used in boosting Con solidated Gas from around 120 up to 165. "Inside information" Is afloat that the hearing In the government suit against the anthracite coal trust Is going to be exceedingly favorable to Reading and be- fore long this fact will become definitely known.
 This inside tip does not tally with ad- vices which come from other and entirely disinterested sources. From that point of the compass reports blow in that the cur rent of testimony Is very strongly against Reading, and that those who look for triumph for the coal trust or any of the roads connected herewith are slated for grievous disappointment It is barely pos sble that the real insiders. who ought to be fin the know" are organizing a campaign to unload.A Surface symptoms are certainly suspicious.
 The strongest point looking to re- sumption and maintenance of a broad bull movement in stocks is found in the assurance of abundant and cheap money during the early part of the cur rent year. Money is flowing into New York from the interior at the rate of s4,OoO 900 to $5,o00,ooo a week and as the end of the year distribution Is over there is a general sense of relax ation in this fiscal center.
 During the year 1908, New York gained about $16O. 100000 from the in terior a total likely to be very ma terially increased during the ensuing few weeks. Inasmuch as railroads, are not likely to attempt the fioatation of large issues of bonds except for re- funding purposes and the retirement of floating indebtedness, there Is promise of a large continuing surplus available for speculative purposes. The conser- vative interests are opposed to further