Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-06-05

pend upon surgical determination as
to whether general confidence" has been
merely Jared little or permanently
crippled. decision in this respect may
be reached q result of the chin wag-
ging now going on between the parties to
the trouble. 1t is estimated that the &C
tual -shrinkage In the market value OF
stocks d direct and immediate result
of the Attorney Generals action reached
a total of more than S1JO,OWO00. The
governments complaint that the kick is
not SO much against the raise as against
the methods used to get the raise meets
with a reply on behalf Of the railroads
that their kick against Attorney General
Wickersham is not SO much on account
of what he did but the way he did It.
1t cannot be urged by Mr.. Wicker
sham's friends that he did not know what
would happen to the stock market as 4
result of his injunction play. AS lawyer,
well versed in Wall street matters, he
could not have been in ignorance as to
what the effect would be. There has been
a good deal of comment on the alleged
fact that large number OF selling orders
came in on the Washington wires Tues
day forenoon-during the hour or two
preceding the announcement Of the in
junction proceeding.
Disturbing to Financiers.
None of the performances INDUCED in
under the previous administration ever
provoked harsher criticism than this
which took place during the present
week. The public had learned not to be
surprised at anything which might be in
srired b. Mr.. Roosevelt. The public, or
at least the financial end of the public,
had schooled it's mind to look for avoid
ance of senSationalism from the present
administration. Time and further consid-
GRAFTON of the facts and needs surround
ing this affair may soften the hasty
judgment which has been arrived at by a
ma jority of people in Wall street. but
such change in feeling cannot be
brought about in a day or week.
OF one thing the great banking interests
have been made instantly aware. and that
is decided lowering Of temperature in
the money centers of the old world. Ne
gotiations which were on foot for the
placing OF large bond issues in Paris and
London came TO an abrupt finish They
may be taken up again when the foreign
money lenders are satisfied that the earn
ing power OF the securities upon which
they were intending to lend money are
not being impaired by hostile political &C
tfon. but that, too, will take time, and
inca nwhile important matters are being
held in allegiance in every quarter. 1t is
not impossible that the latest political at
titude toward corporations may have a
far-reaching and injurious effect-enough
so, In fact 10 delay for another year or
more full return to normal business con-
ditions. This uncertainty is causing the
most important people In Wall street to
pause and to hold up programs that had
been fully decided upon involving large
expenditures of capital in various direc-
lions.
Left in a Quandary.
1t would take a dozen newspaper pages
| to hold the varying comment that has
| been made in Wall street during the last
| few days on the untimeliness and un-
friendliness as well as the Inconsistency
of Mr.. Understands action. Much of
| this is sitting through the newspapers and
will find its way piecemeal to the public
ear. 1t was certainly wonderfully dis
| turbing proceeding and leaves both specu-
! lators and investors in a Quandary as to
what will be the safe and prudent thing
| to do, whether to get out of stocks or to
| sit tight on holdings with grim deter
mination to hang on. no matter how hard
a sweat they may be called upon to en-
dure. 1t is a very ticklish situation, &C
cording to The stock exchange angle of
observation.
The banks took a very decided and
prompt stand. They moved with one &C.
cord upon all customers who had money
| borrowed on stock or bond collateral.
| They called Immediately and harshly for
| more securities, and where demands were
| not at once complied with there waI COM
| pulsory liquidation OF cOllaterals. Some
| OF the pools behind such stocks as St.
Hawley issues, Reading and Union Pacific
were hard hit. They had to greatly reduce
their risks by the only means available.
| and that was to let go OF some OF the
1 things they had. Individual plungers who
were carrying stocks under direct ar