The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-04-24
MARKET GOES
ALL TO PIECES
When Democratic Congress
man Is Elected
EVERYBODY rs ON EDGE
Little Fellow Airs His Grievance mt
Polls While Big Fellow Takes
His Crouch Out on the
stock Market
EVERYBODY rs ON EDGE
BY w. G. NICHOLAS

BY w. G. NICHOLAS
New York. April 23-Wall street had
not paid much attention to the Foss in
cident, hardly giving 1t a thought, ex-
cept to pass 1t up as one of those queer
unaccountable Bostonesque freaks, but
when republican Rochester somersaulted
and elected democratic congressman.
this center of speculation went into con-
vulsions.
The very first day the market broke
all to pieces. 1t saw visions, and thought
it recognized the handwriting on the
wall in solemn warning of impending po-
litical revolution. Coming as it did on the
heels of the announced purpose Of Sena-
tors Aldrich and Hale and the possible
eclipse of Speaker Cannon, the Rochester
demonstration took on startling signifi-
cance-portending the passing of an old
dynasty and the borning of a new.
Wall street did not deceive itself a min
ute as to the meaning of the happening.
but while the rest of the country seems
reconciled, there were enough nervous
people hereabouts in deadly fear of a
change in parties and policies to induce
sudden and heavy liquidation of secu-
rites. To many the mere thought of a
re-algnment of parties involving the
fuss and worry of shifting crews and Of
ficers was worse than nightmare.
Nothing involving any such dreadful
commotion can transpire with their ap-
prevail.
The really important people of the finan-
cial world did not appear frightened, al
though It is undeniably true that they
are for the most part still nursing saw
age crouch. When the common people
are sore they take It out at the polls.
The big fellows take it out of the stock
market The little fellows are hurt and
angry. They are having increasing dif-
ticulty making both ends meet.
1t is the little fellow who feels most
keenly the pinch of the silent and re-
lentless gold imitation, and at present
his hardest kick is through the ballot
box. The small people are not trying to
get rid of their crouch; rather they are
feeding it, and at the same time serving
notice of intent to test the efficacy of
new DEAL Possibly new deal will not
help them, but they think 1t will, and
that is going some.
The big fellows have their troubles
They profess to believe they are being
bludgeoned numerically without reason
At this particular juncture they are suf-
fering real disappointment, because busi-
ness realization has fallen short of the
prospectus promises of 1909. They be-
lieved their own dope and hung up
with bales of undigested and indigestible
fresh issues of bonds and stocks. When
they look at the bulk of unsold goods
on their shelves they experience sense
of personal wrong, and when they go out
to sell something, only to discover the
market chock full of old and shop-worn
merchandise they want to kick and claw
So it happens that everybody is on edge
and Wall street seems to be filling up
with danger signals. Theoretically, spec
ulation in all departments should boom
In response to the unprecedented ex-
parsion in the worlds supply of money
In practice this theory does not seem
to work out according to rule. Maybe
after the spring housekeeping is over
anc the crops get under way with pledge
OF bumper results the skS4 ton Will
brighten and people cheer up.
For the moment the mood of the stock
market is to give willing ear to bearish
news. The five-point boom that followed
supreme court postponement of the trust
cases was all lost by the middle of the
week, and the district was full of gran
ite-faced miilionaires unwilling to con-
cede values to gold dollars.
Indeed, there is suspicious concert OF
attitude on that point, enough so to give
color to quiet gossip that the great mar
ket leaders are quietly accommodating
speculative lines and would not be averse
To helping the market off further so they
might complete the process to advan-
tage.
Certain it is that, for this week at least,
representative of the leading market in
terests are at no pains to disguise what
they advertise to be their real feelings
and their expectations of lower prices.
The naive admission that several of the
managing directors of the Steel corpora
ton only carry sufficient stock in their
own names to qualify, keeping the rest
under cover so they can get 1t out of
the market undetected, did not help that
speciality any. Indeed, 1t was urged by
many traders as the prime reason for
quitting it. They detained angrily that
they did not propose to play against
marked cards--not after listening to the
confessions of more than one of the deal
ers Everybody felt morally certain sew
era, Steel corporation directors were mar
ket plungers, vet publication of the fact
Jared none the less. There has been al
| together too much of that sort OF thing
| for the good of the street--or the public.
| When Gary has its % blast furnaces
and its coke plant going full capacity 1t
viii use 5000 tons of coal per day, l2,l2o,-
| 0G9 tons per year of 365 days. OF the coal
70 per cent goes into gas, equal TO o0Ot
| feet per ton, 1853, 100000 feet per cay, r.
720.0O0.Q09 feet per year, liked gas OF
| Illuminating power" etc.
| Mr. Cortelyou, in a recent statement
said that the Consolidated of New YORK
used in the manufacture of gas 9o0.0Gi
| tons of coal year and the equivalent OF
another 100000 tons in oil, or about one
sixth the Gary figures. Running full ca
pacity, Gary might possibly be able to
| use 20 900, 100000 feet per year for its own
fuel and power, leaving 52,0Oo,0ooooo feel
| for sale.
Chicago will, of course be the ultimate
market for this enormous surplus. Wheth-
| err the corporation will handle the prod
| uct direct or farm it out to favored
| company is not known. There VIII be
millions in it-for somebody.
| Seemingly the cotton and grain bulls
are the greatest friends of planter anc
| farmer 1t is no trouble to mass lgures
going to show that the activities OF tne
Messrs. Patten, Brown, Scales and theii
| associates and followers add IL cents
hrshel to the farm price OF wheat cents
to corn and $40 bale to cotton, equal L