Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-04-24
STREET GETS SCARE
Rochester Election Gives Wall
Street Cold ChiIIs.
BIG ONES NURSE CROUCH
Little Fellows Made to Smart, and
They're Unhappy.
ALL IS DEEP, DARK GLOOM
Sun Doesn't Shine Just Now in
Neighborhood Of Stock
Exchange.
ALL IS DEEP, DARK GLOOM
BY w. G.. Nicholas.
C0fresnondence of The Star.

BY w. G.. Nicholas.
Special Correspondence OF The Star.
NEW YORK, April %, 1910.
Wall street hadn't paid much attention TO
the Foss incident, hardly giving it a
thought, excepting to pass it up as one of
those queer. unaccountable Bostonesque
freaks, but when republican Rochester
! somersaulted and elected a democratic
representative this center of speculation
went into commissions. The very first day
the market broke all to pieces. 1t saw Wis
ions and thought 1t recognized the hand
writing on the wall in solemn warning Of
impending political revolution. Coming. as
it did, on the heels Of the announced
purpose of Senators Aldrich and Hale to
| resign and the possible eclipse Of Speaker
Cannon, the Rochester demonstration
| took on startling neutrality-suspicious.
the passing of an old dynasty and the
| borning OF new.
Wall street did not deceive itself
minute as to the meaning OF the nap
pening, 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 70
induce sudden and heavy lfquidation OF
securities. To many the mere thought OF
fuss and worry of shifting crews and
officers was worse than nightmare.
Nothing involving any such dreadful
commotion can transpre with their APP
prevail
Grouchy, But Not Scared.
The really important people of the
financial world did not appear frightened,
although it is undeniably true that they
are for the most part still nursing
savage crouch. When the common peo-
pie are sore they take it out at the polls.
The big fellows take 1t out OF the stock
market.
The little fellows are hurt and angry.
They are having increasing difficulty
making both ends meet. 1t Is the little
fellow who feels most keenly the pinch
of the silent and relentless gold imitation
and at present his hardest kick is
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. Pos
they think it will. and that is going some
| The big fellows have their troubles.
| They profess to believe they are being
bludgeoned numerically and without
reason. At this particular juncture they
| are suffering real disappointment be-
| cause business realization has fallen
snort Of the prospective promises OF 1909:
| They believed in their own dope" and
are 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 ex-
| perience 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, too.
| want to kick and claw. SO 1t happens
that everybody is on edge and Wall
street seems to be filling up with danger
! signals. Theoretically. speculation in all
departments should boom in response to
the unprecedented expansion in the
| worlds supply of money. In practice
this theory does not seem to work out
crops get under way with pledge of
bumper results, the situation will bright
en- and people cheer up.
Boom Gains Wiped Out
For the moment the mood Of the stock
market is to give willing ear to bear
ish news. The five point boom that fol-
lowed Supreme Court postponement of
the trust cases was all lost by the mid
..e of the week and the district was
full of granite faced millionaires unwill-
ing to concede value to gold dollars. In
deed, there is suspicious concert of at
lltude on the 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 advantage.
Certain 1t Is that for this week at least
representatives 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
trust only carrying sufficient stock in
their own names to qualify, keeping
the rest under cover so they can get
in and out of the market undetected,
did not help that speciality any. In
deed. it was urged by many traders as
the prime reason for quitting it. They
| acclaimed angrily that they did not
propose to play against marked cards,
not after listening to the confessions
of more than one of the dealers. Every
body felt morally certain several steel
yet publication of the fact Jared, none
the less. There has been altogether
too much of that sort of thing for the
good Of the street-or the public.
Where Coal Is Burned.
When Gary has it's twenty-eight
blast furnaces and its coke plant going
coal per day. 12,120.000 tons per year
Of 385 days. OF the coal 40 per cent
goes into gas, equal to 5000 feet per
ton, 16s.00O.000 feet per day, 72.720, o00,-
coo feet per year, a fixed gas of illu-
mating power etc. Mr.. Cortelyou in
| a recent statement said that the Con-
solidated of New York used in the
manufacture Of gas 100000 tons Of coal
year, and the equivalent Of another
| 100000 tons in OIL or about one sixth
the Gary figure Running full capacity
Gary might possibly be able to use
| 20, 900 900, 900 feet per year for it's own
| fuel and power, leaving 100000
! feet for sale. Chicago will, Of course.
be the ultimate market for this enor-
nous surplus. Whether the trust will
| handle the product direct or farm it
out to a favored company is not known.
| There will be millions in it-for some
body.
| Seemingly the cotton and grain bulls
are the greatest friends of PLANTER and