Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-04-09
WAR CHESTS FILLED
Huge Sums Held for Great
Stock Market Campaign.
AWAIT COURT DECISIONS
Something Expected to Break When
Trust Cases End.
NOT WORRIED BY CONGRESS
Wall Street Appears to Regard
Lightly the Prospect of Tariff
Legislation.
By w. G.. Nicholas.

special Correspondence OF The Star.
NEW YORK, April s, 1911
Francis Lynd Stetson, leading lawyer
for ]. P. Morgan and his syndicates,
is being quoted to the effect that the
Morgan people have s57. OoO,O coo in casl,
to invest as soon as the Supreme Court
hands down it's decision in the Oil and
tobacco trust cases. The story has not
been denied and Is generally believed.
The Standard Oil party has probably
500 100000 in the same position. Other
wealthy interests have also admittedly
laid aside large sums for employment
as soon as the court acts. This immense
accumulation Of reserve capital repre-
sents the attitude Of controlling financial
and Industrial interests and explains
more than anything else the deadlocked
stock market situation. The enormous
surplus of funds thus held on tap for
emergency purposes may never be needed
to protect the stock market interests as
anticipated by its owners. because very
well defined opinion prevails that any
evil results which might naturally be
expected have been discounted by the
preparations made to meet them.
None the less the Wall street COM
munity and the trading and investment
public have made up their minds to do as
off until the cue is given by the great
market masters and leaders of finance.
The Standard Oil people have been talk
ing SO persistently about the damage
which would follow an adverse decision
by the Supreme Court that they may
feel it Incumbent upon them to make
good the prophecies of evil and engineer
q market smash Just to be consistent and
give an object lesson OF their tnfalllbil-
ity. 1t is some such thing as that that
hoe itc0lf
against. The market was never In bet
ter shape to stand up against an organ
lied raid Of the kind suggested: For
weeks and months commission houses
and brokers have been urging their Gus
toners to keep their margins well pro-
tected and the advice has been very gen.
orally followed. ''ShOestring" specula-
ton is not popular these days and meets
with open encouragement from RESPONSE
BILE people in the game.
Pools in specialties.
The market has been kept from utter
stagnation by the activities OF bob
tailed pools In quite number OF spe-
cialties, among which may be mention
ed National Biscuit, Canadian Pacific.
American Can, Tobacco. Bethlehem
Steel, Distillers, Lehigh Valley, Peo-
ple's Gas, Virginia Carolina Chemical.
Wisconsin, Central, 500 and others.
The moresober-sided. standard stocks
have not shared in these little hurries
and have maintained q more than usual
stability. The sporadic activity IN
some Of these stocks mentioned re-
lieved the monotonN however. and
serve q useful purpose. They gave
the traders something to talk about
and to speculate in and about. At
the same time the general average OF
prices Is held within narrow limits
and the waiting attitude of the great
mass OF players continues unchanged.
This is about as the big people would
like to have it and there is really q
small prospect OF any variation in the
program until the Supreme Court acts
or until Congress does something worth
while.
Wall street is in a very complacent
state OF mind as to the tariff, although
reports from all over the country indi-
cate growing uneasiness on that sub
ject. In the financial district there is
q deep-seated feeling that q republican
Senate will block the House program
for revision and that it can be de-
pended on to do SO; hence the safety
and wisdom OF the no action stand
that has been taken hereabouts. The
best Information that comes from
Washington, however, is that the Wall
street view Is not well taken and that
the Senate is more than likely to adopt
any moderate revision which may be
sent over from the House.