Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-12-31
BULLS TAKE A REST
Think It a Good Time to Let
the Market Alone.
LOSE A VALUABLE ASSET
Absence of Mr.. Prick Bound to Be a
Market Factor.
RAILROADS PAIRING CLOSE
Strong Showings in Net Earnings
Are Made at the Expense of
Maintenance Charges.
LOSE A VALUABLE ASSET
RAILROADS PAIRING CLOSE
BY w. G. NICHOLAS.

Special Dispatch to The Star
NEW YORK, December 3O.-The spirit
of aggressive bullishness has suddenly
departed from the stock market. Specu-
lators for the rise have tanned down. The
impression goes abroad that there has
been rise enough for the present, and
that under the circumstances it might
be we'll to defer further commitments on
an important scale.
Several things have contributed to this
change of voiced expression. 1t became
known a few days ago that Mr. Frick,
ulation had decided to start on his vaca-
ton q month or so earlier than scheduled.
1t Is now announced that he will sail
Wednesday next in the society of his
intimate friend and associate ]. Horace
Harding, through whom he conducts
most of his speculations in stocks. Flip
pant persons in Wall street say that as
soon as he reaches Egypt he will talk
things over with the Sphinx. and that
he may even do some "pyramiding.' But
joking aside, the absence of Mr.. Prick is
likely to prove market factor of some
weight, the bull campaigners having
played him as their strong card. His
absence will deprive them Of ammunition
and leave them without leader to whom
they could point with pride and conjure
assisting speculation.
Fear Other Tariff Walls.
Then again, come disquieting reports
from Europe that Germany. France and
other competing commercial nations are
likely to follow the lead of Russia and
build tariff walls against the United
States. Russia has the excuse Of our
interference with her domestic affairs,
whereas the other nations can give the
reason for hostile trade action that our
policy has been to exclude foreign goods
by excessive import taxes and at the
same time demanding a free field for the
sale of American products.
1t is quite evident from the tenor Of
cabled information received here this
week that an organized movement is on
foot in the old world to check the rapid
development of our export traffic. Ger
test competitors in the international
markets and it is only natural that
they should want to clip the claws Of the
American eagle. Should such u cam
partially successful conclusion the re-
suit might easily be enormous curtail-
ment in shipments Of American manufac-
lures. a branch of our foreign business
tldC mas indUe the greatest ueduWay Tue
last few years.
During 1911, for instance, the United
States Steel Corporation has shipped
about 100000 tons Of steel products,
while International Harvester has been
driving Germany and Great Britain out
of the field In the sale of agricultural
implements. Russia has been the biggest
buyer of Harvester machinery, and any
hostile blow from st. Petersburg directly
affects the business OF that corporation.
Other lines will suffer in corresponding
degree. Official figures Of the Depart
ment of Labor at Washington show that
exports of manufactures for 1911 amount
to 100000. 1t is easily within the
power of competing nations to check our
growth in that direction very materially,
and it is evident that they have designs
of that sort, a very disqaicting circum-
stance.
Check in Steel Orders.
1t is also becoming known that the re-
vival in orders for steel products has let
UP, and that bookings have been greatly
reduced during the last week or ten
days Furthermore, buyers of such pro-
ducts arc no longer alarmed lest they
might not obtain the advantage of cur
rent low prices unless they hurried their