The Washington herald., 1912-04-22
WALL STREET NEWS
After Week of Inactivity, Due to
Titanic Horror, Market Is Look
ing for Cheerful Things.
By THoRIAs c. sHoTwELL.


New York. April 2l.-After week of
horror WaH Street is looking forward
10 more cheerful things. The strength
Of the market under the trying circum-
stances Is much commented upon. but
perhaps the test was not entirely fair
one. Nobody would have dared attempt
a selling movement under the circum-
stances Such was the public Indignation
at the useless waste os life on the Titanic
that an ordinary drive at the market
would have been resented as a possible
attempt to make money out Of the affair.
The movement in Marconi stock was so
regarded and its collapse was viewed
with satisfaction by all respectable brok-
ers So perhaps the market has still to
prove its stability.
The high record prices in grain were
due to persistence of traders in regard
ing the Mississippi foods as an argu-
ment against better crops thu year Ex-
perienee proves that such Hoods are al
ways followed by larger crops. not only
in the following years. but in the same
year. Cotton has been replanted as late
as June l, and big crops raised on ground
that was under water in Nay. The fact
OF the Hood proves that there is abundant
moisture in the country. The crops are
expecting them to be small.
The Titanic disaster has put the polici-
cal situation into second place for the
time, but II will come to the front again
soon, and Mexico win loom bigger. The
traders will worry over the Steel Corpora
tion's earnings for the first quarter Of
the year. The coal miners and the loco
motive engineers viii receive more pub
lie attention.
Admitting the possibilities of market
scares that are contained in all of these
factors a careful survey of the market
places discloses no weak spots. The big
people are calmly bullish. They are op-
posed to any violent advance from this
level, but say that the bad features of
the future have all been reckoned with.
Most People Optimistic.
They have not attempted to liquidate
on the recent advance. and the public is
not loaded with stocks on margin or
in such a way as to make liquidation
from that source possible The public is
more inclined to take stocks than to sell
what it has. for most people believe pros
perity is near at hand
Locomotive engineers on fifty roads
have put themselves in an awkward posi-
ton by issuing an ultimatum and then
withdrawing it. This eonvicts them of
bluffing, and has made the companies
more steadfast in their determination to
grant no increase of wages except as part
Of an agreement for men and employees
TO demand an increase Of freight rates.
Some market scares may come out Of
this matter, after all. Then the anthra-
cite dispute is not officially settled. and
il ought to be good for one more scare
in the market But both these labor dis
putes are so well understood by the gen.
eral public that no declines Of impor-
tance can be brought about from either,
an dany raid attempt in connection with
either will be quickly stopped by the ab-
sorption Of stock that is going on for
the accounts Of people who are preparing
for a broad upward movement.
The Erie pool is typical Of the general
market Its members have agreed to
make a campaign of three years. The
company has sold S1o.OOo.OOO Of securities