Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-05-12
REACTION HURTS PRICES
By Middle Of Week Many Leaders
Are Off Several Points.
PREDICT BIG STEEL EARNINGS
Mills Are Busy and Authority Be-
lieves Trust Will Soon Make
Big Profits.
BY w. g. NICHOLAS.

NEW YORK, May 1.-THE sparkle has
not been entirely extracted from the
stock market. The bulls and bears are
still doing business at the old stand, but
there Is less enthusiasm and less ex-
element than when prices were three to
five points higher. There is less fiZz and
bubble. 1t Is plain dealing in securi-
ties at lower temperature. notable
feature Is the open change Of front on
the part of many big traders who We're
conspicuous on the bull side down to
very few days ago. One very import
ant operator who was looked upon by
many as the real leader In the bull cam
paign announced to his friends this
week that conditions had changed so
radically that he was compelled to adopt
q modified view from that which he had
entertained while he was putting prices
up and helping along an era of pros
perity. There Is no doubt that he had
done the best he could to restore conf
dence and that his part in the proceed
ing was very influential. This man, to
whom reference Is made, is only one
among many of almost as great cahber-
men who think and act on carefully
formed Judgment.
One of the moving causes of the ten
week bull movement in the market was
a conviction that the national political
campaign would be quiet, orderly affair
and that the business interests would not
be seriously disturbed on account of It.
Within the month the political situation
has undergone a remarkable transforma-
ton. The stock market feels as though
it is in the throes of a nightmare-that
1t is an unwilling and amazed witness
of the spectacle of a Roman mob, wildly
applauding the brutal exhibition of a
gladiator maltreating a victim. kicking
him around the ring and beating him to
1-aA tA@ Sv,xn 10 hYrot inc &C
situation a factor of timidity. This alarm
is not confined alone to the weak, but
disturbs the mind of the conservative
and thoughtful. The wonder Is what the
undignifled performance may yet assume
to aggravate already disturbed business
sentiment. Men do not talk with that
confidence in the future which was a
striking feature only very short while
ago.
The reaction which followed realiza-
ton of altered conditions carried the
prices on some of the leaders down many
points in a few days. BY the middle Of
the week steel was of points. Reading
Pacific 8 points. Amalgamated Copper
and Shelters nearly points, st. Paul
and Southern Pacific O points, Erie,
Atchison. New York Central and other
to 5 points. From this low range there
was a rally, and the market assumed
quieter tone, although as stated In the
opening paragraph of this letter there
was a notable absence of enthusiasm.
and the visible presence Of GOODNESS and
indifference. So fixed in their minds are
many influential traders that the I'M
mediate future holds no prospect for
them of improvement that they are
making preparations earlier than usual
for their summer vacations. Those who
have the money to spare and are so
situated that they can absent themselves
from business intend to escape from
physical contact with the annoyances OF
a long and nasty political campaign-such
q he in store