Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-04-21
HALT IN ADVANCES
Mild Reactionary Tendency
Shown After Six Weeks.
SOME HIGH RECORDS MADE
Gains Since First Of Month Range as
High as Thirty Points.
BULL MOVEMENT LASTS LONG
Spectators of Large Caliber Got
Out Of Market and Back Again
Many Times.
BULL MOVEMENT LASTS LONG
By W.. g. NICHOLAS.

BY W.. g. NICHOLAS.
NEW YORK, April 2O.-The market
mas SHOWN mild reactionary tendencies
a1ter SIX weeks of persistent advance.
FOR ABOUT week this hating mood has
oeen the conspicuous. feature, and now
the mass Of professional sentiment is for
further recession Of prices A series
OF careful canvasses made by competent
men reveals the fact that a large ma
Jority of representatives financiers bank
ers and captains Of industry think the
advance has gone too far and that legiti-
mate conditions warrant expectations of
set back, Of consequence. Since the
beginning Of the month the high price
record showed gain in prices ranging
from five points to nearly thirty points.
From the extreme outside figures, the
reaction carried quotations back two to
six points, from which range there was
partial recovery. American Can,
both common and preferred led the pro-
cession on the upturn, the junior issue
scoring gain Of twenty-four points and
the preferred twenty-nine points. Anal
with a recovery of $4 a share from the
low price Of February l. Reading gained
twenty points, Union Pacific sixteen.
United States Steel fifteen, and the
quieter stocks like Baltimore and Ohio,
Atchison. Pennsylvania, the Hill stocks.
st. Paul and Louisville and Nashville,
were satisfied with gains of five to ten
points. New York Central was strongly
in the lead among the standard rails and
moved UP eleven points. being aided by
a powerful manipulative syndicate inter-
ested in financing the reorganization Of
the big Vanderbilt system.
The bull movement in the stock market
lasted longer than Wall street expected
and prices went higher. Great numbers
Of professional SPECTATORS of large cali
Der got out of the market and back again
many times during the advance. They
misjudged the strength OF the market
like the pikers, and were apparently as
unable to understand the influence ARD
meaning of the forces in actual control
AS the upward movement developed, 1t
became apparent that the public was In
on commanding scale. and had really
taken charge OF the situation. Whether
buying is the problem Wall street is
trying to solve. Thus far, it has done
some pretty bad guessing. 1t has been
powerless to control the course of prices,
II the outside public felt like a majority
Of traders do on the stock exchange the
average of prices would now be 10 points
below where they are.
Callous to News Developments.
The street has been singularly indir-
ferent to news developments Of late.
Perhaps callous would be the better word.
1t has been hearing SO much the last
year or two in the way of bad news that
it has become case-hardened against
gloomy talk and deaf to prophecy of de-
preston and disaster Things must ac-
"a ,ny, hafOyo int
Hence, it is that the street is not
particularly impressed with disquieting
reports on political, labor or warlike
Mexican Developments. In regard to the
latter. it may be stated that the best
OF advices from Washington are to the
effect that the White House and leaders
of both branches Of Congress are really
very much alarmed over the Mexican
the southern republic. The tone OF re-
sentiment, If not actual defiance, of this
government, which permeated the Madero
reply to our offer OF Intervention. while
given serious meaning In Washington,
hardly arouses interest in Wall street.
AS matter OF fact, the stock market
might be benefited by excitement of that
sort, and that is about as far as Wall
street cares. There exists a blind faith
that the labor disputes started by coal
miners and railroad engineers will be
peacefully adjudicated. and matters al
lowed to run along about as they were
before, with this difference: The public
will be assessed directly In an increase in
the price of coal to pay the advance in
miners wages. whereas the railroads will
be obliged to go down into their own
treasures to make up the 100000 to
$1O,OOOOOO for the engineers. 1t takes a
genuine tie-up of the railroads to con-
vince Wall street and the public that
there is anything really serious in the
controversy between the railroads and
their employees.
of -,
railroads that they can have ali the
money they want within reason and that
they are taking too seriously the fear
that they may not be able to earn the
money to pay increased interest charges.
Their argument is that with the new
capital borrowed the railroads can SO
Increase earnings that there will be no
real danger OF embarrassment. Railroad
arrangements are not so sure OF this.
and the governing opinion at this time is
that the safest and best plan Is to defer
additional financing until the uncertain
ties are cleared away and the public is
more willing than now to let the trans
portation companies insure themselves
more income by allowing the raising of
freight rates. They note with satisfac-
ton that newspapers and the public in
general are more inclined than heretofore
to recognize the merits Of the railroads
contention that they be allowed to make
more money In order to provide the facili-
ties the public demands. A campaign of
Is going on IN this particular
which seems to be more or less effective
In modifying sentiment This change Of
attitude on the part Of the public has not
yet hit the interstate commerce commits
sion very hard, 1t would SEEM At least
there has been no evidence of a softening
front In that quarter.
Grief for Great Disaster.
The destruction of the Titanic and loss
of 1900 lives hung like pail over Wall
street for time. There is pervading
sense of personal grief on account of the
disaster. The money loss is rarely re-
ferred to. Hundreds Of those who went |
down to their deaths were personally |
known to the financial district, and many
Of them did business here. Who is to
blame for the calamity will be settled in |
due time by authorized agencies. AS a |
stock market influence the disaster is
not regarded as important
General business conditions are i'm
proving somewhat, although not at |
the pace represented by the apostles Of |
sunshine. Reports about the steel in |
dustry are conflicting. The mills are |
producing a larger volume OF goods |
than ever before, but at very small |
margin OF profit. The notice given this /
week of an advance OF about 81 ton |
in some lines Of product is in the |
nature of q feeler and may not be per-
manent. 1t all depends on how the |
raise is received by consumers. IL they |
stand FOR 1t the increase in net in |
come throughout the entire steel in