Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-06-08
Shrinkage in Values Strange
Contradiction to Signs of
Country's Prosperity.
Low EBB PROSPECT
BLACKLIST YET SEEN
Stocks Make Lowest Price Range
Past Week Since Panic of 1907.
Money Market Tightens.
BY w. G. NICHOLAS.

NEW YORK. June Stocks made the
lowest price range this week that has
been seen since the panic Of 1907. and in
many cases the lowest in sixteen years.
quotations may have dragged on the bot
tom on this latest slump, but the stua-
ton, from surface inspection, is gloomier
than on any preceding breaks on the way
down 10 to 40 points. Indeed, the pros
pect at low ehb this week was the black
est yet seen. Overshadowing gloom was
the conspicuous feature Discussion as
to causes'and speculation as to the flu
ture afford topics for endless and fruit
less discourse.
Bulk OF capital is held in leash. In a
sense 1t has been rich mans panic-a
silent panic, full of mystery and fear.
The terrific shrinkage in values has beer
| accompanied by little Of volcanic con-
vulsion. 1t has been solemn as an end
less funeral procession. Signs of sorrow
and desolatiOn blacken the financial
| landscape. and the ears Of the people are
assailed as with a ceaseless dirge. And
yet the country. in point of substantial
prosperity. is on the highest pinnacle il
has ever reached.
1t Is the present mood Of the legions
of uncertainty, cowardice, discomfort and
nervousness to lay the chief blame OF
Wall street misery on the political con-
ago it was the Turkish Balkan war and
accompanying European wholesale liqui-
dation OF American securities. The
money market frightened at home as well
as abroad. We were found to have in
dulged in the mistake of overextens.or
of credit In many directions and the call
ing of loans. IN a large way. by banks In
the cities and in many interior towns
forced excessive sales of securities on a
downward scale of prices.
IntensificatiOn of political excitement
over tariff revision. greater activity in
official investigation into every form of
corporate management, organized popular
campaigns upon big business. success
full labor demands for higher wages
without the compensating privilege of in
creased company earnings. noisy agita-
ton directed against property and per-
sonat rights all tended to emphasize the
timidity of capital and paralyze the spirit
of enterprise and break the prices OF
securities to lower depths-and still lower.
Criticism of Washington.
Vicious criticism of the Washington
administration is fayorite divertise-
ment in Wall street of late. 1t is quite
the sneering habit to refer to the ex-
listing situation as illustrative Of
democratic prosperity" and to desig-
nate the leaders as members of a ma
tlonal klndergarten-aS amateurs
designated by an eccentric providence
to direct and manage the most intri-
cate governmental machinery ever
created. Disrespectful comparison il
made about boys in "knickers" male
Pankhursts, ordained Of the most high
to lead the country to social, political
and financial perfection
Rude cynicism suits the taste Of the
street at the moment. and after fash
ION reflects it's governing sentiment,
which is one of intense and genuine
rage over what is felt to be a sense
less semi-panic.
The financial community is wrought
into a state of nervous rage as we'll
as unmistakable anxiety.
The unfortunate speculatiOns of a
Montreal plunger are said to have. play
edo leading part in the. sensational
break in Canadian Pacific. The story
as it seeps into Wall street is that
the Operator lost in few weeks A
fortune of S12,000.000 to $4,000. 900 he
had aInassed during ten years Of spe-
cializing in the great Canadian favor
lite. His heaviest trading was in Lon
don. though several New York and
Montreal houses had part of his trade.
Players of that caliber are immensely
popular with brokers as long as they
last