New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-07-10
The Financial World.

dctton and manipulative ruses have yielded M
profit to the raiding contingent. After long de-
votion to that losing campaign. indeed sub
stantfa coterie of the professional talent OF thu
Stock Exchange have taken hurried opportunity
to flop out of their beaten track of pesssrnism:
and. now. the Street has>the more less In
spiritins parade of enthusl astic boomers re-
cruited from the ranks of that heroic multitucs
which less than a fortnight ago were deep IN
sloughs of despond. hopeless of business con-
ditions. doubtful Of political prospects. dread
fully dropped over everything-and all short of
stocks
Very much matter OF doubt It may be as to
how far and IN what wise bull assistance o,
this sort will benefit The allies are. after
ALL losers; they come over to the side OF con-
fdence and become buyers of stocks for no
reason clearer more potent than that through
out their earlier efforts they have been beaten
Yet, measured by the volume Of their noisIness
no other factor in the current campaign is moro
important-nOne other so conspicuous. They re-
cite now. these clamorous converts. all the
facts" and arguments and conclusions which
barely back of yesterday they made merry over
The crops they exterminated at the end of June
they now declare assured in volume unprece-
denied the industries that topping or
ABOUT to torple then July 10 squirting
into splendors of activity and profit; what was
threat OF panic is suddenly become prosperity.
budding and blossorning toward national bless
edness unparalleled What that is new do they
see or affect to see in the situation? Fact is
nothing-nothtng this that they have
been hitherto foolish and have paid market
penalties for NEUTRALITY-SUSPICIOUS. save that
their preceding Judgment has been lamentably
wrong Really, such recruits are a doubtful
asset.
And that this may be the view of some tnfu-
entail groups of operators of size and alert
ness. too. is in suggestive ways rather keenlv
disclosed What Wall Street is pleased to clas-
sify the NO. IS Broadway" party-Standard
Oil headquarters are there-can be set down as
sellers OF stocks within the past day or two
and on substantial scale CleverIy disguised
Of course. the unloading processes OF such
Stock Exchange adopts. but there are earmarks
which. when they do appear. are never doubtful
induces.
Meantime. the short interest IS reduced rela-
lively TO scant proportions. In some notable
parts of the market there is now a condition as
ovcrbought as but lately IL was oversoId II
is. of course. always matter for technical de-
bate as to whether helpful or hurtful influence
is involved in extended short interest or IN
Its elimination; but what currently is plain
enough. is that much of the past weeks upward
velocity has been due directly to the whipping,
in of shorts-the conversion of chronic bears
even into hurrahing boosters of market prices
the trapped trader covering not only mis- bear
contracts. but forthwith loading up with other
contracts upon the long side.
1t is blithesome soul that can purvey light
ming changes like these. but the averages wise
man of the speculative world can become In
time domesticated to the Kaleidoscope of it ali.
though the record does not quite show that
profits have always been easiest accumulated in
this ofthand swapping way.
Through rather lonesome experience this col
umn's review Of the financial situation has been
consistently and insistently confident OF the
safety Of standard security values: and in the
face Of organized bear campaigning we havs
witnessed natural hardening processes that have
been equal TO the ramuing and Jamning per-
formances Of adverse speculative professional
ISM That conditions are heaIthful. and that
the country progresses. that only prejudiced OBJ
servers can be doubtful, has been creed amply
upheld by the sturdy refusal of our market
values to fall into the pits dug for them. or
even to show nervousness. One fact not TO be
kept aside has confronted ambitious market
smashers continually-actual stocks were scarce.
The scare was out of the market. owners OF
securities careless of shouted pessl-
rnisrn they were no longer TO be agitated by
any parade of fabricated bugaboos-what was
held was going to be kept. When this manner
of foundation gets under market effort 70
/ influence quotations by manipulative raids can
be effective IN no consequential way. And so It
has been that with all their doIefuI choruses.
the professional talent of Wall Street has been
making no money trying to Hquidate public
contemptuous Of piracy methods.
/ Still IL is hardly to be accepted as sure signal
Of an extraordinary market improvement which
will last uninterrupted that the markets foes OF
( a sudden swoop down and assume it's mastery
In some particulars we are having curious spec
tacles on the Board Just now Compact and in
= trusive illustrations we have of how the min
/ nows do sometimes affect the wake OF the levia-
thans. and claim to themselves all the pride Of
/ the smashing sea-neglectful OF what may come
/ 10 mass IT, by some sad chance. the bigger fish
may be a bit inhospitable. And here is In the
present market situation a very real qualifica-
( ton Yes. it may be but temporary diversion
hut there are possibilities. This IS not the
time for pyramiding. 1t is sure enough no sea
son for sacrifice no time for doubt of value. But
unless certain past records are no longer the
guides they usually have been. it will not be
sively for while. We have too many new lead
ers who are-temptDgly little.
J None the less while conservative students Of
T the immediate situation are not to be surprised
by reaction" the market IS full OF oppor-
tunites for the making of profitable purchases
There is a long list Of stocks intrinscauy cheap
sure OF eventual appreciation-most of the stand
tractive. But the prudent seeker of profit may