The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-03-19

M all places IN the world whore ssnti-
r,srt ia a factor In the everyday activities
~ men II Ia most changeable IN q stock
rsrkat community. There Is certainly no
other field OF initiative where men Of re-
spected judgment may, without explanations,
abandon incontinently a whole set Of hIed
. orinions and peTemptorily assert others.
An operator who was very bullish yesterday
nav be non-committal to-day and to-mor-
row very bearish, and he may also advance
The selfsame reasons for being bearish that
he had given for being bullish That would
not De inconsistent In Well Street. II would
be merely a change In the point OF view.
fbe branch lines OF a railroad system we're
imprss,iyely referred TO by Cammaok a.
-leed ers- when be was bulling the stock
and a. "suckers- when he was short OF the
sane stock and bearish on the property.
Important speculative positions on the stock
rarRat or on a particular property are re-
ysrscd completely In a day. Houses and
individual operators who we're bullinR stocks
ENTHUSIASTICALLY at the highest prices on
Monday Of last week, unable to zee as much
asa ] per cent. reaction ahead and who
fought the reactionary movement very OBJ
stirHtely until Friday, went calmly over 20 tho
bear side yesterday, saying that the market
sboved every indication Of having entered
.Upon q downward swing. and advising the
sale ~ stocks on all rallies for a while. There
members OF any STOCK InhIhtt community
Of course who take positions and hold one
vsy Tor months or for several year,. ignoring
fluctuations. but they are an inhnitesimal
minority. The great majority OF stock
market followers are superficial in their
thought processes, and deal not In values
bat 10 quotations They make the apecu-
lAton
The alternating species OF the put n can
broker is appearing In New street That
Il one Of the first signs OF spring in the nnGn-
cia district. John Brain Is missing.
Bank clearings for the last week IN the
principal cities Of the United states. reported
in the Fpar oidi Chronicle. were -. Osi .2e4.S SIS
as compared with q. 6So. 100 .oS1 for the pre-
cedIng week and ai.sis. BSO.Sts for the cor
responding week Of last year, The increase
over last year Is - per cent This b the
heaviest increase in clearlnEs that has been
reported for a long time. Let the impression
begin 70 prevail, said one Of the conservative
buu element yesterday. that q higher range
Of interest rates in Wall Street lie = reflection
OF inprovinG business throughout the oouh-
try denoting a greater outside demand for
credit. and a call money rate OF 4. or or even
per cent. will not be prohibtive Of further
bulllsh speculation
Mr.. Lawson reported yesterday that be
was bidding & Of per cent. to put any part
Of the ca pita stock OF the AmalgamAted
Copper Company at rs over Monday and the
sane for the privilege 10 put any amount Of
the stock at 20 during the entire week He
also reported that he was bidding y OF per
cent TO call the capital stock OF Copper Range
At 80 The response was a stiiening In The
price OF AmalRamated Copper stock. IL
sold up TO 90. The mali rity Of traders seemed
20 regard this lawson incident a. bull
point on AmalEamated Copper. The bull
r following in the stock AZ the present time is
not nearly as large as II was on the first Of
last December. The open bull scoount IL
believed TO be relatively small. Traders
hayo been rather bullish on the stock re-
, Gently, for technical and other reasons. but
the general speculation on this level has not
been active. Conflicting reports are received
from Boston ss 10 the degree Of success that
has attended the bull campaign in Copper
Range TO this point.
movement was started last week IN the
common stock Of the DiStflsrS Securities
Corporation. IL may be doubted, but II is
nevertheless a fact that q certain amount
JDf prejudice attaches to bullish speculation
IN . whiskey stock.
The ostss crowd gets good deal q credit
for having successfully created an aotive
speculative interest in Atlantic Coast Line
stock where none had ever before existed
The recent DUH movement ~ halu 70 nave
been almost wholly OF such Western origin.
and although many will suppose that the
object Of the Gates people in thus taking hold
OF Atlantic Coast Line and making an active
market for II was 20 scale down their line Of
louisville and Nashville. at the same time
che achievement is perhaps a. favorably re-
Farded as anything that has recently been
done under the GGtes leadership A large
Western following has been interested In
Atlantic Coast Line as a speculation. and
nobody 90 far has had cause to complain Of
che character of the manipulation.
The lines we're somewhat more sharply
drawn last week between that body Of imam
DIAL sentiment which had been known for
come time 20 be Out Of sympathy with opera
tons for the advance and another body Of
sentiment, perhaps equally influential. which
Is strongly committed 20 the bull side Of the
market. There are those who bslieve that
they see the outlines OF very interesting
pontest In the market. Reference has been
knAde at various times recently 10 the VARIETY
OF banking opinion concerning the immediate
trend Of prices In some quarters the feel
ihg has been either ultraconserVattvo or
outright bearish, and ia others IL has been
balIsh and there continued even AZ the
close Of last week 10 be this same oontradic-
ton Of asserted opinion, The prediction
Of 4 per cent call money has been fulfilled
oiled 70 a higher range Of interest rates
Thoss Of its membership who are talking
at all cay that per cent call money would
not change the situation essentially.
Il Is predicted by those whose Affiliations
,ats bulhSh that when certain strong
financial interests that are now hostile 70
The market have recovered the stocka cold
at higher prices and have brought their
holdings up 70 the desired totals they win
begin 70 perceive much good In the general
bituAtiOn.
Most brokers prefer 70 take . highly oon-
sentative view Of the MARKET situation. They
are not advising their clients 70 do one thing
OF the other.
There Is probably hot an active house IN
The Street whose Ions interest In the market
vas not considerably reduced on the reaction
last week Clients who he'd become over
extended and were unwilling voluntarily 70
reduce their commitments were persuaded
70 DO 90 by their brokers, Many followers