Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-08-15
PUBLIC IN THE MARKET
Heavy Daily Transactions
Testify to Stock Status.
BELATED BULLS BOOSTING
Now More Enthusiastic Over Future
Than the Stayers.
FEWER WEAK ACCOUNTS NOW
Gossip Over the Heinze Copper In
cident-Tarin Sermon in Hides
and Pig Iron Schedule.
BELATED BULLS BOOSTING
FEWER WEAK ACCOUNTS NOW
pecial Correspondence Of The Star.

The belated bulls are far more enthu-
siastic I'm their prophecies for higher
prices than the old stalwarts, who have
got In early and who have been staying
with the game. The eleventh-hour boys
have very good defense for their posi-
ton. They say 1t Is very much safer to
buy stocks at the current high range
than it was to take them on 80 to 100
points lower. They say that the specu-
lative element has been entirely elimi-
mated, and that while those who had the
courage and foresight to bet on a return
Of prosperity while the market was still
struggling made big winnings, they are
we'll entitled to the extra profit, for the
situation was full of uncertainties and
gambling features up to within the last
fortnight.
Nothing was really settled to the ex-
tent that it could not be unsettled,
whereas now not cloud is visible at any
point of the compass. The stalwarts
think the same way, but in q very much
modified degree apparently. Very few Of
them are taking profits out of the mar
ket at this time, but they are philo-
sophically awaiting the season when they
will feel that stocks are too high priced
for them to carry any longer. They are
like the business man who was offered
5000 for roadster he had bought for
$3.50. He hated to let the horse 60, but
he said he could not afford to own a
five-thousand-dollar trotter. They are
looking for the time when they will be
able to realize somewhat along the lines
of the proprietor of the five-thousand-
dollar nag.
There is still much superficial talk
about the market being entirely profess
sional and no public in evidence This
is nonsense. 1t is a dead moral GER
tainty that when daily transactions range
from 100000 shares to 1.5OO.OOO shares
good one. Furthermore, II Is a
stronger public than the street has seen
In many long day. Commission houses
exact heavy margins from their custom
sort of thing. 1t gives them an added
sense Of security when their brokers de-
mand 20 to 30 points margin and appear
to be more or less Indifferent whether the
client makes good or draws down his &C
count.
Warning Productive Of Good.
The warning given by the board of gov
ernors of the stock exchange that men,
bers hereafter play safe, and that the
shoestringers do business with their
class. is having a very salutary effect. 1t
was just what majority of the mem
bers of the exchange had been thinking
about. and they were only too well
pleased to have official announcement be-
hind them. A knowledge that there are
fewer heavy and dangerous weak &C
counts in the market adds to the conf
dence of the rank and file of traders. To
be sure, the weeding.out process which
has been going on among the light
wasted plungers has caused some reac-
ton in prices here and there. but such
reactions are almost invariably followed
by sharp recoveries. a new set of buyers
taking the place of those who went out.
This gives to the market a soidity very
attractive to those who like to think that
they never speculate. but buy as an in
vestment.
1t Is sometimes almost humorous to see
how quickly successful Spectator will
turn himself into an investor-in his mind.
1t is a fact that some of the heaviest
capitalists in Wall street were at some
period of their lives desperate gamblers.
An enume1 alton Of conspicuous examples
in proof of this statement would make
a list half a column long and would pro-
woke wild indignation among those thus
distinguished in cold type. Most of them
are now in the strictly conservative
class and frown on everything having the
slightest color of chance. They have got
beyond the stage when they have to take
chances. In Wall street, when a man
to do Is to tie up with some strong in
terest. take his allotment of good things
handed out, play along decently and his
pile will grow just naturally.
Experience Change Of Mind.
At this writing the "wisenheimers" Of
Wall street are undergoing one Of those
lightning changes of mind which is
feature of their thinking. At the outset
of the excitement over the selling Of
block of Heinze's hypothetical copper
or IF nf
participants in the deal, the belief was
very strongly held that some man or in
terest higher up was making a target
of Heinze for the fell purpose OF break
or three of his choice properties, notably
Ohio and Davis-Daly. 1t is yet too early
to say with positiveness that there is no
big man higher up, but indications now
are that bunch of sharpers have been
working the same game for several
months in New York and Boston, and
that Heinze is only one victim out of
many. He may have suffered more than
any other individual. but he is not alone
in his grief over the disappearance OF
securities put up as collateral on loans.
The curious feature about it is that repu-
table trust companies in their anxiety
to reach out for business lent themselves
TO what is now known to have been
of them will go into financial coventry
and pay dear penance for their mis-
takes.
One reason why Heinze got soaked
SO badly was because he was i'm especial
ly urgent need of money to settle up his
New York embarrassments and had
good mining collateral to offer. Both Da-
vis-Daly and Ohio have recognized sea-
soned value, and can find market any
time. Ohio is always in demand at
price. The property is adjacent to and
right at the feet of Utah. one of the
greatest, il not the greatest copper. mines
in the United States. Large interests
connected with Utah are always ready to
take on little more Ohio. The tunnel
which Heinze is boring through his prop
erty If continued would tap Utah 700 Or
SEQ feet below present workings and
would be natural outlet for ore taken
from Utah in its deeper development.
Not Connected With Heinze.
1t does not appear. however. that any of
these interests are in the remotest de-
gree connected with the campaign Of
which Heinze, was the victim and which
cost him a large amount of Ohio stock,
virtually losing him control. All vague
suspicious directed to that quarter have
been abandoned as groundless and search
for the parties responsible for the crooked
dealings is turned elsewhere. II AL Cos
lin. who for many years held the title of
King of the Wall Street Underworld,
were here everybody would think of him
as the originator and engineer Of the ne
farious campaign. Goslin is in Paris.
More and more as we look back the
panic OF 1907 and the depression OF 1908
are seen to have been unnecessary. A
clearer view of the situation is had In the
retrospective than was possible while the
excitement was on. The noise and dust