Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1910-08-09
BOOMING MARKET To
TRY AND RESTORE
CONFIDENCE
BIG OPERATORS MAKE
SUDDEN CHANGE OF FRONT
hreats of Copper War Heard;
Captains Of Industry and the.
Spectators Join Hands to.
Prevent Trouble in Future,

fIeFtAl tt0uDle IN fUtufel
New York, Aug. Am effective
campaign OF REINSURANCE Is being
conducted for the benefit Of the stoci,
market and to restore TO the public
mind a degree OF confidence very
much needed. Leading fnanciers ana
captains Of Industry hava Joined in
the campaign aud are learning IL their
active help. They are apparently
working With an entire agreement OF
purpose and are coming out in inter-
views Of the most optimistic tone.
They say that In tneir opinion the
depression In business and in the stock
markets has gon far enough and that
the time has arrived for a change OF
'front.', There is also substantial agree
ment upon the general proposition
that present prices represent the dis
counting OF about all unfavorahle de-
Nelopments n conditions likely 70
appear. This is certainly encouraging
coming from a group OF men more
than half of whom have been either
openly or secretly against the market
for a good while.
The team work is un loubteoly
having Il beneficial effect on senti-
ment, and while open and aggressive
buying Is not yet 80 much in evidence
as might be desired by o~veranxious
spectators. there has occurred an
almost entire |stoppage of liquidation.
The bears have discovered this lat
ter feature and they are beginning TO
draw in their horns. Being skeptical
as TO the sincerity Of these interviews
md constituting the campaign of re-
uGgfrA nFa nc % nnnNa nnnp fhA nQTF
OF insiders 10 talk the market up so
that they might unload some more
stocks, the bears proceeded to pound
the market on every sign of reaction
or weakness. They succeeded several
times in breaking prices a point or
two, and on the report that Germany
had made an offensive diplomatic
play against the United States touch
ing Nicaraguan affairs they broke two
or three of the favorites 3 l-2 points
or more in one day.
Then again on the announcement
that the Interstate IN COM
mission had decided to suspend the
freight ate advances four months
they raided prices again. In both cas-
es the disconcerttng fact was brought
to light tina the break in prices was
entirely caused by short sales, almost
no long stock having bee dislodsed.
These two raids resulted IN a very ma
terial increase in the outstanding
short interest and the bears were
compelled to bid against themselves
to get back q part Of their lines. Com
%sequently the market sharply and eas-
ily recovered losses and with each of
these developments the situation took
on q more cheerful color. Actual buy
ing for long account set i'm 10 reinforce
the Job lot and small investment ac-
emulation which had been going ON
for two or three weeks.
There was nothing really new I'm
what these big men have been saying
in reinsurance propaganda, but the
force of the action lies In the fact
that the people who did the talking |
were willing TO say anything. Their
CONSCIOUSNESS must be taken az evil
dence Of q desire to see matters mend. |
Thus far nothing has been heard from
j. =. Morgan. william D.. Rockefeller, |
John D.. Rockefeller. and several 9TH
representing enormous interests.
These may come along later ana viii
be quite as welcome as though they |
were at the head Of the list OF cheer
ful takers.
The flood of hopeful utterances Is
being contributed to quite extensive
~ by men who are more than suspect
ed of having been actively IN the bear
side of speculation and Off on since
last fail. with few exceptions they
have been either in expressed or sill
ent sympathy with the crouch be-
cause of the governmental determine
tion to take further decided steps for
he supervision and restriction Of cor
porations. A sentiment which runs
through much of the uplift literature
Is that a good deal Of the Crouch was
iue to the inability of the financial
to understand the depth and
'Orce of the popular feeling behind
he action of the administration and
to restrict the freedom Of big
Insiders TO exploit the corporations
which they had command and
'un as individual assets.
Reluctant admission Is now being
i'm these very quarters that the
'estrictive and supervisory movement
come to stay and that stiil more
advanced ground is likely TO be taken
cry soon in the enactment and en-
orcement of laws for federal control
# new capitalization, bonds and
tocks. IL comes hard for the bank
combinations in wall street to
to Yield 60 any authority in these I
matters, they having heretofore en- .
Dyed a freedom which has amounted
o license to levy oppressive tribute on
II important enterprises which need l
capital. They naturally rebel
gainst the taking away Of their toll j
ate privileges. These eleventh-hour
would seem to show a /
ecognition on their part Of the ine- 4
table ana OF q Willingness 20 desist 7
further attempts TO teach the I
.ublic and the politicians any more
blect lessons at enormous sacrifice I
G values. as they a been doing
ar tle last yonT. 4
The improved tone OF the stock :
iarket has been attended hy "a grad 7
gain In prices. Tho average oil l
rotations Is already several points
1ovc that reached at the extreme de-
ression. opinion In the street b.
40 very much two-sidcd as to the
IMMEDIATE future. but the bull side
gaining recruits day BIS day. ana
is q growing feeling that we :
witness rising markets through =
~ the remainder Of July and posi- "a
81 we'll into September. when the de- D
for money for crop moving 2
irposer mas serve gs % temporary X
on speculation. Since the JuiYlH
$50 H-AAHH I -