The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-05-29
LARGE INTERESTS
BUY ON EVERY DIP
Recent Market Breaks Were
Clearly Manipulated
NO NEWS TO JUSTIFY
Speculative Attention Has Been Large
Iy Devoted to Crops and to News
From Paris About Listing
Stocks.
BY w. G. NICHOLAS

BY w. G. NICHOLAS
New York, May 2s.-(Special.) ION every
dip or trough in the stock market there
goes on an accumulation by the big in
terests and pools. Some of the breaks
which have occurred lately have been
clearly manipulated drives for the pur-
pose of enabling the big people to In
crease their lines. There has been abso-
lutely no news of consequence to create
scares or fiurries or to set holders to
unloading. 1t has so happeend that on
almost every occasion the raids have been
made late in the day when any kind of
gossip backed up by excited selling by
noisy brokers on the floor Of the ex-
change was enough to start a wave of
nervousness which would inevitably lead
to rush of little people to sell. The
commotfon caused was as great as
though 1t really meant something, AMI
no doubt did each time cause more or
less hasty and ill-considered liquidation.
Afterwards when people got to thinking
1t over and to inquiring what the ex-
element was all about, nothing could be
located Of sufficient Importance to cause
So far as the. hour to hour trading on
the floor wetn. the play was left to the
professionals and the fraction chasers
who come under the general classified
ton Of room traders. The most success
full drive of the week was on Wednesday
afternoon when the Hessian cavalry sue
ceeded in looping off two or three points
from quotations. This was the time when
real people with real money were able
to make substantial additions to their
holdings. AS the time approaches for
the Inauguration of the early summer
campaign, those who will have command
of the play and those who are in the
know, or think they are. want to add a
few more stocks to their accounts SO as
to get the full advantage of their ad-
vance information. There are men who
make a practice of going against ex-
actly the kind of advance knowledge
that now saturates the street and not
infreQuently they win largely by reason
Of their skepticism. This same element
Il now stubbornly fighting every sign OF
an advance. 1t Is going on the stereo-
typed theory that whenever a tip or a
bunch Is given wide circulation, it is for
the purpose Of unloading or giving the
man behind the scenes a chance to dis
tribute goods for which an artificial mar
ket must be created in advance. 1t is
this dihlerence of opinion that makes
market.
As on last week and the week before
speculative attention Is directed chiefly to
the progress of the crops and to the
progress of negotiations in Paris and
London for the sale of American bonds
In the matter of crops, very visible and
satisfactory advancement and improve
ment is noted. Reports from every farm
ing section of the country give confirma-
tory proof on this point. There may not
be tropical iuxuriance in the crop devei-
opment in some parts of the country, but
on the whole the average appears to be
good, both as to grain and cotton, and
where real damage had occurred advices
go to show that it has been repaired In
part or whole.
From the other side cabled advices as
20 the negotiations for money are rather
mixed, but reports from international
banking sources are to the effect that
everything Ii going along swimmingly
and that no real trouble Is being expe-
sienced in getting hold of all the new
money needed at terms not at all exor-
bitant. At the same time there is tedi-
GUS delay in making formal announce
ment of the conclusion of pending deals,
and this delay has got on to the nerves
of SPECTATORS to a very considerable ex-
tent For time the bearishly inclined
traders were worked up over the news
that st. Paul and other borrowing cor
porations were obliged to submit to pawn
broking terms in order to sell their bonds.
This was denied in Shalf-hearted fashion
ana then came the death of King Edward
which was given as an excuse for cessa-
ton OF negotiations. The king has been
buried and no fresh excuse Is yet Of
Tered for the murther postponement Of
definite announcement, although as stated
above the bankers who ought to be in
formed say there has been no hitch and
that every important deal will go
! through. 1t is barely possible that the
matter Is being dragged along In order to
b rive the insiders the chance which they
II certainly have been availing themselves
( of during the past week to add to their
Accommodations Of stocks on the New YORK
exchange
On ono point foreign advices are in
and that is that steady and
satisfactory demand for American stocks
and bonds is in evidence In Holland and
Germany as well as England and Scot
land, q demand which Is supplied usually
on direct orders to New York. There are
dozens of rich Wall street banking and
commission houses that have their own
selling agencies on the other side and
which keep in closer touch with the real
/ investment sentiment in Europe and
( Great Britain than many of the more
4 pretentious concerns that get into the
4 headlines as handling great chunks of Sc
# curtties These people say that they are
n doing a better business now than for a
u GOOD Will back. They sold good
II many stocks and bonds for their foreign
III clients on the high prices levels reached
III last fall and they are now replacing thee
n lines which were liquidated. They arc
mako anything by a longer wait.
The active revival of talk about the
|lMeting of United States Steel stocks on
|(ths Paris bourse gives ground both Tor
||serious discussion. and amusement. de-
! jpending on the point of view. The max