Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-04-10
that the important interests have put
themselves in shape for another upward
movement in the security market.
Rnnds To Ra nduazfnd

tnac the important interests have put
themselves in shape for another upward
movement in the security market.
Bonds to Be Digested.
The banks and trust companies and
great underwriting syndicates are loaded
down with mass of undigested bonds.
To make market for these bonds q
stalwart demonstration in the stock mar
ket will be a natural and almost neces-
Sary prelude. A very general improve
ment in the makeup of reports Of earn
ings Of railroads and industrials is noted,
development which may GDntrtbute
strongly to a campaign for higher prices.
The homecoming of so many financial
and market big wigs is also regarded by
the wise ones as being more than SYM
tomato of a nearby bull market.
The specialists are trying to give an
object lesson which will prove to the
world that the stock exchange governors
made mistake in cutting their claws
and putting them under restrictions in
tended to prevent them robbing custom
ers by scalping the orders given to them.
The specialists are those who devote their
whole time and attention to inactive
stocks, and who, by reason of their pa
tient devotion to these stocks and a
study of their conditions. become ex-
learn to know about where all the issue
of their own particular stocks is located
and about where 1t will come out, or
where more may be wanted. This knowl-
edge enables them to buy or sell just q
little ahead of orders and to accumulate
in their own hands a mass of business
which it is of value to leak sometimes
to big operators. These leaks have on
more occasions than one been the secret
origin of raids and rallies which could
not be accounted for on public form.
Under the new rules of the stock ex-
change this kind Of market tugglery will
be more difficult. At the same time the
specialists served the useful purpose of
making liquid market for many in
active stocks.
Object Lesson Is Planned.
BY keeping their hands entirely out Of
this species Of market making the spe-
cialists expect to show that customers
will be getting the worst Of it to a much
larger extent than under the old order Of
things Several times this week there
have been changes OF three to ten points
between sales of semi-dead stocks, which
the specialists say could not have hap
pened if they had been left free to liquefy
the market by species of washed trad
ing. The defense of the specialists. al
though vociferously made, does not seem
to have scored a hit.
The copper situation is intrinsically SO
weak that a dangerously unanimous bear
feeling has been aroused in copper stocks.
The result has been the creation Of an
unwieldly short interest in such stocks as
Amalgamated, Anaconda and Utah. The
shorts have been raided sharply and many
of them driven in. When the short in
terest in any stocks gets chronic it be-
comes a fair target for the pools and
cliques organized for the market manage
ment of specialties.
For years one of the favorite amuse-
ments of William Rockefeller was to en-
courage short selling in st. Paul and then
trim the bears when they got particularly
amr.eious. This process became regu-
lar thing, and although st. Paul is COM
monty regarded as one Of the highest
priced stocks on the list, experienced
traders let it alone as being too great
risk. Some day the Rockefeller influence
will be less potent and st. Paul may seek
a lower level The same kind of a game
has been going on In Amalgamated Cop
per. No other reason exists for holding
it anywhere around current prices ex-
cepI the persistence of the bears to so
short of it.