Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-12-24
SOMEBODY ISBUYING
Stocks Reported Sold Have
Not Been Utterly Destroyed.
BEARS STORY QUESTIONED
Doubt Expressed as to Extent of
Inside UNLOADING"
PUBLIC REFUSES TO SCARE
Large Increase in Number of Stock
holders Attests Confidence in
Business Conditions.
PUBLIC REFUSES TO SCARE
BY w. q. NICHOLAS.

Special Dispatch 70 The Star L.
NEW YORK. December 23.-Grubbers
for the facts are wondering who has the
stocks. They hear on every hand that
ms ders have sold out Sn the advance
and that there is no public market. Now.
there has to be a buyer for every seller,
and as nobody has been buying stocks, it
must be a dream, this selling We hear
about.
Manifestly the 10000 to 600, 600 shares
of stock that figure in the daily re-
ports Of transactions on the stock
exchange must be a myth or else
somebody is mistaken about this whole
sale and continuous liquidation of inside
shares and the absence of a public. 1t
is altogether probable that the alleged
heavy and stealthy distr button for the
big interests has been grossly exagger-
ated. The bank statements fail to show
any very great change in the situation,
and the daily business of the brokers
and commission houses does not confirm
stories that are in free circulation as to
the mysterious sh fling of position on the
part Of important interests:
AS matter Of fact. there is nothing in
of the general flight of the heavyweights
from Their investments or speculative
holdings for the long account. There
was Big buying on the stump in steel
which followed the filing of the govern
ment suit against the United States Steel
Corporation, and there has been con-
t.nuous buying ever since by people who
hold confidential relations with the So
called banking syndicates, and the pub
lie has participated to very consider
able extent in this buying movement
which has lasted now for a month or
more. Prices have receded few points
from the extreme top quotations that
were made quite recently. but there are
no Indications Of general letdown, al
though the overwhelming opinion among
experienced traders and historians is that
heavy reaction Is due and Will surely
occur either Immediately or after the
holidays. The tape does not support this
theory. The tape registers a prevalent
friendly sentiment on the part Of the
moneyed interests and the miscellaneous
investors.
Stocks Find Lodgment.
Stocks have not disappeared from earth.
They have lodged in the hands Of people
who appear to be quite willing to stand
by their investments and speculative pur-
chases. The daily fluctuations represe
the frOthy, irresolute and meaningless
operations of floor traders and fraction
chasers Leading interests appear quite
willing to stand pat and await develop
end revival in the steel industry has
claimed down, and the same is true as to
copper, although in that speciality pow
erful and energetic manipulative CAM
paign in copper shares is still in progress.
Just where the manipulators. intend to
''get Off, Is one Of the things that Wall
street is puzzling itself about and to no
avail. Copper stocks appear to be quite
high enough. but the touts for the gam
bling syndie ates loudly and necessarily
announce that there is still a big further
advance ahead.
There have been sales of the metal this
week at Az cents pound. and the selling
agencies are trying to make 1t appear
that consumers are dead anxious to make
contracts far into the future on that basis
for any amount These statements must
not be accepted at their full par value.
although there Is undoubtedly very graft
flying activity in that important industry:
AS for conditions in the steel trade. it
may be said truthfully that while there
has been pronounced revival In the plac-
ing of orders for products Of the mills,
the contracts entered into are on a low
price basis and extend well into 1912, a
fact which would seem to Indicate a be-
lief on the part of manufacturers that
the coming year is not to be one of boom
profits All of the mills seem to be quite
terms which VIII yield only moderate
profits, and to agree to do business as far
ahead as buyers care to make agreements
It must be remembered that the produc-
ing capacity Of the mills is about 40, 600,
600 tons a year, while the top notch Of
consumption never passed the H.O00vO0
mark
Expect to Break Records.