Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-03-31
TRADING IN VOLUME
Transactions Increase Until
Million Mark Is Passed.
PRICES BOUND UP AND UP
Unlimited Resources Believed to Be
Back of Giant Operators.
STANDARD OIL Is SUGGESTED
Group of -Millionaires Thought
to Be Responsible for Recent
Heavy Buying.
STANDARD OIL Is SUGGESTED
BY w. G. NICHOLAS.

NEW YORK. March 3o-There was
something almost uncanny in the way
the market kept on going up. and UP and
up. after most Of the wise people in Wall
street decided it was time to call halt
and indulge in one of those natural re
actions" The volume of transactions
increased day by day. until the 1.ooo.oU-
share limit was reached and passed.
Ordinarily market development OF
this kind would have been accompanied
by sensational changes in the bank state
ments and in the movement of currency
and credits. On this occasion. however.
nothing of the sort took place. There
was hardly ripple In the money move
ments and nothing unusual transpired
through either the stock exchange or the
bank clearing houses TO give the seuths
and scouts clue as to what might be-
going on behind the scenes and as to
who was responsible for the tremendous
upiift in prices. Clearly IL was not a bun
movement run by the public or by any
large number of spectators.
The conclusion has been reached that
the heavy buying was for some giant
operator, backed by limitless resources
or his own, or by some combination OF
men of extraordinary financial strength.
Having arrived at that conclusion 1t has
been an easy matter to arrive at the
theory that Standard Oil millions are be-
hind and under the campaign. In many
rising markets without any backset OF
moment bears striking resemblance TO the
colossal market movements engineered by
II. H. Rogers. William Rockefeller. James
Stillman and others of that heroic group
of multi-millionaires who made the
stock exchange their playground. and SO
stimulated the gambling spirit that sales
of shares ran up to 2.ooo.ooo and 3.o0.-
600 day for weeks at stretch. There
has been nothing of the kind in the stock
market for several years. The tremendous
operations of the late Mr.. Hartman
paralleled them i'm some respects, but ii
is recalled that his most sensational
operations enjoyed the help of the same
Standard OIL magnates, and were really
part of their play.
Standard Oil Changes Heart.
It Is known that the STANDARD Oil multi
millionaires, who are now actively in the
game, have undergone a radical change
of heart since IL was revealed to them
that Supreme Court action dissolving the
trust added hundreds of millions of dol
lars to the value of their securities in
stead of Subtracting that amount. Ihey
were some time getting over their sur
prise but apparently have not been slow
to act. Closely identified with the Stand
ard Oil coterie and really an arm ana
adjunct of the Standard OH party are
the beef and leather magnates of Chi
cago and New York. They, too. are I'M
derstood to be bullish and convinced that
of depression and is on the Upturn-
There is something majestic and inn
preSsive In the grand stock market CAM
paigns engineered by the Standard OH
party. When the selling mood is on
them, as it was in 1907, it would seem as
if there was no limit to the amount OF
stuff they could and did hand out.
1t appeared to make no difference
whether prices were high or low,
! whether the market was hard or soft.
the goods avalanched the market in
cessantly. 1t is the same when they
buy. There is apparently no thought
of the price paid. There is seemingly
entire indifference to the minor fiuctu-
atoms. or to the wishes of the rank
and file of spectators Traders who
are ordinarily big enough to control
prices within restricted limits find
themselves stripped of influence. Their
trades in lines Of $4,000 to 100000
shares count as nothing. The markets
of the last few weeks have been some
thing on that order. The result has
been that the wisest floor traders and
plungers are nonplussed. and admit that
their judgment and opinion weigh for
little. They are as much at sea as
the little fellow who is afraid to go
home at night long or short 100 shares.
There has been plenty OF news this week
to keep people i'm and about Wall street
stirred up Not the least of current hap
penings is the announcement by the steel
trust OF the sale Of bonds TO the amount
of $50 100000. II was q total surprise TO
the street and under ordinary circum-
stances would have caused heavy
break in prices and possibly demoraliZa-
ton. II has made lots of talk. much OF il
very ill-natured, but the general serenity
of the situation does not appear TO have
been violently shocked. although the con-
fidence of many has been seriously shaken.
The charge is not openly made that the
big corporation borrowed the money to
pay dividends with. but ill-natured critics
are not slow to call attention 10 the TACT
that if il had not distributed S25.oOUo
last year in dividends to the common stock.
IL would not now have to borrow s'O.ooo.-
600 to replenish the treasury. Specifcial-
w. the trust did not borrow the money
to pay over to the common stock holders.
1t just poured $3O.aO00Do into one side
of the reservoir that had been drawn
upon from the other side to the extent OF
s25 600 600 a year, to satisfy the owners
Of the Junior securities. The TRANSACTION
leaves a bad taste in the mouth. and ex-
plantations. however, plausible they NAV
be- do not satisfy. Hard-headed cynics
vigorously contend that If the corporation
is really earning legitimately dividends
on the common stock, it would not have
to be borrowing money to keep the ma
chinery going.
No Fear Of Coal Crisis.
Not even the near approach OF crises