The Washington times., 1912-03-31

NEW YORK, March 31.-Usually a
| manipulative movement, such as Wall
| Street has witnessed for a month, runs
Into one session OF very active trading
and sharp advances, of which shrewd
| traders take advantage to sell out and
| perhaps switch their position to the
short side. In order to benefit by the
downward reaction which almost invaria-
bly, follows. 1t is safe to assume that,
| bearing this tradition in mind, nine out of
every ten men experienced in stock mar
ket mancuveTs looked upon Mondays
| market as the elimination, for the time
being, Of the upswing in prices, hut
| they guessed wrong on this occasion,
and 1t is not the first time that the tall
ent has misjudged the present peculiar
! market
Perhaps Mondays market was not as
true a type Of a big day" as Wall
Street has seen at other times, when
the old tradition held true, and 1t must
be admitted that the recent increases
| in the total of reported transactions
has not been attended by correspond
| ing increase in the volume of commits
sion house business, but to the casual
| observer Mondays market had every
appearance OF being the real thing"
Transactions exceeded 1,130000 shares
| the first time that total sales have run
| over IL million shares in nearly five
| months, and very many sharp advances
were reflected throughout the list, but
with the exception of Reading and
Smelters conspicuous gains were con-
fined to speciaIties like American Can
and Corn Products and other issues
| which are poor leaders.
A Two-Sided Affair.
Prices were highly irregular In the
later sessions, and the list as a whole
experienced a number of sctbacks, but
the reaction. which so many traders
had looked for, failed to materialize.
and this recalls the fact that there has
been no reaction worthy of the name
since the upward movement began.
! While this would Indicate that the
movement is still! under control OF those
| WHO have directed it so successfully for
a month or more. there were many
signs that the market is developing into
| q two-sided affair. This was shown by
the fact that despite considerable actlv-
Iity numerous conspicuous issues made
practically no progress at all, which is
always regarded as an evidence of dis
tributive or profit-taking selling.
! 1t Is manifest, however, that IL some
one is selling or distributing stocks
that some one must be buying them.
This is a proposition so wholly elemen-
| tary, that II Is overlooked in the finan-
cial district time and time again. When
/ stocks are advancing one never hears
Of any but buyers. and when they are
I declining one hears of nothing but sell
| lers, and according to street rumors
and gossip It is always the big men"
! who are buying everything in sight at
the top and selling everything out at
| the bottom, when, OF course, 1t Is Just
the other way round. But there Is no
question that the expanding activity and
! sustained advance is having the result
OF attracting the public and a decided
market is reported by brokers. who a
increase in the buying power OF the
| few weeks ago said they were doing
nothing at all.
Awakening Public Interest.
This slight awakening of public inter-
est impaired a cheerful atmosphere to
| Wall Street and speculative sentiment
is more hopefully inclined than for a
long time past. other features con-
tributed toward this Thus, the rapid
and irregular fluctuations enabled the
floor traders to make a little money,
while in addition the tips made good
and this fact cheered the speculative
rank and file in the offices. 1t can
scarcely be said that the market has
as yet reached the state where every
other man you meet draws you aside
and imparts the secret OF some i'm
pending advance in his favorite stock
but a few of the low-priced issues
which advanced. were tipped on be-
fore the rise took place. Men who
bought them were jubiIant and, OF
course, Informed their friends. II is by
such processes that outsiders are
brought into the speculative market
Naturally the security market appeals
in different way to the specula tor
and to the conservative banker. While