Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-05-19
BUY OBSCURE ISSUES
Spectators Experiment With
Odds and Ends of Market.
DEALINGS ARE VERY LARGE
Thousands Of Shares Change Hands
During the Week.
OLD ELEMENT LOSES CONTROL
Annual Election Of Exchange Of
ficers Results in New Men
Going Into Office.
DEALINGS ARE VERY LARGE
OLD ELEMENT LOSES CONTROL
BY w. G. NICHOLAS.

NEW YORK, May 1s.-These have
dogs" pups" "bob-tail pools" light
weight syndicates and groups OF
| spectators who like to experiment
| with odds and ends and new things
when market conditions are right for
that kind Of diversion. The bulk OF
| the business on the stock exchange for
several days has been in specialties
| of small Importance, and many OF
them entirely unknown to the general
public. Daily dealings have run UP
into thousands of shares in strange
stocks Nike bag and paper, malt
leather, corn products, paper, Mexican
petroleum, Pittsburgh coal. quicksil
YER. cast-iron pipe and a dozen other
unfamiliar things Speculative am
bition had cooled on the standards and
had to find something to get busy on.
1t was a rare opportunity for persons
who were interested in new and Specu-
lative stocks. or dormant old stocks,
to stir up some interest, and they pro-
ceeded to take advantage Of the
chance. Publicity agencies were set to
work, and the street was saturated
with tips and advance information as
to bull movements in these queer
things. In many cases these tips We're
made good and the blackboards were
enlivened with figures showing ad-
vances Of two points to ten points in
as many days. 1t was found an easy
matter to mark up prices, and by the
time the bulgeS were advertised. a mis-
cellaneous public was ready to begin
buying. On this artificial and foolish
demand insiders cheerfully supplied
stocks and the public at the present
stuff in it's stomach than at any time
in years.
While this was going on there has been
considera BILE distribution of stocks in the
older companies and in such speculative
favorites as Amalgamated Copper, Smelt-
ers, Steel, Union Pacific and Reading
After the deed was done. 1t was discov-
cred that one heavyweight speculator has
sold out $4,000 shares of his Amalgamated
line through one house. He is a repre-
group having close alliances with Stan
dard Oil. This incident gave rise to Cos
sip that the Rockefeler-Ryan interests
had been getting out of copper and were
ready for reaction. This theory is
very widely held in Wall street, and ap-
plies not only to the coppers, but to steel,
Rock Island, Lehigh Valley, Reading,
and in fact, most Of the issues that have
been conspicuously active on the long
upturn which began about the LIST of Feb
ruary.
Give Market Support.
1t was generally believed that the big
insiders had liquidated freely before the
sharp reaction of last week. but if such
was the case, the distribution was not
completed, for the same people who were
believed to be heavy quiet sellers gave
the market strong support and brought
about recovery that carried quotations
almost to the highest point reached early
this month, when the bull movement cul-
raj NJ fhn :
week liquidation was undoubtedly re-
sumed on an extensive scale. The street
has larger supply Of floating stocks
than at any time in many weeks. It is
probable that a dangerously large short
interest has developed in Union Pacific
and Reading, and also in steel, which
will make 1t easy to organize little bull
fiurries. Aside from that, however, the
market tendencies are weak. and surface
signs point to reaction.
The old fogy element which has been
long In control of the New York Stock
Exchange. was endorsed at the annual
election OF officers this week, and new
order of things is promised The ex-
change has been becoming more arrogant
and intolerant as the years grow older,
and strong spirit Of protest has been
developing among the membership The
criticism inside and outside of the ex-
change has been that the governing fac
ton had been making too many enemies
for the organization and that it was time
to adopt more friendly and conciliatory
policy toward the public. The governing
perpetuating. 1t was a close corporation
and the policy Of the entire exchange
was shaped and executed by coterie of
not more than fifty members out of a
total OF 1000 The spirit of revolt has
been fntensifying until there was an ex-
plosion. From now on the public may
expect rather more friendly treatment on
the part of the brokers who buy and sell
stocks for the multitude. OF course there
Will be no immediate revolution in the
exchanges policies and no instantaneous
reversal of attitude, but the leaven is
working. The New York Stock Exchange
members depend for their living on the
favor of the public. The exchange is
are bought and sold, and IL the public is
driven away it will be so much the
worse for the exchange. The very great
| increase in the business of the New York
Consolidated Exchange was a develop
ment which could not be overlooked or
| ignored by the big exchange Lately
quite. a list of leading members of the
| little exchange bought memberships on
the big board and others have been told
| that they would be welcome Heretofore
when a Consolidated Exchange member
wanted to break into the higher circle,
| he had to crawl on his hands and knees.
1t is now case of Welcome, Gentle
Stranger"
John d. Ryan Big Figure.
The new big figure in Wall street is
John d. Ryan, the acknowledged head
of the greatest copper combination ever
| formed. He has succeeded the late H.
II. Rogers. and in many respects is con-
sidered a bigger and broader man. Ryan
first came into conspicuous notice by the
| part he took in bringing to an end the
| long-drawn-out battle between the Stand
ard Oil interests and Fritz Augustus
| Heinze, a battle that corrupted the state
| of Montana for years. and involved the
wanton spending of millions upon mil
| lions of dollars of money. From that
moment he was made the active lieuten-
ant of Mr.. Rogers, and gradually the
| hard work Of the Rogers Stillman-R Rookie
| Teller combine was intrusted to him. He
was one Of the first to realize that If the
Amalgamated combination did not in