Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-05-05
BUYING FALLS OFF
Public Not as Greedy as 1t
Was Short While Ago.
HIGH PRICES THE CAUSE
Not Wanted Either for Investment
or Speculation.
OBJECT TO SOME QUESTIONS
Bankers Hold Congressional Com
mittee Probing Money Trust"
Is Personal.
HIGH PRICES THE CAUSE
OBJECT TO SOME QUESTIONS
BY w. G. NICHOLAS.

NEW YORK, May 4.-The public is not
buying stocks greedily as it was a
snort while ago. At the higher range of
prices stocks do not look as attractive
as they did on the way up. Having been
put on the higher level they are not
wanted either for investment or specula-
zion. The bull leaders and the pools and
syndlcates behind the various specialties
find that they have to buy the stocks
themselves whenever they attempt to
advance the market into new ground
Ihat Is something which is not reliShed
by the big people who keep things stirred
Hp in Wall street, and they take it as a
sign that the boom has reached the limit
of safety for the present. Naturally one
OF the symptoms of cooling off in the
speculative situation is increasing liquida-
ton. or as 1t is also sometimes termed,
distribution. With the heavier pressure
of long stock and enlargement of the
short interest prices do not hold Still
the public is by no means ready to take
the back track. 1t believes in the
market. and very evidently believes in the
merit and virtue of the securities into
which 1t has put hundreds of millions OF
dollars of real money during the last
six months Besides, there is no other
place to put the money to as good advan-
tage as in good stocks-not now, at least
When business improvement goes on fur
fher other uses may be found for a
Part of the capital now in stocks, but that
the foreground.
The news developments of the week
nave been important, but they are neu-
trail in effect. The good news and the
bad news We're an offset. The most i'm
.portant event of the week was the I'M
Outstanding arrived at by railroad man
ayers and the engineers TO arbtrate their
Conferences The inquiry which will pres
emily be entered upon will be educational
and Is expected to enlighten the public
TO the need of a change In laws and
methods SO as to give the railroad a
chance to increase their revenues 1t
IL recognized by the far-Sighted men at
the head of railroad affairs that it is
likely TO be long time before the trans
portation interests obtain the relief they
are working for. 1t took more than
thirty years for the people to teach the
railroads their duty and obligation to the
pubic The lesson has been a severe one
and the discipline administered has been
burdensome and unfair in many cases
but 1t Is likely TO be years before a re-
:versal of policy can be effected that will
result in an absolute square deal for the
railroads The roads are being penalized
Tor their past miSdoings, and will have
TO give ample proof that they under
stand the situation thoroughly before be-
ing taken back into the full good graces
of the people. They are on probation
now. They understand this fully, and
the best they can look for at the present
writing or I'm the near future Is progress
along lines of friendliness. For that rea-
son the developments of the approach
strike inquiry are being anxiously
awaited by the bankers and officials Of
railroads. They hopefully anticipate such
showing OF sentiment as will give them
something to go on for the government of
their business-a ook-ahead-something
definite upon which they can frame
broad policy.