The Washington times., 1912-03-10

NEW YORK, March 10.-Under q
material expansion of business stocks,
while somewhat irregular. made further
and, in many instances, substantial i'm
provement during Wall Streets busi-
ness week. There was little or no
change in the character OF the business,
however, that Is activity ConvergCd
upon relatively few issues, commission
houses complained of the continued ABB
sence of public participation in the
market, or they said they were getting
none OF the business II any was float
ing around. and, in fact PROFESSIONALLY
brstled out and spread all ever the
speculative performance OF the interval.
1t is rot surprising. under the cir
cumstances, that a great deal of skep-
tlcism was manifested by very many
brokers over the legitimacy of the
movement, and in all probability this
skepticism contributed more largely
than anything else to the successful
upbidding OF prices. This seeming con-
tradiction arises from the fat that the
chief sustaining force in :hc market,
the short interest. as a result OF the
concentrated professional buying, was
forced to cover repeatedly, and the
still further. Except Upon the part of
the participants there was little en-
thusiasm. over the movement, for It
had every appearance of being machine
made, and AS such It was distrusted.
A Professional Bull Movement.
To the casual Wall Street observer
it seemed as though a new short in.
terest was taking the place of the old
day after day, supplying thereby fresh
material for the bull msnirulators to
work upon, and then retiring in turn,
beaten and angry over its experiences.
Naturally n performance of this kind
could not have continued in a broad
general market, OF in one il which
liquidation was running to any great
extent. IT was successful during the
week, partly because of its profess
sional character, and partl% because
certain traders. who could not or would
not be convinced, persisted in contest
ing the advance, going short repeatedly,
in an effort TO find TIE top OF tn
market
Naturally the outcome disclosed that
for the time being the element commit
ted TO the bull side among the profCs-
sionals is the stronger Of the two. They
carried dII the campaign in an aggres-
sive manner, which was strongly REM
inisccnt Of other days. 1t seems a dar-
ing, almost a reckless, operation to un-
dertake an upbidding Of prices in the
face OF much bal news. but the manlp-
ulation has been favored by the cN-
treTue pcssimiSn OF the street. tho
oversold condition OF the market. the
absence Of effective liquidation. and the
ease OF money, and by way of iustif'Ca-
ton much was made of tNe argument
that the market was GisCountinG inn
provement. AMI much was heard also
of tho old saving that stocks always
advance when tn" sap runs up the
trees.
Favorable Factors.
Of course, the ultimate success OF a
movement so conceived and so oXecGtcd
does not rest with an upbiddmr of
prices, but with the sale Of stocks 20
the public at tho highsr level; not sales
by one grouo IF Wall Street speCu-
lators to another group, for there is no
very. great stability or permGnenCv in
advances II engineered solely among
professionals. wall street was treated
Ia some highly fauciful stories TO ac-
count for the Improvement. such. for
Instance, as I warn that the Govern
mcnt was about to withdraw it's suit
against the United States Steel Cor
porstion. which Is. OF course, ,prepos-
ferrous The professionals made very
free also with the names Of alleged
Duyers Of Steel and other stocks to
help the game along. mentioning in
some instances individuals who have
no speculative interest In the market
whatever
What Is favorable in the present sttu-
alton has been refcrre1 to in this COL