The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-04-15
must NOW DRAW
ON IMAGINATION
TAKES THIS As WELL As FuNDA-
MARKET GOING,
CAMPAIGNS PLANNED
COUNTRY hound TO PROSPER
EVEN If THIRD TERM AND A
REVOLUTION SHOULD
I
COME ALONG.
ey THOMAS c sAorwELL

by rSNAo -, DIV w Is1A.
NEW YORK. April 1.-THE stock
market has been worked into "a con-
dition where IL takes some inasina-
ton as wen as fundamental facts TO
keep it going. Tho fuadameatais are
better than they were tWo or th,ee
weens age. iu; The market is not
much higher Some TRADERS are be-
ginning - think IT has made progress
enough for a time and went i; 10 rca,
Pefnars that would he best Its ac-
ton has INDICATED the arguments OF
It's lacsers. snd white there can ba
no ooub; of materially higher prices
being recorded in the near future. there
~ disposition TO let The bears try
what they can DO.
Bears tried hard on Friday and
saturdaN, but accomplished little. The
selling was purely professional. and
the great hody of security holders
paid no attention. Tie decline began
and ended on the floor of the ex.
change. II has left tho technical COLI
oition OF the market much improved
and Il will require hut little urging
10 start Il upward again. Transec-
tons. made In the last few iy5tnutes
OF the Saturday market seemed TO
provS the presence OF operators will.
Ing 10 do the urging
Hold Purchased Stocks
One peculiar feature OF the mar
ket the last few weeks has been thar
great buying movements have been
iindertaA ken under agreernen to hold
the stocks purchased for Two or three
years. The prices nave advanced
only as an incident OF the buying
the buying no: being done for the
purpose OF making market on which
Id sell. This is true OF the market.
in American Can, Canadian Pacific
and Erie. Linseed, Colorado Fuel and
Bag and Paper. Campaigns Of i'm
rortance have been mapped out to ex-
tend over long periods The traders
who attempt 10 catch the fluctuations
in such issues might as well play
roulette. but if the vans do not mis-
carry all these will be regarded az
substantial issues. long before tho
campaigns are ended.
There are other issues In like posi-
lions. but these are named because
they are typical OF the change that
81 coming over business enterprises
as result of the panic that liz fast
fading from memory.
Many persons question the proprie-
~ OF publishing in a newspaper the
plans of stock market pools 1t is
contended that these reports eutice
the public tn deal in the stock In
most cases the pool members are the
only ones who object. for mystery is
the best feature of pool movement.
In market like tho present one
where the fundamentals are known to
be sound, there are what amount
to pools in nearly every issue that
is active. II is only fair that the
public be told the reasons for the
movements. and thus have an oppor-
tunity to investigate me sincerity OF
the market, Information that insiders
are working in certain issues puts
everybody on the defensive. and II is
only an issue of real merit that will
advance under the fiji light of pub
licity. The past week has had exhi-
billions OF both kinds of pools
Country Bound to Prosper.
However much patriotic Americans
may deplore the shameless assaults OF
the i'nperialists on the government
they must not forget. as investors and
business men, that the country Ia
emerging from panic that has lasted
more than four years. The country
IL new and is making hearty strides to.
ward recovery. There is no man. how
ever popular nor any political party.
however fanatical. that can stop the
growth. Business il absolutely certain
to improve very much. for this is an
n az TO whether the Improvement Win
simply be very great or whether II
will swell into a boom.
Taking the view that the people Will
bet n man have three terms as Prest-
dent. there IL even no reason for In
veAtors TO part with stocks. Civii war
might, of course. be a matter of only u
few years after that. but revolutions
a,ways excite speculation. and there
would be ample time TO make big stock
market. There Is no doubt that the
would be found that the revolutionists
would have such confidence in the new
order that true Americans would be
able to sell opt 10 them on rising
market. There isc no doubt that the
afectics1 Of Roosevelt would be the sig
.ai for wild speculation in preparation
u the deluge, and il would be the duty
~ all investors 10 sell out on that boom
and place their funds in other coun-
tries until after the war.
OF course this In the extreme view.
but Roosevelt may be elected 1t VIII
BE seen that for the investor who is
now holding securities there IL nothing
justffying safes. On the other hand.
should the Americans be able 20 carry
The pre- sitientias %irastscn hy placing
Taft or a Democrat III the White
House business would enter upon 4
hong period of improvement based on
sound fundamentals.
mi nHo~ fs.te