Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-08-17

far-reachinr importance. It was recog-
nized as an emancipation from long pre-
vailing financial slavery, with the Power
lodged in Manhattan Island TOT sa wno'e1
liberated public made it clear that II
understood the scope of the Washington
program Speculation and general bust
ness made sensational responses to the
McAdoo move. Things have oeen nap
rected memory Of the forgotten $OOOOO.-
OOO Finding that neither blufing nor
assumed contempt would dislodge the
gallant McAdoo, the money CONTINGENT
backed water, and came into the McAdoo
everywhere. An acceptable currency Dill
was planned, and tariff friction slowly
ironed out. Some Of the poison In the
Mexican situation has been extracted.
have Gained down. greatly to the adj
vantage of both hemispheres. And then
there ar the crops!
AS matters now stand the stock mar
ket is the chief beneficiary of the sweep
ing Improvement 1t is by the registry
of the tape that the public Is able to
form a correct estimate Of the signifi-
canoe of the several forces that have
been set in motion within the recent
past. With advancing prices the scope
daily sales Of less than 100000 shares
the volume OF trading ran up to 100000
shares and better. Fully half the ground
lost on the long decline was recovered
and the element of hopeless depression
gone. Bears are disorganized; month
ago they had full possession or the field
and bulls were in disgrace. McAdoo,
successful politics and good crops were
the leading factors-all Of them legiti-
mate forerunners of wholesale business
recovery and trade expansion.
Leaders in Movement.
Steel, Union Pacific and Reading were
the leaders throughout the entire course
of the bull movement. Transactions In
these speculative favorites averaged
more than 90 per cent Of the daily grind.
The coppers. St Paul, southern racine,
the Hill stocks. the New York and
Brooklyn fractions, Canadian Pacinc.
Chesapeake and Ohio and several OF the
minor industrials were also active ano
higher. Several attempts have been
made without avail. to smash Reading.
a day is lost that does not bring tidings
of new phases to the government suits.
brought or to be brought against the
king of hard coal carriers. Less than
40 ner cent Of Readings by no means
large capital is free for specnlation on
the stock exchange. yet trading IN II
averages 20 to % per cent OF the totai
not infreuuently. or the $14O, 1000, 600 OF
Readings share capitalization baitmore
and Ohio and Lake Shore own outIlSnt
S6S 600. 600 or nearly 50 per cent. Tnere
have been days almost without number
when the trading totaled an equivalent or
the entire apparent free supply. how the
game is played without interruption on
that colossal scale is the standing puzzle
for spectators and market historians.
Where do the certificates come from
with which to make daily deliveries. ana
where do they 60 to without permanently
disappearing, is a standing question IN
the financial districts of every city In
very large short interest developed
during the last week or ten days OF the
advance. According to the reading OF
most market "sharps" the bear element
IL in for either q tremendous licking or
a spectacular winning. As the market
broadened opportunity was furnished
specuIators for the first genuinely big
play in months. That they took ad-
vantage of the chance goes almost with
out saving. An open speculative short
interest OF 100000 to 100000 shares
would not be surprising. Many Of the
plungers who take individual risks OF
1OO, 600 to 100000 shares are back on the
scene. Several Of the hardest players
are still abroad and cable orders are
quite q feature Of the current trading.
Europe has at length recovered per-
ceptibly from the financial nervousness
incident to the war. The slaughter OF
ture Of more than $1.OO0O00O00 10 q
insurance OF prolonged peace.
Able Manipulation limited.
Tho triumphant campaign fpr the ais