The Washington herald., 1922-12-04
MARKET OPERATORS
BELIEVE MAJOR BULL
CAMPAIGN IS AGAIN ON
Long Position Is Less 0verex-
tended, With More Strongly
Entrenched Commitments.
By BR0ADAN WALL.


NEW YORK. Dec. 3.-Surveys of
the general trade situation and Of
the technical position Of the stock
market warrant predictions by big
operators and investment bankers
that the major bull movement has
once again been resumed. This
time with a less overextended long
position and with more strongly en-.
trenched accounts.
To the ordinary person interested
In the trend Of stock quotations the
use to which big operators and per.
sons conducting campaigns employ
charts would be q source of much
sur prise. 1t will also furnish addi-
tiona1 surprise when II is stated
that the spectators who have made
the most money in the stock market
the last year are those who have
devoted much time In the study of
charts. II is no secret that some
Of the recent biggest constructive
movements in different groups of
shares have been put through by
operators who make extensive use
Of charts. Up to twelve months ago
one paying much attention to charts
Of price trends was considered q
subject for sympathy. The pre-.
cisiOn, however. with which they
foretold future price movements in
the present campaign shows that
those responsible for stock move
ments make generous use of charts.
SIGNIFICANCE OF REBOUND.
For fhi. roo sov, v,,,,,h stOntft,, NO.
was placed on Friday in the re-
bound Of prices. which carried the
average quotation for 100 stocks
back and up through 47.S4, the level
from which the break became most
precipitant.
Aside from the chart indications
there are two other strong points
favoring a continuation of the re-
covery. The first Of these IL the
large short interest which exists in
many of the most active shares.
The rebound in some issues has
been so quick that the big shorts
have been unable to extricate them
selves.
The second point is that those
behind the major stocks never
succeeded in interesting the general
public to a sufficient extent to
permit Of distribution. This 10
considered especially true Of the
Standard OIL shares. These stocks
are being split UP into smaller
units to facilitate their lodgment
viii! the public. This break In the
g neral market came before the
insiders had sufficient time to dis
tribute the new shares. practically
all Of which are still being dealt
on when, as and IL issued"
basis
Standard Oil started out with
the determination to place its
shares with the public and until
that object has been attained the
prospect Of a bull market will be
considered good.
TRADE CONDITIONS.
Trade conditions continue good.
Certain experts have predicted that
business viii, begin falling off in
the spring but important corporate
heads say they have not witnessed
As yet any developments which
would bear out these forecasts.
Copper shares will undoubtedly
come In for additional attention
this week.
Important developments are also
understood tn be IN embryo for in.
dependent steel companies. An &C.
tive market In New York In ex.
pected to be mahA for YOUNGSTOWN
Sheet and Tube shares. The man.
agement for sone time has been
considering making application to
the stock exchange to list the
stock.