Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-11-10
WALL STREET POOLS
BY A POOL MANAGER, AS TOLD TO JAMES ABELLE.

substantial buyers win be under M
Illusions as to. the proper function OF
pools and spectators.
The wiser heads know that the specu.
latiye interests in the stock market
are merchants, never anything more
and never anything less. When you
want cash for your stocks you can sell
on the instant Some Spectator Is
always willing to take your shares in the
hope that he can resell at proflt.
Likewise, when you wish to buy stocks,
YOU can get what you want Immediately.
some pool or Spectator has the stock on
hand and will instantly fill your order.
But it Is strictly up to you" 10
know what you want in the stock mar
ket pools, as we have said. cannot
create prosperity and cannot create
stock values. The big market specu-
latorS are not magicians. On the con-
trary. they are realists with strict
regard for facts, the facts OF commerce
and finance which unfold in chang
ing world. and the facts of human ma
ture which remain fundamentally con-
slant. When basic conditions warrant
bullish operations, the big operators
are bullish. When underlying conol-
lions are weakened, the big operators
II is true that many of the i'm
portant SPECTATORS and pools never
operate on the short side. But mat
Soes not mean they never sell stocks.
When prices are too high they Ger
tainly do sell stocks. They bought the
stocks to sell in the first place, ana
successful pools and market operators
are not hoggish. When the pront Is
big enough they take 1t.
Time Ripe for knowledge.
In recent years we have learned that
an active stock market brings economic
benefits of large magnitude. In recenI
weeks we have learned that the tnlng
can be overdone. Perhaps we are res1.
to strike a balance. Perhaps we arr
ready to understand the benentS Oh
orr stock market without indiscrm-
inately "falling"for the sales tax &c, OF
SPECTATORS, whose talk Is eXsctly IKE
that of other merchants WIN SoHle-
we should be equally ready to un-
derstand the dangers OF specuIaeIoh
| without indulging in the 1uIne ein NJ
tionalism Of putting curse Oh VIZ
nools and market operators: Inc pooiS
and snec1lators, big and little, at all
| times make the market Tor all 1cslye
stocks. and If there were no speculaOoIS
| there would be no market. But 10
rightly Judge of the place OF specuia,
| tion in the economic ana Ilnanclat
! structure, It is necessary W eoa
accurate general knowledge OF specuLar
tive methods, it is necessary 70 Know
lust what the pools do ana no" ttieS
do 1t. s.I.,,t g., 1on6
nave observed that every increase M
the public understanding OF nnanclal
affairs has resulted in increased pros,
nerity for the Nation, in increased
returns for investors. and IN increased
profits for the speculative community
J IF which I am q member. see no
reason why the same result should not
eyentuate if an attempt were maze 70
| clear up the vague and misleading IDEAS
of pool operations which exist In tine
minds of many people.
AS a famous preacher once saio at
similar turn of history: THE time Is
| now ripe for the reception of knowl-
edge" Remembering my first expert
ence in Wall Street market operations,
referred to at the beginning OF this
chapter, I must practice conservative
reticence in the matter Of names and
figures" However, behind the pseudo
nyms. the stories told will be the stories
of actual operations in the late" buli
market of 1926-1929-so recently dc
parted from this world
Copyright. 1929, by Current News
Features Incl