Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-05-28
|SH|FT|NG MARKET
HITS BULL PARTY
Lack of Definite Trend ir
Stocks Shakes Confidence
of Traders.
BY JOHN F. SINCLAIR.

Special Dispatch to The Star.
NEW YORK, May 2S.-"The wisest
person today is the one who is carry
ing his assets in cash, said one of the
shrewdest of American bankers yes
terday
He was referring to the stock market
and the nervousness that has been
shown there in the last few weeks.
There are few enthusiastic bull leaders
left at this time Some stocks have
risen, but the majority have declined
in recent weeks. In fact, many Of the
former leaders in the bull movement
are now out of the market. They can
not solve it. Some OF the more coura-
geouS have gone on the short end.
Two Of the largest of the bull operators
in the last year have turned in the
last few weeks to the bear side.
Just what this means no one can
predict with certainty. The United
States is so large and so rich, and the
forces on the stock market so varied
and wide-flung, that some pools, well
organized and very powerful, are still
able to operate, but they are growing
scarce In recent weeks several of the
strongest pools organized by unusually
shrewd and successful men have lost
w.,
dissemination to move along with the
pool and buy on the rise.
No pool can operate successfully I'M
der such conditions, hence the present
Stalemate.
With the almost certain breakdown
of the reparations conference, Premier
Poincare hastens to say that it was
not France who took the initiative in
calling the new meeting. for France was
completely satisfied with the Dawes
plan and asked for nothing more,
If France holds to this position
that they prefer the Dawes plan to
anything else-then 1t looks as though
Germany and France are agreed, for
the moment, on international hnance
policy.
Germany, on the other hand, knows
she has certain strong points, that she
can call into account to protect her
international integrity. These she re-
fuses to give up unless she can make
a much better deal with the allies than
she is liable to make at this time. So
it is evident that If France and Ger
many hold the views they do, nothing
can be accomplished by continuing the
conference further.
The important thing now is to leave
matters at the Paris conference In
such shape that another try can be
made at the proper time, without en-
barrassment to any nation.
It looks as though more billions will
have to be poured back into consturc-
ton and capital account to keep up
with the terrific demand for telephones
over the next 10 years; that is, II the
future increase at all corresponds to
that of the last five years.
The total number Of Bell telephones
in use in 1927 was 13,726,000, compared
with 9,514o00 reported in 1922. This
is an increase of 44.3 per cent In f1ve
years.
According to the Department of Com
merce, which has made an investiga-
ton Of this subject, the total invest
ment in plants and equipment at the
against $2,205, 100000 in 1929.
The revenues have moved up in like
proportion, so that at the end of 1927
they stood at 81 .023 ,573, 900, as against
$685., 568, 900 in 1922.
OF course, there are other telephones
in the Nation beside those controlled
by the Bell. The non-Bell telephones
in use, however, are not keeping up
with the procession; in fact. there was
same period. The number in 1927 was
4,796 900, as against 4,832.000 five years
before.
Hamilton Fish, New York Represent
alive, believes the time has come now
when the United States should give
much more serious consideration to the
problem of old age pensions. Nearly
every nation in the world has made an
exhaustive study of this problem; many
have passed legislation to meet 1t.
1.-The United States should cease play
ing the ostrich act and confront. or at
least attempt to solve. the serious prob
lem Of old age dependency. Our wage
earners are thrown out on the indus
trial scrap heap at middle age, due to
the high pressure and supereffictency