Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-10-04
STREET INDIGNANT
|. AT SHORT SELLERS
Further Raiding of Stocks
Held Likely to Retard
Trade Recovery.
BY CHARLES w. STORM.

Editor the News Service OF Wall Street.
Special Dispatch to The Star.
NEW YORK, october 4.-The fur
Their rally in the stock market, placing
prices of the most active stocks at
levels from to 10 points above the
lows of this week, has been so rapid
that the biggest professional traders In
the Street are uncertain as to what
should be expected from now on with
/ regard to price fluctuations.
The uncertainty among these big
operators is now greater than it has
been for some time, and because of
their indecision as to what to expect
in the immediate future, many Of them
have decided to stand on the side lines
and wait for the general list TO fur
nish an indication of the probable
trend.
Indignation Against Shorts.
The recent decline in the prices of
stocks, accompanied as it was with
! considerable professional short selling
and attacks on specific issues, Is result
ing In growing wave of indignation
| against the professional shorts and
there is much talk heard in the finar-
clal district as TO the advisabiIity of
taking some measures as would greatly
reduce such practices. This indigna-
ton against short selling has reached
the point where caustic remarks are
made about professional traders who
/ are constantly appearing as sellers OF
| stocks
Short selling is considered necessary
| EVIL and in many instances the buying
| by. professional shorts prevents the Gre
ation OF acute weakness and possible
! collapse Of stocks, but it is generally felt
in the Street that people have been hurt
SO badly in the market and are now in
| such weakened financial position that
/ future raiding of stocks Is nothing short
OF financial homicide.
Wheat Advance Helps.
One source of optimism was the con-
tinued advance in the price of wheat. as
| predlcted III this column following In
tervleWs With number of prominent
! people interested in the wheat market. IL
Is felt in Wall Street that continued inn
| proVement in the price of commodities.
especially wheat would do much TOW ard
eliminating the apprehension existing
WIN regard TO the future stability OF
the stock market.
"A fear market" Is now declared to
eXlst II, connection with stocks at this
tlme. Stocks of farm machinery COM
panles naturally showed future inn
proVcnent in the price of wheat. High
er prices for wheat would improve COL
lecttoas by the farm implement com
| RAA.-co anu NATURALLY 40 much to better
their financial position.
Good Buying of Coppers.
Quiet, but good absorption of the
best copper shares is reported IN he
going on in the market at this time
1t has no relation to the Improvement
reported in the demand for copper
metal the buying being for the account
OF certain group which has an enyi-
able record for its ability to pick out
stocks selling at low prices which usu-
ally experience marked improvement
over period of time The group which
4 has been the chief buyers of the copper,
Is familiar with the conditions in the
industry as they have large investments
| in South African copper mines.
There were the usual rumors of Wall
Street firms being in trouble and the
daily reports relative to the stability
of the present dividends on certain
stocks. In this connection Montgomery
Ward was sold. particular stress being
given the reduction of slightly more
than 10 per cent in September sales.
One discouraging development late in.
the day was the temperance of foreign
selling. These offerings were RESPONSE
BILE for the easing of of quotations
| toward the close.
| Copyright, 1890, by North American News
| paper Alliance.)