The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-04-12
Public Buying Carries Stocks
Up in a Broad, Active
Movement.
FACTORS SUPPORTING IT


oance to the course Of prices was the
unnhstakable evidence that increasing
public participation in the purchase OF
stocks was far moro responsible for the
further upward progress Of the market
than professional operations, nanipula-
tive or otherwise.
There could BE- no palmer token that
confidence was being restored through
out the country, despite the strains and
stresses which the European war has
created and despite the adverse inhu-
ences Of domestic origin. chiefly In the
category Of politics. with which trade,
industry and finance have had to con-
tend in recent years. Adverse foroee 70
main to be reckoned with in all direo-
lions. and excited speculation for the
rise always invites untoward conse-
ouences, but II seldom happens that
such a movement takes place as that
which has been going on in the wall
Street stock market without sequel
sooner or later In business revival and
expansion after a period Of contraction
and depression. Real speculative phe-
nomena OF the kind which we have been
witnessing lately are usually trust
worthy signs that tho spirit Of enter
prise II stirring.
survey Of the uarketwiss news or
the week discloses a balance OF infor-
nation or events which contribute TO
the growth OF optimistic sentiment. Un-
favorable news seemed to be regarded
as relatively unimportant. and the treat
ment OF II permitted the inference that
the mood OF finance and business was to
regard all depressing occurrences out
side the field OF the European war as
n sC0
the economic readjustments which the
outbreak OF the war itself compelled
Should expectations about the war be
confounded. that will be something call
ing for a different attitude than quoted
values are rejecting. More talk or
peace abroad there was IN banking and
business circles during the last few days,
but Il is doubtful II II entered into the
formation Of sentiment except as phas
OF those considerations derived from the
posture OF European affairs which have
tended toward the conclusion that the
end Of the conflict cannot be indefinitely
postponed. even II months OF sanguinary
lighting intervenes.
Another Sign Of Political Change.
Except from an tnconsiderable portion
Of the public there come no tokens Of
discomfort with the ADMINISTRATORS
policy AZ regards Europe. but the week
did not lack Manifestations of a tendency
Of public opinion more or less hostile
TO the radical severity OF the political
programmes which have controlled do
mcstic AFFAIRS. so great an cverturn Of
pluralit,es a. took place In Chicago's
election Of Republican candidate for
tht Mayoralty after he had waged a
campaign that pressed national issues
70 the fore could b. construed only as a
further revelation of the political re-
action which began to be apparent last
autumn This has unuuestionaby
added to the reasons which offer for a
recovery Of general business confidence.
What men Of AFFAIR." have been look
ing for In the domain Of politics has
not bean yIch reaction as would CON
stitute popular demand for the re-
peal Of all new legislation dealing with
business which has been placed on the
statute books in the last few years,
There is. however. ground for helieving
that public opinion holds radical poll
ticiana responsible for an excess OF stat
utory enactment which has imposed I'M
wholesome restraints on business The
complete return OF confidence watts upon
proof that there is to he political
release OF enterprise from undue re-
strictions and q general amolloration Of
public policy toward corporate cndcavor
such as has been denoted by the altered
governmental attitude toward the rail
roads
In the trade field matters which came
to notice suggested that more Support
was being placed under the price struc-
ture which Wall Street has been en-
gagged IN rearing The moro complete
official calculations OF foreign trade re-
suits In March pointed 10 an export bal
sncs Of S1%b.00o,OOo. which would he
second only to Fcbruary's balance In
the history 81 our foreign trade and
make the aggregate balance for tho last
-four months about 100000. 900. II has
been inconcevable to observers that the
foreign trade movement could fail TO
communicate impulses for bcttermcrt In
general business and It Ia probable that
the operation Of such influences Is now
being seen.
~ any rate business men who are not
too much accustomed 10 take counsel
Of their hopes rather than their tudg-
ncnt are saying that hardening proc
csSes are apparent in an increasing
number OF lines. and some even go 40
far as 10 say that II Ia no longer a buy
ers market In any line. They explain
by this that they do not mean that
the seller has the market under control,
but that II IL less easy than II was for
buyers to exact their own terms Re-
ports to the Comptroller Of tho Cur
rency by 90 per cent OF tho national
bank examiners 20 to show more than
sentimental Improvement In business
but these official returns are simply cor
roborative Of private information. Ne
eotiations and plans TO put various cor
porate cripples, principally railroads. on
their feet are Wall Street tokens 81 the
advent. or at least the approach, Of con-
structiye times,
Agricultural Omens Encoupaging.
IntelligeT persons will not count on
crops much before their harvest. but the
first important Government crop report ~
tho new year, published last Wednesday,
could not help TO make Il little cOntrihu-
ton to the existing reasons which ara
encouraging more hopeful business
mood, According 10 the Government stat
istician the condition of winter wheat,
one of the most important OF our crops
was SIS on April |, or 81 above the ten
YEAR average and half a point above tho
December ! condition. Gain during the
winter is unusual and suggests that the
loss of acreage on account of winter
killing cannot he excessive. As the
area planted last autumn was estimated
10 he 100000 acres larger than the
area planted in 1918. from which last
years huge crop of 6s6, OO0, 600 bushels
was harvested, there IL a possibility
| this year OF yield approx mating the
| dimensions OF the 1914 outturn The
| agricultural season liz hardly commenced