The Richmond Virginian. (Richmond, Va.) 1910-1920, 1915-04-19
.ADVtRRSEs APPROACH
OF EXPANSION PERIOD
Much To M said for this Interpreta
ton of Remarkable stock
Market.
ERRATtC EIICTU ATOMS
Excuses Arc not To- be rc<'koDcd
With as Much a. the General Direc-
lion of the Movement

New orks April iS.--The suns re-
view OF the financial situation tomor-
row will say.
For stiil another week there - not
much else 10 he considered In any
survey Of the banking and business
situation than the remarkable stock
market which Wall Street has been
having The more than million share
sessions OF the last few days. with the
further rise of prices on this great
scale OF trading. emphasized the mar
ket as the foremost financial matter
OF the moment. Only as time goes on
can its full significance be determined.
but 1t is, none the less, an event OF
prime interest and first class import
Iance. whatever it's sequel or conse-
QuenCes ana however It's relations to
the future are To be interpreted.
The oVerworked term psychology
has been invoked TO account for the
continued demonstration of rising
strength in quoted values on the wave
tuf public buying and profession opera
tons but it Is inadequate To explain
anything save some Of the superficial
gambling phenomena which have been
witnessed
Meritorious Origin.
II is true to say that 1t Is certainly
bull market which wall Street has
been having, but it aeems 10 have
been forgotten by some adverse critics
| Of the speculative demonstration that
there IL no less certainty about tho
lsubstantian and meritorious origin or
the market Irrespective OF some repre-
! hensible performances
There is nothing In the chronology
of the new movement Of the stock
/ ri Of "a 10 "a uTREGnf that
lit will last, or viii be succeeded by
other and still stronger for ward move s.
ments bat a presumption driVed from
the origins of the movement, exists
! in favor of the notion that Ii adver-
tises the approach. If not the advent.
OF period of constructive expansion.
Although the great activity in stocks
/ has been reflected in very slightly
harder tone in the money market.
liz is not apparent that thie il anything
more than sympa thetic response. IL
/ Ia the common story OF bankers that
! they have not been able TO put out
much more money on collateral Sc
\ curitieS than before the expansion
| OF dealings on the stock Exchange.
This implies. among other things. that
! a very material amount OF cash ab-
sorption ef stocks has figured in the
! purchases made on the rise,
Measure of Strength.
I AS for the erratlc and eccentric
character Of countless fluctuations II
must he relnem bered that ne dealings
OF the room traders do not IN these
( DAYS Of heavy taxation form as large
I a proportion of the aggregate dealings
ar formerly These men perform
much the same function az the job
Der IN the London stock market. but
! their part In stabilizing quotations has
heeu lessened This does not excuse
line apparent exploit of eapitahzins
war business" at per cent and
/ adding Il To the market price or a
given stock but what has 10 be reck'
nned with Just now IS not so mucf
the excuses and occasional one-sld'
edness Of stock market speculation
! se the general direction of the move
ment
/ incidentally the evidence az broker
age houses that has been persistent
: ealizing of profits with subsequent
renewal OF commitments BY the prof1t-
takers Ia 81 measure OF the technical
strength of the share list, rather THAN
Its weakness