The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-04-19
FINANCIAL REVIEW
OF THE PAST WEEK
Aspects Of the Bull Market in
Stocks After It's Busiest
Stage.
FIRST CAUSES PERSIST

much else to be considered IN any sur
vey OF the banking and business eitua-
ton than tho remarkable stock market
which wnll 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 tho market as the foremost
financial matter of the moment Only
as lime goes on can It's f,ill Significance
he determined. hut Il is none tho less an
event Of prime interest and nrst class
Importance. whatever it's sequel or con-
sequences and however its relations to
the future are to be Interpreted.
That overworked term psychology"
has been invoked to account for the con-
tinued demonstration Of rising strength
In quoted values on the wave OF public
buying and professional operations but
Il IL inadequate to explain anything save
some Of the superficial gambling phe-
nomena which have been witnessed II
IL trite TO say that IL is certainly bull
market which Wall Street has been hav-
ing. but IL seems TO have been forgotten
by some adverse critics OF the specula-
tive demonstration that there Is no less
cert ainty about the substantial and meri-
torious origin Of the market irrespective
Of some reprehensible performances. The
bull movement began when such move
ments. which afterward reveal persistent
and rocuperative vitality. always begin /:
that 10, IN Q season Of severe contraction
and profound depression following years
In which economic progress had been re-
tarded BY various causes.
There 10 nothing In the chronology Of
tho nSw movement Of the stock MARKET
or will BE- succeeded by other and still
stronger forward movements, but a pre-
sumption. derived from the origins OF the
movement. exists in favor Of tho notion
that II advertises the approach II not
the advent Of a period OF constructive
expansion. Nothing Is surer than that
every movement of the kind Is overdone
at some stage and experiences a setback
at least. but II Il was warranted in the
beginning a renewal ensues
From half million shares n day
fortnight ago the transactions In
the stock market we're maintained last
week on a scale OF more than a million
shares a day. Tho average price OF
representative and mora seasoned ISSUES
was advanced moderately and the aver
age of the whole narke: was carried
much higher on these dealings Gains
In particular Issues ran to half dozen
and more points n session. The pace of
business was unquestionsbly rapid and
the market so often exhibited excite
ment that through the course OF the
week there was "A steady addition at
recruits TO the ranks OF those who. II
they did not contest the market with
speculative sales for the fall. raised
their voices loudly in d'sapprobation OF
the speculation.
The fact that tho whole move ment had
hroadened out so suddenly and 80 vio-
lently and that prices had risen ever
since March 10 without more than brief
and trifiing recessions became more and
more an argument for reaction. 1t is
not often that the share list rises n
dozen points in the averages without set
ting back at least two points. Their,
have been three occasions In the last
fifteen years when All upward swing of
more than twenty points has been made
with no more than temporary retreat
OF two TO three points, and the very
way in which the new upward move
ment continued was converted into a
reason for bitterly hostile criticism OF
the movement itself The rise In the
price OF stock Exchange seats TO about
double tho low levels on which they sold
last autumn suggested 70 ANTAGONISTS Of
further advance In stocks that Wall
street was simply rNvelliug IN wild
public plunge which was not only a
portent OF disaster but invited II.
on number Of grounds more and
more observers OF the market found II
easy TO join in tho cutlery against the
speculative manifestations which We're
going on and 20 predict early And utter
collapse FOR the price structure which
Wall Street had heen rearing. But the
trouble with this view was that II was
30 easy 20 take. II was not mere re-
action which was being prophesied, but
complete smash ending In pauS and a
resumption OF depression. All that those
who entertained II could see was the
reckless excuses Of speculation without
regard to the strong forces working
through speculative channels 10 estab-
lish quoted values or plane OF I'm
provelnent.