The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-04-10
FINANCIAL NEWS
AND COMMENT
Increasing Speculation Makes
a Remarkable Bull
Market.
T.. s. STEEL LEADS RISE

Tnere mas been no euCn eNcltcu Duii
market in Wall street for years as was
conducted on the Stock Exchange yes
terday. Dealings swelled out to about
/ 500 600 shares. the increase In activity
communicating expansive impulses to
The bond department. and prices through
out the share list rose with great
buoyancy. particularly In the afternoon.
The average of quotations for repre-
sentative issues showed n net gain OF
about two and one -half points at the
close, which denotes most uncommon
price swing.
Particular gains were Of large pro-
portions. ranging from seven and one
half points in United States Steel. the
recognized leader of the market. five and
one-half for Reading. three for Union
Pacific and Amalgamated Copper down
to generality OF one and two point ad-
vances for most standard stocks. Some
of the specialties and newer industrials
rose Just as extensively and Bethlehem
Steel closed seven points higher than on
Thursday A number OF the issues
which had been leading in the spring
rise. particularly Industrial stocks, were
checked by heavy profit taking. but the
forward sweep OF buying closed them at
an advance.
For the first time since the spring
rise began the market really had the
leadership OF the older stocks and the
way In which the so-called interna-
tional list. presumably restrained here
toforc by foreign liquidation. went 10
the front exercised n most stimulating
influence over the whole market and WAS
one OF the impressive features Of the
session. AS the trading was at times OF
an almost frenzied character II could
not fail to he interpreted as warning
sign by reflective observers. Neverthe-
less It added to the significance OF the
whole demonstration in its relation to
the posture of economic affairs.
II any doubts had been entertained
as TO the nature of the rise in stocks
lately they were removed by the days
developments No more convincing evil
dence could he desired that II was the
public which was making the market. no
matter what undertakings in the way
OF a professional campaign for the rise
had attracted outside attention.
For anything resembling the phe-
nomena OF the day recollection had TO &c
back years. The market In 1909 did
not seem to furnish satisfactory
analogy and there was disposition 10
carry the search for parallel back to
1901. Wall street has a traditional re-
luctance to attempt any conjecture as
10 the limitations OF n market into which
the public has entered. but Il goes with
out saying that such movement as has
broad ened out recently creates its own
danger no matter what supporting
causes may have started or promoted IT.
Nor did this stock Exchange session
lose any significance in Its sequence &c
the Bethlehem Steel episode late or
sr~t.. ctOt, a
canoe was intensified thereby. Over
night some arrangements were plainly
reached TO prevent repetition or con
tinuat.on of the episode. and as soon as
this became apparent the speculative
community proceeded to extend Its Ions
commitments with fresh confidence. 4
stock Exchange statement which wa,
described as official was published early
in the afternoon and its announcement
that there was no reason for apprehend
ing any corner occurrences In Bcthle
hem Steel had more than a reassurins
effect especially as the statement wal
otherwise couched in extraordsnar,
terms.
Among other ,hinrs Il was said tina
srea: wars always breed speculation
such as IS now manifest, the intimatio
being that wild speculative phenomena
must be expected. The obvious mplica
ton Of euch an official view is that
duty Is imposed on the sock ENchang
| to he unusually ready to take action I
: keep its market in order and guard IN
general position from the unsettling ef
/ fects of an incXcusable performance &
/ some particular quarter. The satemen
seemed somewhat to miss the point q
/ inquiry directed over night as to tn
: ock Exchange responsibility. this
/ not materially dependent on the fashio
( in which difficult situation may b
! brought about.
: \ consequence Of the bethlehem Ste,
/ episode was that il seemed 10 furnis
q lest Of the markets strength. and III
evidence afforded Of unimpa.red vitali'
/ was the most potent factor in yestei
! days dealings, Not only was bulls
, optimism encouraged. but bearsh Pre-
clivitles We're discouraged. and the sign
of the afternoon session were thai
| very large and belated short interest
some stocks. notably United States ste.
and Reading. was beating a frantic an
costly retreat.
Marketwise news OF tho day Include
the optimistic Washington review
trade conditions. the sale of $4,000, 90
| of bethlehem Steel refundng 3 per cen
bonds, the Texas Company's plan for
stock Increase and the Gould s:atemer
that extension OF the Missouri Pacif
notes was being considered. The larg