The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-04-05
FINANCIAL REVIEW
OF THE PAST WEEK
Wall Streets Speculation for
the Rise and What 1t
Signifies.


From time TO time In the past SIX or
seven years the statement was made
that Wall Street was the only blue
place in the land. Everybody who came
from the West or South told the same
story. Optimism was rampant ana busl-
ness was buoyant and people everywhere
were engaged in making money or try
ing hopefully TO make money. It IL
hardly necessary to review the causes
Of the contrast which Wall street OF
fered on so many occasions in this period
to the rest of the country. but 1t will be
conceded that Wall Street was in the
main right in its bearlsh apprehenslons.
Foreign AFFAIRS. domestic politics and
tho consequences Of an era OF economic
extravaganza all contributed TO making
Wall Street blue from 1908 on. with
occasional Intervals Of moro or less
feverish cheerfulness.
To-day . different situation obtains.
Wall Street Is very nearly the only
bright spot In tho country and has been
for months past optimistic in advance
Of recovery Of optimism elsewhere Ac-
counts which come sven from the West,
where in farming regions a great deal OF
money has been made out OF war prices
for grains and other agricultural COM
modties, have agreed that business was
depressed and forward impulses were
lacking. Conceding that Wall Street
may he mistaken In Its present construc-
tive mood and bullish activity. the rec
ord OF recent years is nevertheless IN
favor OF the assumption that the stock
market phenomena Witnessed In tho last
few weeks are portents OF general
business charge for the better.
There 70 nothing infallible ahou. the
stock market, but II In the most sei.si-
tive medium for registering alterations
in the factors of value even while al
iteration IL prospective rather than
actual. Wall Street Is not locality and
the Stock Exchange IL not the stock
| market. Wall Street connotes COM
munity which Is nationwide and world
wide and consists not only OF individuals
but OF the congeries Of institutions ard
judgments which determine financial
ard business endeavor, The stock mar
liet which is maintained on tho New
York Stock Exchange is one OF the pri-
mary securities markets OF the world and
I
NJ community expresses its views and
inpress.ons. It's opinions and sentiment
about the sum total OF forces constitute
! Ing the economic trend.
or course WHIT We have all seen n
I Wall street lately has been specula-
/ tive demonstration. but the speculation
! that has been going on for tho rise
canont fail to be Of attention arresting
/ significance TO all kinds OF business
under the circumstances OF the times.
\ Wall Street Is right now In the sug-
/ gestion which It's bullish speculation
/ conveys. the tendency OF conditions in
/ the whole field OF general business is
toward recovery. Nor Will this IN
| ference be materially qualified by any
immediate discovery that Wall Street
has been OVERRIDING things for the
| moment.
| Dealings in tho stock market las,
! month We're more than two million shares
/ in excess of the aggregate of transac c.
! lions IN the corresponding month last
year. Some industrial shares sold at
higher figures than they had ever reached
I before and the average OF prices for the
: complete share list was carried 20 the
! highest level since the Stock Exchange
: resumption last December. Total trad
| ing in the bond department was ahou.
as large as year ago and tn. quota =
tons for representative railroad issues
were carried back approximately TO tho
/ maximum attained in the January rise,
! although q Is fair to say that tho in
| vestment market as such was neither
! as strong nor az active as the specull-
| tive market.
on the last day % the month the
governors Of the New York stock EN-
! change voted unanimously to abolish
] minimum prices and al other restrlc-
tons on trading which had prevented
the market from being altogether open
and free. Their example was promptly
I followed in every city in tie country
which has an established market for
! securities. Nor was this restoration
of Il free market a merely perfunctory
I performance II eliminated an artificial
element which had rendered the aspects
OF ii" market less than normally trust
worthy. II denoted the abandonment Of
Il falpe theory which had already begun
10 serve as an argument for the propa-
cation Of pernic!ous doctrines sbou,
tho function Of the Stock Exchange
II averted FOR good tho awkward
problem which would he presented IN
tte event OF any development that would
sweep the whole range OF quoted values
down to the level of tho mnimunls.
Not n Peace Market.
Nothing could better sum up tn.
economic record OF the last eight month.
than tho action OF the Stock Exchang,
In the removal from the stock and bono
market OF all artificial restraints or so
called projections, II was an answe,
requiring some Interpretation. perhaps
but still an effectual answer 10. tn,
question as TO what the March specu
lat!on for the rise in stocks meant II
the way OF forward bearing on volume,
and values IN all the lines OF economic
effort. Certainly II disposed OF the no
ton which Was fashionable a week o.
ten days ago that Wall Street wal
prematurely engaged In authorizations o
peace abroad There have been no hap
penings in Europe pointing to an earl!
conclusion OF the war and X IL doubtful
II there is any one to-day who sup
poses that Wall Street by It's specula
ZION has been predicting tho speedy ter
mnntiOn of the European conflict.
In rejecting other influences Il coul,
easily seem that Wall Street was tryin,
to discount peace in Europe. Nor ha
tho process OF rejecting constructive fac
tors excluded an appreciation Of tn
fact that the outbreak and prosecute,
OF the war having been measured 1,
values and volumes ito end remains I,