South Bend news-times. (South Bend, Ind.) 1913-1938, 1915-04-19
CHANCE REVIEWS
OLD-TIME ACTIVITY
MiIIiOn-Share Days on Stock
Exchange Are no Longer
Observation-Disclosures Begins
to Assert Itself.

NEW YORK. April 19-Old-time
activity has returned TO the stock ex-
change and million-share days are no
longer a novelty. From time to time
the favorable changes in underlying
factors in the stock market have been
pointed out in these advices. As the
business world adjusted itself 10 new
conditions. as the final outcome of the
colossal struggle in Europe became
more apparent. as fear disappeared
and calm judgment realized that on
this side Of the Atlantic the worst Of
the storm was over. confidence began
To assert itself more and more freely
until at last IL developed into a sur
prising Outburst OF speculation. This
characteristic rebound from extreme
depression 10 extraordinary buOyancy
may seem remarkable, but is only in
accordance with precedent, since one
extreme invariably follows another in
due course Of time. Recent develop
ments connected with the war really
started the present rise. The right
full waste Of life and wealth which is
still going on must of course have
a permanently injurious effect upon
the social and economic welfare Of
the world at large.
Nevertheless, there is a sense Of re-
lief that the end is now fOreshadOw-
cd; and the dawn Of peace naturally
impaTts new life, new hope and fresh
confidence.
So far as the stock market Is con-
cerned, II was the war group Of
stocks which led the advance 4
number OF our great industrial estab-
lishments are employed on large and
profitable foreign contracts. Con-
Germs equipped with facilities for
turning out ordnance and ammuni-
~ L. -
and these led the rise. Some auto
mobile manufacturers have also Sc
cured enormous contracts from Eu-
rope. about 5000 American cars and
motor trucks having already been
shipped abroad, with thousands more
10 follow. Clothing and food produc-
ers have also been enjoying very profit
able contracts All such activities
are having their effect upon business
and speculation. They may not be
permanent factors, yet while they last
they are very powerful and are the
prime movers in the present upward
movement They have also brought
into the speculative arena an entirely
new set of operators who have been
largely responsible for the recent ac-
tivities and manipulation. UnavOid-
ably the sensational advance in the
war group shares affected the entire
market IT certainly awakened the
investing public in general to a
realization of the improvement which
for several weeks past has been de-
veloping so silently as to almost es-
cape general observation. Confidence
was sleeping and a shock of some sort
was necessary 10 shake off the leth-
argy produced by the Onslaughts Of
war Under the circumstances there
fore. it is pertinent 20 again call at
tention to the forces of silent recup-
Grafton which have been at work
outside of the war group; the latter
being a class which should be set
apart by themselves and judged
strictly by the profits secured OF likely
10 be secured from the war This
group in reality is relatively small.
and a due sense Of proportion should
assist in drawing attention to home
conditions. which hencefOrth must be
a more important influence for the
reason that the war has already eX-
erted its worst effect upon American
values.
Radicalism is Checked
BY far the most important under
lying Improvement at home is the
changed political attitude toward big
business. Radicalism has received a
severe check in the United States. At