New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-04-10
FINANCIAL RECORD
HERE AND ABROAD
Securities Rise Rapidly in
Million Share Day
II. s. Steel at 81.

In volume Of trading which ap-
preached that heavy session OF lidui-
dation when the stock market closed
last July. securities rose buoyantly
yesterday on business OF well over
million shares. No disturbing conse-
ouences Of Bethlehem Steels violent
rise on Thursday afternoon were 20 he
perceived and the general public
poured in buying orders in, II anything,
Increased volume. Professional trad
crs. who had for days been operating
for q reaction. covered their short com
mitmcYts and prices not only OF INDUS
trial spccialticS but Of standard stocks
advanced rapidly in the early trading
Later large operators who had been
distrus;ful of the present upward
movement decided to come in, and &C
tiyity increased with remarkable
strength at the close.
Steel. Reading, Copper and others Of
the normal market leaders made large
gains on heavy buying. Steel ended
the day ~ points higher, at 81, on
transactions involving not FAR from
quarter Of q million shares. Reading
Just before the close jumped TO over
ISL. up over points. Copper ended
points higher and gains from 20
points or more were made by such IS
sues as Union and Southern Pacific,
New York Central, Lehigh Valley.
Northern Pacific, Atchison and Balti-
more & Ohio Early in the day the in
dustials were prominent, and though
they were less favored later. net gains
of from to 3 points we're made by
number Of the automobile and rubber
stocks.
bethlehem Steel opened higher than
the last figure of Thursday. and after
wide fluctuations closed up z points,
but at no time touched the high point
Of the day before. Traders who had
been caught short through the small
supply available were able 70 cover
purchases in the open market from in
terests that had been accommodating
the stock. Fortunately there appeared
10 desire 20 demand the eXorbitant
prices that have been customary in
corners OF the past. How much this
more moderate course was due TO rep
reservations Of Stock Exchange author
tiles was not publicly made known.
In general II NAV be said that in
most issues there is little stock avail
able for trading purposes. For this
y y
fcient proof Traders yesterday Won
dered while this scarcity prevailed how
long the speculative upturn would last
should public appetite for securities
not become satated and Europe con-
tinue its moderate rate of return OF
our securities. While we remain the
one important nation of the world
prospecting instead Of wasting our re-
sources. there seems good reason to ex-
pect that European holders will be slow
20 dispose Of our seasoned dividend
paying stocks, particularly as the srti-
fcial ease Of money abroad makes II
possible for them to borrow on such
collateral at reasonable terms.
News OF bankruptcy proceedings for
a large mercantile concern was so com
pletely ignored as a depressing lnfu-
ence that il was referred to only as
proving through TIE manner Of Its re-
ception the strength Of securities. Ke-
views Of trade conditions from WASH
ineton we've considered here as rather
ovcrfavorable so far az present con-
ditions 20. though belief that business
IS slowly improving and should De
much better IS general.
Bank clearings made the first favor
able comparison with last year tcr
months, gains appearing both in New
York and in the total for cities outside.
Gross receipts of railroads for March
are little better than had been ind
Gated. and as soon as movement OF
goods increases the roads should bene-
1t greatly by advances in freight rates,
granted and IN prospect. Money here
continues easy. call loans renewing
over the week END at per cent, and
m Increase in cash holdings Of local
institutions being indicated in known
movements Of currency.