The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-04-10

brokerage offices kept busy until late
hours.
Bankers. the big men. did not alto
gethcr relish the swiftness of the pace
the day had set. Words of caution and
of warning were given.
81 believe that prices are too nigh,
but that they are goins higher" was the
summary of one banker Of keenest per
ception on the situation. The public
is in the market very evidently. Hut II
IL rcgrcttabe that the upward move
mcnt should not have been delayed until
later. after We had bought back from
Europe at cheaper prices than We will
now do all those securities Of ours which
Europe ought to sell us
The dominant opinion among bankers
was that the door IN this country had
opened for business Improvement.
GREAT Advances since August.
Speculative Wall Street is sure that
the tide of depression IN this country
has been turned The banking COM
munity recognizes fundamental improve
mcnt. hut fears u reaction from too
rapid Advancement.
All agree in their amazement AZ the
striking change Inv conditions that has
come since last August. Prices show
tremendous advances from he panic
Gays. General Motors. with AN advance
Of 92"s and Bethlehem steel. with a
gain of So points leading. United states
Steel minus dividends presents the
great example Of announcement, nearly
80 points highcr than its low of several
wcchS AGO, 60. points higher now with
out dividends than on July 80 with
OalN last December 80 the days
transactions ON tn" exchange were 80 =
G33 shares. the low of the year. 1ester-
day they were nearly twenty-five times
that volume. IN i2S3.UO0 shares done.
Yesterday vas only he third day OF
more than 1000. 600 .hareS since 1912.
In 1913 there were no million share days.
Last year ther" were two, and both
panic DAYS OF downward prices, 300
Oo0 shares being done on July 30 last.
In 1912 there were i've 1000. 900 share
days
The astonishing change that has been
wrought BY the awakening of the public
appetite for speculation was pronounced
nothing short OF miraculous. Less than
y month ago the market gave the APP
pearance of absolute stagnatiun. Min
imum prices we're in force The Wall
street relief bureau was busy trying
TO ind work for discharged employees
There was talk OF further retrench-
deeply pessimistic. and the old cry was
heard that speculation would never come
back.
Yesterday the mechanism OF the
financial district was strained TO its
Utmost to take care Of the rush Of
speculative buying The commission
houses were swamped with customers
Western SPECTATORS in wheat were
nouring buving orders into New YORK.
over the wires. Houses with fpreigi
connections reported that London spec
ulators We're opening margin accounts oi
this side, though heavy selling from
abroad was At the same time going on
Europos offerings were quickly taken.
The exclamation in Stock Eychang
circles of the great rise IN steel com
mon was that tire rendous stamped
OF the shorts had taken pl,Se. Their
IS always 4 short interest in steel.
large sleeping short account. whic
has remained und!sturbed for month
and even years. This position wa
forced To- give ground Yesterday.
The activity in Steel was also credite
to the taking OF big long position u
Che stock one house alone was cr.dite
with buying 10000 shares Of steel. TIL
ticker was printing quotations until min
minutes past J.
statement, bv the exchange ~ IN
probable cause Of the Bethlehem Ste'
rise shed some light on exchange opir
ion of the market IN general. Spocula
tive impulse has followed all wars
rs held. Right or wrong, part or IN
American speculative and investing pun
lie believes that the end Of the war
mt far on and that in America the sta-
is set for an economic uphcaval OF I'M
ncnse significance. The attention OF u
world IT, fastened In American secur
ties As upon no others because Of the
comparative safety, II i declared.
bethlehem steel was q case in poin
Upon investigation no manipulation va
found The stock had been bought an
carried out OF the street for sever
months on its merits. of limited amour
- best. this purchasing reduced a
floating supply to a point where sea
tered short interest running to cove
caused violent fluctuations, Nothii
further is feared. there Is no col
ccntrated short interest or dansero,
position in the stock. Il is held.