The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-03-29
FINANCIAL REVIEW
OF THE PAST WEEK
Wall street Gives Speculative
Signs Of an Increasing Re-
turn to Prosperity.
An ACTIVE RISE IN STOCKS

n the record % March az a month
! prophetic OF the general economic de-
velopments o., he year is to be trusted
tho financial events OF the last four
weeks portend all around improvement
in volumes and values. There are no
infallibls presidents In these matters,
but the March movement OF the stock
market has 30 often proved TO be an
index OF trends and tendencies sub
sequently found to be controlling Ia
business and banking affairs that at
tention is bound to he arrested by the
Phenomena which Wall street has been
exhibiting. The sustained strength Of
the share list on increased activity Is
sufficiently striking 10 deserve moro or
less special consideration not only on
account OF the war distressed state %
the times but because OF the financial
history o; March as a month Of occur
rences Of Forward bearing.
Not 10 carry the chronological survey
too far back, II was a sudden outburst
Of buying in March. 1905. with a rapid
uprush OF prices which preceded. the
general business recovery and resump-
tiol OF bull markets IN the las. half Of
the year. Ever body remembers the
silent panic OF March, 1907. with It's
sequel N the autumn. and the upturn
which began In March. 1905. followed by
n" more emphatic forward movement
In March. 1909. In 1910 March fore
shadowed the long reaction ard renewal
b. bear.sh markets which ensued. The
illustrations cited are sufficient. The
month has not always given signs OF
what the year has had In store. but.
particularly In post-paric periods. the
financial annals Of March have often
constituted forecasts OF singular sc-
curacy.
Accordingly II is decidedly worn while
noting that IN the last full week OF the
present month the stock market gave
Il decidedly bullish intimatlon as 70 the
future. The average o, price, was car
ried above the high levels reached In the
January advance. The so-called spring
rise. which was under way at the open
irx OF the month. paused somewhat shor,
~ ne January maximum. and a reac-
t,onary interval succeeded After the
middle OF the month quoted values con
t!nued their upward course and In the
n.st half Of the past week tho market
was established in a new position o..
H 80 - 'HAAH ~ NaAA-
sion o; buying. on two successive days
'ransactious aggregated 500. 600 shares
FOR each session. Dealings In the FIRST
three days OK the week exceeded 800.
600 shares and the dimensions Of busi
ness done were much greater than is
Indicated by the total OF shares dealt In
This total naturally compared Wiz
markets OF great superficial activity IN
tho past, but II must Ice remembered
! thar the nTpGars rp4rkas 10 Nt- r.a q .t.-
nents which formerly contributed to tn.
Imitation Of transactions. The percent.
age Of mere trading operations o. the
most Fugitive speculative sort ~ verS
small Heavy taxation IL but one Of
several reasons why day 20 day specu.
latOrs wi'l no. nov make heavy commit.
ments however temporary. Again ther,
80 nothing IN the way os foreign trad.up
here, whereas IN the past foreign deal,
ings have helped measurably to swell
stock market olufnes There IL foreign
business In the market. but IL is prac.
tcally on the selling side only, for al.
though there is some buying for foreign
account it is very meagre
Furthermore the market s. almos. de.
void OF an appearance OF fictitious bust
hess In the category OF wash sales.
matched orders" and the Ike. On.
thing which has given the share lists
persistent display OF improving tenden.
c.es a convincing character has been n
lack Of manipulative aspects. PROFIT TAX.
ing there has been. but the market has
not looked. especially In It's strongest
moments, like one which was beln.
handled for purposes OF d%!str!buting
stocks on tho contrary. II has seemed
= be a market In which. 10 there were an,
operative effort, the design vas 20 raclli,
tate purchases = avoid competition OF
the buying side.