The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-04-14
FINANCIAL NEWS
AND COMMENT
Stocks 90 Higher in Million
Share Market-Wild Swing
Of Bethlehem.
PUBLIC BUYS HEAVILY

were confounded by yesterdays Demon
stration on the Stock Exchange. which
showed that public impatient OF reac-
ton was still making an increasing entry
into the market and that outside buy
ing was taking moro and more control OF
the price movement regardless OF ad-
verse developments and counsels OF eau
ton. Bearish experiments having proved
costly at this stage OF the speculation
the professional trading element again
allied Itself with the public and profes-
sional operations helped to give an &C.
centric twist to the course Of prices. but
did not interfere materially with the OK
hlbition OF strength throughout the share
list
To some observers the session ap-
pealed as an unmistakble manifestation
OF public surrender TO gambling impulses
which rendered II idle to discuss the
market In terms Of factors OF value and
other ordinary financial influences, no
matter how mer1torious the original
causes OF the spring rise. Yet the fact
remained that after all the expansion OF
dealings In the last few days and despite
the large volume Of domestic profit taxi
ing and foreign liquidation and despite
the proportions OF the advance so far,
stocks closed laet night at new high
levels with no more reaction than the
slight all around recesSions on Monday
and early yesterday morning.
Al the opening and In the initial
transactions reced,ng tendencies con-
tinued, but after an interval OF uncer-
tainty harder tone developed, and from
late In the forenoon until well into the
afternoon The record OF the session was
one OF broadening advance, becoming
sd In. N.~ys-
day Industrials, new and old. were
leaders In the further upward move
ment. but rails displayed rising strength,
although Il was obvious tina; the IN
ternationai list OF railroad and industrial
shares had TO contend against eubstan-
tial realizing for domestic as well as
for foreign account. In the very late
trading tho market was unsettled by the
violent gyratlons OF Bethlehem steel
which Is becoming almost enough OF a
nuisance 20 deserve to be stricken from
the list, but the general run OF standard
stocks came up sharply at the close
which was strong.
Professional exploits as we'll as pub
/ lie dealings must have been more or
less responsible for the Bethlehem Steel
performance. Fundamentally the spec
tacular ascent OF this stock has unaues'
| t!onably been based on the corporation :
earning power. which has been aug
mented by war business N recent
months. but important absorption OF the
shares and important selling did not
make the stock jump 81 points in the
Arst four and a half hours yesterday
and break 70 points IN the last halt
hour. total swing % ~ points for the
day Nevertheless this display OF Are
works presumably advertised the mar
- ..x ~lyy ~ fssN
il has acquired
Nor was Bethlehem steel as much o.
a feature OF Significance as the actor
OF large number OF seasoned and un
seasoned issues, the trading in which
contributed materially to the aggregate
OF more than "A million shares for the
session. The Maxwell Motor stocks as
leaders 81 the automobile group and ths
copper metal group under the Leadership
OF AmalClmated furnished an influen
tial stimulus 10 bullIsh speculation ir
other directions and new buying a. We
as short covering readily ovsrcame thC
opposition offered by sellers. More ri
less circumstantiai reports OF prepare
tions 70 announce a plan for the dsso
luton OF the AmalCamuted Coppe'
Company within a month were circu
lated In connection with the addItiona
gain OF the shares, hut the risinl
strength OF copper metal was fue
enough FOR the speculative fame whlcI
burned IN the copper quarter Of thu
/ market For the most part there Wa!
| no news bearing on particular stocks
nor was Il worth while to geek II II
the face OF me- ardently optimistic moo,
/ which the whole market expressed.
/ No better proof OF the temper Of Wal
/ Street sentiment could be desired thar
was furnished by the response OF ute
/ ind ference made 20 the sensational an.
| important quit which the Riggs Ma
tional Bank has instituted against TN
( Treasury Department. market which
has ignored the menac.ng attitude o
/ the German Foreign Office toward GU
Government. even though II construet
the methods OF Berust orfrian diplomac!
as a sign OF Gcrmany's desperate mill
tary position, might very readily fai
20 see anything disturbing In the pros
pect Of war between the Fedora
. Treasury and n champion OF the ma
tional banks.
Still ii is conceivable that the contro
. vcrsy over tho administration OF IN,
Treasury under the McAdoo- william
! regime might with difficulty be con
fined 20 the legal processes TO whic'
resort has been made and might accord
iugly become something more than
. matter OF Wall Street Indifference, !
may be said Of the recourse to the court
taken by the Riggs National Bank tina
bankers IN many parts Of tho countr'
uuQuestionahly approve II as promis in,
10 end in desirable definition OF IN
power of the Treasury supervisors OF tn
banks on the one hand and the rights O
the banks on tho other. A certal'
amount OF reconciliation OF financial
business and political Interests has beel
compelled by events since the middle o
last year. but only persons with yer.
short memories will fail TO recall IN
numerous occasions when the essential,
anti business nature OF the present po
lit.cal control OF affairs has been pc
cularly excmpl!ned by the attitude o
the Treasury Department
In concluding a review OF the imam
cial day. passing note should at leas
be made Of the foreign exchange mar
ket. Sterling bills were only fraCtionall
harder and again gave no reflection o
the volume OF stock market liquidation
from abroad, German exchange droppe
TO a Hew low level and was almost un
salab.e at Ia for demand. II Ia no
al. a.