The Washington times., 1915-04-10
BROKERS GO WILD
IN SHORT SESSION
Trading, Marked by Record
Breaking Total of Sales,
Closes Irregular.
Continued from First Page,


after advancing points to l5O sold of
~ points for the day to 142, and Rock
Island. selling up 3& points in the early
trading, ended the day at 35R, yester-
days prices.
Announcement of the conclusion Of
areuments in the Governments case for
the dissolution of the International Harr
vester Company before tho United
States Supreme Court sent the stock Of
the international Harvester Company Of
New Jersey up 81 points to 1OlE.
Among the strongest of the active
issues were Canadian Pacific. which
gained points for the day, closing at
l6aE; Southern Pacific. that closed at
~, an advance Of 1Ss points: Pennsyl-
vania, which ended the day ut 109l,, n
gain of -, points: Baltimore and Ohio.
the last sale in which was at 1jH. or ~
points above Yesterdays close. and Le-
high Valley. which registered a gain Of
| roint at 1l2
Th" COPPER group was particularly
strong. Anaconda advancing "a points
to 3iA. and Amalgamated point at IS
Caused BY "The Public"
Booming markets and soaring prices
today are caused by 1.-The public" Pro-
fessional bulls and bears and their
power TO SWAY priCcs-arc lost in the
rush to the stock exchanges of tho great
mass of individual orders from all parts
of the country.
This was the statement made today
by President NJ f. DeAgucro, of the
Consolidated Stock Exchange.
In my OPINION said President De-
Aguero. the cause OF the present ad-
vance in prices Is the inherent value
of American stocks and bonds, as com
pared with Industrial or railroad Sc
curities of foreign nations at this time
This fact is being moro generally rail-
lied the world over. and the large ac-
Cumulation of odd lots by real investors
has taken up the floating supply OF
stocks. thereby creating nautral scar
city when orders in large volume are
put in the market.
There seems to be no doubt that
the public has the market. as it had
from 1879 to 1851. and as the country
has increased 100 per cent in population
during that period, so the present mar
kct may exceed all expectations. the
number and amount Of listed stocks
having been increased in like proper
ton"
An avalanche of public buying orders
from all parts OF the country swept into
wall Street yesterday forcing prices OF
stocks TO the highest level reached this
Year.
Trading More Active.
Trading was more active than at any
previous time since 1911. with the single
exception Of the panicky July 30 follow
ing the outbreak OF hostilities in Eu-
rope. 1t was a big bull market without
hint of manipulative activity
Brokers and professional traders were
amazed. Many were looking for a re-
action as an aftermath Of the sensa-
tional jump OF Bethlehem Steel on
Thursday, but that issue was almost
forgotten when United States Steel as
sumed speculative leadership. and the
whole market started UP with unmis-
taxable strength and vigor.
When the gong sounded brokers were
prepared for spirited trading. As fast
as orders were executed they We're re-
placed by others.
Hour after hour they kept piling in.
Lunch time was forgotten Crowds
round the trading posts did not thin.
Buying was inCcssant. The nerves OF
brokers became strained but remark =
able order was retained until near the
close.
Then excitement became intense.
There was a scramble for profits. Men
who had bought in the morning were
anxious to sell. Seconds were precious
A minute might mean difference OF
thousands of dollars on a handful of
orders.
Higher and higher went prices Bid
dors became frantic. The big gong was
struck. Hundreds of arms paused cx-
tended in the air. Drawn faces re-
laXed. A great session was ended, and
brokers sighed with relief
In five hours of trading 292, 2237
shares had been bought and sold. That
compared with "A total of l,297 COS shares
on July 30 last, when Europe was
dumping stocks by the tens OF thou
sands into the New York market
Long after the market closed the
machinery of Wall street was working
at high tension. Milion-share days are
not common, and many of the houses
stll are short-handed But trading
has been active for about three weeks,
so the Street was not entirely unpre-
pared.