Evening star. [volume] (Washington, D.C.) 1854-1972, 1915-04-25
MARKET NOW SHOWS
0LD-TNNE VITALITY
Brokers Point to MiIlion-a- Day
Sales as Evidence of
Wall Street Recovery.
EXCHANGE CALLED FREE
FROM ALL MANIPULATION
Continued Redundance of Money
Recognized in Increased Bust
ness Transactions.

NEW YORK, April 24.-Not since Sep
TENDER. 1911, has the record of sales on
the New York Stock Exchange been so
large and so satisfying as that of the
opening day of this week.. when stocks to
the number of one and one-half million
shares and bonds in the value of six mil
lion dollars changed hands in a single
six-hour session. Moreover. the market
now gives every evidence of having re-
gained its old-time vitality. and does not
appear to be buoyed up by the enthus'-
asm of a temporary boom. Perhaps the
best evidence of this assertion is TO De
found In the fact that the investing public
has turned its attention from the So
called war stocks which at best rep
resent a hazardous purchase to the regu-
lar industrial and railroad issues. which
are more fairly representative OF current
business conditions in the United States
TODAY. While it is all very we'll to re-
gard with satisfaction the orders for war
materials aggregating hundreds of mil
lions of dollars, it must not be forgotten
that these contracts contain cancella-
ton clause to be governed by peace de-
velopments. There Is also some question
as to the propriety of this nation in fur
nishing the instruments of death to Euro
pean belligerents. no matter to which side
of the conflict the sympathies of indi-
viduals may lean.
Wall Street Has Recovered.
Stock brokers also point to the new
schedule of mllion-share days as evidence
of the fact that Wall. street has recovered
from it's long season Of depression. Mon
days sales of 100000 shares, for ex
ample. compare as follows with previous
records: Same day last year, $4,000:
average of January | to date. 100000,
average of 1914, $4,000 In last week
alone of the five and one-half trading ses-
sions four of these We're million-share
days 1t is also interesting to note the
price ranges, which, with the exception
of few spectacular issues. have shown
a tendency to ascend, gradually but con-
sstently. The following comparisons are
significant:
Average price fifty representative stocks. II. 20
Same gay last a; o''--
same period last Yea! year. a. jan 81 Sesi APR q
Range year 1914 80. so Jan. 81 57.41 July 30
Range year 1913..... 1910 Jan. $500 June 10
Significant also is the increased val
uation of membership in the stock ex-
change, as indicated by the amount Of
for a seat" on the exchange. The lat
est recorded quotation for a stock ex
change seat was placed this week at
$4,000, which compares with $4,000
just prior to the reopenfng of the ex-
change in December. and with $4,000
in August of last year. when the doors
were closed. The highest price ever
paid for a seat was in 1905, when the
record price of $4,000 was established.
Since that time the average valua ton
IF str a
been about $4,000.
Market Free From Manipulation.
Those who are best able to interpret
present tendencies in Wall street main
tain that the market today is entirely
free from manipulation; that the ire
mendous increase in sales Is due to
wholesome demand from the investing
public and not to a series of campaigns
for stock control" of corporations; and
that those who are buying for perma-
nent investment will reap a gratifying
return, not because Of a meaningless
boosting of prices, but as direct re-
suit of the increased earnings of Amer
lean business corporations. They see
in the present and near future the
greatest opportunities that American
business men ever had presented to
them, and view with confidence the
spirit of aggressiveness which will en-
A ble our captains of industry to regain
the largest possible benefit from new
and inviting fields. The most hopeful
sign for Wall street is that the outside
Dublic" and not the "professionaI' ele-
ment now hold the balance of power.
and they will be unwise IL they ever
relinouish their firm grasp. Wall
street should be made to see that it is
a servant, not a master.
The appointment of receiver for the
chica go, Rock Island and Pacific rail-
road must not be taken as indicative
of bankruptcy by that road. nor as in
dicating an unsatisfactory business
record, though the stocks of this road
fell 10 points on the day the receiver
ship was announced. The suit is a |
friendly one. and is in realitX tho c,ll. J