The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-01-02
SKYROCKET STOCKS
FILL 1915 HISTORY
Many Grow Rich in Most AS
tonishing Rush Upward Of
"War Brides"
RIDDLES FOR OLD TIMERS

In the year 1915 the stock market wit
messed one of tho most startling specu-
,ative movements that Wall Street has
ever experienced. Not only did the spec
uiaiion In war brides gain q breadth
that overwhelmed the mechanical facfli-
ties Of the financial district, but the
speculative fever took such a hold upon
the country that It can he compared
safely with the South Sea Bubble. the
tulip craze in Ameteriam and the Kafir
boom In London In later M
Tho term war brides has found q
place in the literature of Wall Street.
n was used to designate the shares Of
those companies whose fortunes were
Immediately and tremendously enhanced
by the great war In Europe. The big
Sull market started e. q result Of a
realization that the misSortunes and
necessities of Europe had almost over
night launched the industrial life OF tho
United States upon n OF the most re-
marketable periods Of prosperity ever
known. At one stroke American indus
tTl1l CU1OfTnU WI1OVp CdTIhtA8 pOWoT e
fore the war seemed limited 70 a reason
able return were making more money in
ono year than th4y could make In ten
under ordinary conditions. Others. on
he verge Of bankruptcy. were soon ex-
psrisncing the greatest prosperity. and
stf1l others, engaged In the manufacture
oe ornaments. were deluged with con-
tracts for the delivery Of all they could
turn out in years practically at their
own price. 1t was tho beginning OF
knowledge OF these facts that permitted
tho Stock Exchange to reopen its doors
without fear of a deluge, and these facts
wore at the bottom of the big bull mar.
ket
s.War Brides" Led by Bethlehem.
Tho pivot Of the speculation in the
war brides was Bethlehem Steel stock
The stock market performances OF Beth
iehem Steel first opened the eyes Of the
public to the speculative possibilities OF
Industrial stocks and impressed the
country with the reality Of the opportuni'
ties and profits for American industry
A rise into the hundreds within n few
months of q stock that had been knock
ing around 80 had a startling effect upor
the public mind. Like everything new
and marvellous, II exerted "A hypnotic
snect. Almost Immediately the Who'll,
market for industrial stocks was sur
rounded with "A glamour Of sudden riches
The war brides" became the royal roat
TO wealth.
The rise in Bethlehem Steel was reail,
a~ntedated by great advances In thu
prices of all ordnance shares both IL
this country and in Europe. But thes'
were shares that had always had {
narrow market. They were not in thu
public attention. Bethlehem was. TIL,
public imagination at once took fire a
the rise in Bethlehem.
II was indeed the public which pu
Bethlehem Steel up or at least started
Il on its long climb. The prompt appre
r!ation by the public and It's faith in tn
future OF Bethlehem Steel and the othe.
war stocks throughout their rise Wa
puzzling. Professional Wall Street, II
the narrow sense. was more or less com
pletely in the DARK as to the real caus'
81 the movement. 1t was regarded witt
deep suspicion. All the way up the ad
vance was violently criticised by tn
majority OF professional observers o
financial events, Rank manipulation
was charged and demands were mad
upon the exchange authorities for al
investigation. The insiders themselve
could not understand H..
The blindness of professional Wa
Street to what was going on was re
peated In the case OF other war stock
when the movement became general. j
fact the most striking feature OF tn
whole development OF the market in wa
stocks was the opposition It evoked
This opposition was both active an
passive.
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