New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-10

Statistics were recently published
here showing the course of Sc
curity prices in London during
the war period. They made a
very unfavorable picture, and
many persons studied them and
forthwith concluded the British
record proved beyond question that
there can be no important specula-
ton in securities as long as the war
lasts. 1t was a plausible argument,
and Wall Street traders found in it
occasion for much gloom. But now
there arises a state of facts to con-
found the beautiful conclusion of the
statisticians, for there has recently
been witnessed in London a decided
revival of speculative activity. The
latest issue of "The London Econ
omist" says:
There is no getting away from
the fact that speculation in
the Stock Exchange is increasing
every week. SFor a couple of years
it was repressed and held down,
more or less by necessity, more or
less by the desire to fall in with
the general impression that specu-
lation in war time is at least in
congruous, and might possibly be
harmful to national interest. There
was a popular anxiety to see that the
government got all that it wanted
in the shape of war loans. Specu-
lation reared its head fitfully,
broke out in spasms every now and
then, and died down again. But
latterly the gambling habit has
come noticeably to the front. 1t is
very manifest now in the Stock
Exchange markets. A little while
since the low-priced rubber shares
were all the rage; but a slight
check in the question for the prod
uce put something of a quietus
upon the buying and selling of
thousands Of form shares, al
though this is by no means dead
nor even dormant. Still, the
fashion has veered somewhat to
other markets. Low-priced Rhodes
ian shares and, this week, low
priced home railway stocks have
been in active demand, with the re-
suit that, in so far as the former
are concerned, the turnover has
amounted 70 an astonishing num-
Der Of shares.
The gambing-for II scarcely de-
serves any other name-is fostered
largely by the same buyers who for
months past have proved the prop
OF Stock Exchange markets all
round-nsmely, the provinces, par.
tieularly those where large money
is being made in connection with
war work Of one kind and another.
This fact is rendered the more
patent by the remarkable cessation
suffered By business in the Lonion
Stock Exchange whenever the posts
happen TO be disorganized, or the
telegraph and telephone wires be-
come dersnged. Business dies
away 70 a mere tapping Of the
wings; though as soon as normal
communication is restored the an.
ims;ion gets into a merry swing.
Various reasons are put forward
20 account for this uprising Of the
speculative fever, which is fed by
improving markets, has enough
money 20 finance its commitments
with, and can disregard the sb-
senee Of carry-over facilities. The
gambling spirit is so obviously a
streak in the national character
that its repression for time Is
likely 70 bring 3 more furious out
break when IL has a chance 70 get
going once more. The excess
profits duty is another cause put
forward 20 explain the eagerness
of people TO buy shares which are
going W, In order that they may
sell them at quick profit. The
man who is doing we'll in his bust
ness. finding that the excess profits