The Washington times., 1915-04-19
TWO BILLIONS GAIN
ON MARKET VALUES
Prices on New York Exchange
Soar Steadily for Month.
Reaction Still Awaited.

NEW YORK, April 19.-Fully W.
000, 200, 900 have been added TO the mar
ket value OF American securities in the
last month--a period of constantly ad-
vancing prices and extraordinary trad
ing activity.
The estimate may be regarded as con-
servative. as It is based on the fact
that at Saturdays closing quotations
the shares of eighty-five corporations
were worth $4,000 900 more than they
were one month ago.
The list includes III stock Issues.
Many more stocks are listed i'm the New
York Stock Exchange. and the majority
of them have have been benefited by the
bull movement. Furthermore. bonds
have been appreciating In value, though
less popular attention has been directed
to that department.
II has been one Of the most remark
able movements in history. not so much
because of the extent Of the rise, but
because there has been no real reaction.
There have been days when the ten
dency was rcactlonary, but the market
as whole backed and filled. and while
a few stocks moved off larger num-
ber advanced
Started Month Ago.
The bull movement in stocks started
on the morning of March 19 1t was
not recognized Immediately. but begin
ming on that day the general average Of
representative stocks moved steadily
higher for ten consecutive trading days.
Since then there nave been serblances
of ractions. but practically speaking
prices have been on the upgrade for
one full month.
Even an enthusiastic bull will admit
such performance Is abnormal. That
Is not saying It was due to manipu-
lation.
Prices kept going up for the simple
reason tho public were sending in buy
ing, orders which overwhelmed tho pro-
fessional element and left many large
operators out of the market or struR
Cling desperately to even up on their
short commitments so as TO enable
them to get out without seriously de-
pletinE their bank accounts.
But one thing Is certain, prices can
not keep going steadily upward for
ever. There must came a reaction soon
er or later.
Is 1t Sign?
The fact may ar may not be siRnih-
cant that in the last hour of trading
Saturday there was q noticeable de
| crease in the number OF traders who
were haarishly Inclined. Here is n ,am-
| llc of tho "reviews'' of the market
! at that :lm":
There was no longer talk OF n gen
erHl react iiOnary movement, the belief
| being entertained 10y experienced trad
ers that In" market had gotten It's
| second wind and that barring unfore-
peen occurrences the movement would
| probably be carried considerably fur
thcr.
If that may be regarded as a fairly
| accurate report of prevailing sentime mt
| it means the reaction will come soon.
| When q large number OF bears aban-
| don their efforts TO deprcss prices there
Is a decided decrease in the amount OF
short selling. and short selling is as
| necessary to an extended upward move
| mcnt as is buying tor the long account
Let the bears become discouraged. and
| there may be q quick shoot upward
! but such a movement Is dangerous as
| It is shcrt-lived. and Is followed by a
| slump.
Banks Decrease Loans.
Another fact which may or may not
| be significant Is that in the last two
weeks large banks have been reducing
their loans. Though the aggregate re-
| serve of clearing house members Is
| g. l32. 900 larger than 1t was two weeks
ago. and though the excess reserve Is
| the largest on record, having been in
| creased almost $1,000 900 n the last
! week, the loans Of those institutions
| have been reduced 49, 236 600 in the last
| two weeks.
| Reports and rumors OF large war or
| ders have been the chief ammunition
| of the bulls. especially in the last few
days. The list of war stocks now is a
| large one, and more companies arc
| added each day.
| Bethlehem Steel WAS the leader. out
| ella ssing even tho motor stocks. 1t gave
way to American LomoCOUvc. and tha
stock carried with t Baldwin L"romo
| two. New York Air Brake. American
| steel Foundries. and several others
strong bids for the spotlight arc bCini
made by Westinghouse, American Ca
and Foundry, und even by such issSei
as Sloss- Sheffield. Republic Iron am
Steel, hallway Steel Spring. and Press
I'd Steel Car. On Saturday upSters were
busy with National Lead. not forget
ting. Of course. the o'd stand-hys suCl
as American Can and Goodrich.
Increases Shown.
| Increases in market value of outstand
ing shares Of few prominent compa
nies are recorded in the following table
the reckoning being for the entir
movement:
Ans ganatcd Copper. .f5l, AL !!
American Locomotive .,............... S,Sl2,0C
American Locomotive pf.............. sos, =
Anaconda Copper ........::.........' $50 y. "