Evening journal., 1915-07-31
.
. WAR STOCK GAINS IN A YEAR. :
BY EARLE G. REEVES,

United Press staff Correspondent.
NEW YORK. July 31.-The ami
versary Of the Black Friday on which
the war closed the stock exchange
and the long drought began on Wall
Street finds millions again being
made on the street IN a very differ
ent sort Of market Today war stock
is king: a year ago panic came very
near to ruling.
Paper billions have been made
through inflated values Of companies
furnishing war munitions. Actual mill
lions in tangible bank accounts nave
been made by the men who we're on
the inside and Who have cashed in day
by day as the war stocks Jumped up
ward five and ten points at time.
The market gave the first tip of the
world war to come about year and
p week ago. While the general public
knew only that another international
situation was at hand, such situa-
tion as had been passed without ca
iamity many times. the money men
saw further. Stocks tumhled one day
and again the next-and the next;
then the war cloud became visible to
the naked eye and news came that
troops we're moving. Germany's ult-
matum to Russia regarding the mo-
bilization OF troops along the frontier
came on Thursday the 30th. Friday
morning, after divers rumors and re-
assuring statements a meeting of the
board Of managers Of the stock ex-
change was called and a statement
issued Just before 10 o'clock announ-
cling the closing. temporarily. Of the
exchange.
There were few failures and Wall
Street braced itself for settlement. As
the weeks wore on and Broad and
Wall continued to be a deserted cor
ner. brokers retrenched In their
household and Office expenses. but
hung on. Shortly before Christmas
the grain market became active on
the upgrade. May wheat was reach
ing toward s1.70.
December s the stock exchange was
reopened on restricted stock trad
ing, minimum price basis and for
weeks the tendency 10 slump con
tinued. The minimum trading prices Of
stocks we're lowered a few points AT
a time. preventing any panicky
breaks. AS the country gradually
awakened TO the fact that giant war
orders were being quietly negotiated
change became noticeable. Steel
stocks and certain industrials showed
signs Of life. The good old days were
on their way back
The real activity in war stocks has
come in the past few months. The
tendency OF last fall 10 bury money
In the ground has not been overcome
entirely and II Is a question Just how
much outside money has ventured into
the street.
u. S. Steel, with its immense CAPT.
talization. has probably made the
greatest total gain in value. .though ia
common has advanced only a few
points. Schwab's activities have mad,
Bethlehem Steel the spectacular per
former. It's common stock reached Z
hgure eight and one-half time'
that Of the afternoon the mar
ket closed last summer. Amer
ican can. American Locomotive, Bald
win Locomotive. General Motors
Goodrich. Lackawanna Steel. Republic
Iron & Steel, Studebaker and West
inghouse. Of the stocks listed on tn
exchange, have all jumped 10 doubl
their year-ago prices. Many stock
not listed have been equally spectac
ular In their advance.
II IS now a topsy-turvy market
The old active stocks are for III
most part idle. while issues hithert
speculatively unimportant monopo
lie the traders attention