Daily capital journal. (Salem, Oregon) 1903-1919, 1916-01-04
A Different Picture.

Prosperity is written in letters of
gold across this country's financial
record in 1915. Uncle Sam has almost
nalf billion dollars more of foreign
gold than ne had a year ago, American
merchants have sold more goods abroad
than ever before. The greatest eXter.
nal loan in history, the Anglo. French,
was floated in 1918. The market value
of American securities appreciated
something like two billion dollars in
the IL months. National banks have
bigger deposits and larger reserves
than at any time since TINS country was
founded. A wave of speculation swept
the country and permitted tne New
York Stock Exchange TO close 1918
with a boom as explosively bright as
the years beginning was dull. un-
smirched py the failure of single
member, the 1915 record of the New
York exchange is crowded with stories
of newly made millionaires and sprink.
led with fifty-million- share trading
days.
More than l60,OO0,OO0 shares of
stocks were traded in during the year,
representing an aggregate value Of
more tnan fourteen billion dollars; and
nearly nine hundred millions worth of
bonds. In 1914, only 4S,031 1888 shares
changed hands, representing less than
four billion dollars; and the bond is
sues was only $440,43S,600. The war
caused the stock exchange TO close four
months in 1914, which partly explains
the comparatively small business From
the dark, uncertain days of carly Jan
uary, 1915, with minimum prices and
otner war restrictions, business in the
world S biggest stock market gradually
developed until million share trading
days became almost common. There
were fifty of these million share days
in 1915, only two in 1914, none in 1913
and IL in 1911. There were fifty in
1909. In January, 1915, only about
four million shares were dealt in; in
October almost thirty million shares
changes hands. Many days in the lat
ter part of the year were almost mil
lion share days; that is, when business
ran well over nine hundred thousand
share. Minimum price were abolished
April | and from then on the market
doomed.
The war babies and war bride stocks
Of companies manufacturing war sup
plies for the bclligerent countries fur.
nished more spectacular fireworks in
1915 than Wall Street had witnessed
since 1901, when j. j. Hill and Il. H.
Hartman sent the market into convul.
sions by their fight TO buy control Of
the Northern Pacific railroad in tae
open market Bethlehem Steel 's un.
rivaled jump from S42 to 5000 share,
closely trailed by General Motor S ad.
vance from $50 to $540 and u. s.
Steel S rise Of 81 points are few OF
the high spots in the year S boom mar
ket.
Fifteen stocks, including motor. clec.
tric, steel and equipment and indus.
trial securities, appreciated just 1870,
B65,62s in the year. The aggregate ap.
probation of all stocks and bonds on
the New York exchange is near So ,000,-
100000. IT, $. Steel increased a hun.
dred and tifty.five million in value and
Bethlehem Steel, about $50, 1000, 900. Tae
steel corporation has more than five
million shares Of common stock issued
with Bethlehem steel has less than l50,.
600 shares outstanding General Motors
common increased $75,000,000 in value;
General Electric, $36,53i, 900; Anacon.
da Copper, $69,927 800; Studcbakcr,
$36 ,590,3 1896: Willys.0verlanl, $3o, 500.
900; American Can, $l4,960,0O0 and
Crucible Steel, $l4,747,000.
What the war orders received by
these automobile and equipment com.
pancs total never has been disclosed,
but they run nigh into the hundreds
of millions A company whose stock
is selling on the New York curb mar.
ket, Submarine Boat, received over
Sl25,000,000 Of European war orders
What the figures are for orders placed
with Bethlehem Steel, Westinghouse,
Crucihle Steel and the Steel corpora.
tion can only be conjectured. In pro.
portion to its size and Importance the
New York curb had one of it's best
years. War stocks In the outside mar
ket gave half dozen curb traders