Evening star., 1933-07-05
NEW BULL MARKET
] WELL MAINTAINED
Striking Gains Registered
Since Rise Started in
Spring.
BY VICTOR EUBANK,
Associated Press Financial Writer.

NEW YORK. July 5.-The big bull
market OF 1888 got under way after
March 4, and is still going strong on
the last SiX-mOnthS' lap OF the new
Geal' year
In the early Spring stocks of all cate
gorieS were selling at or around recelV-
ership prices. Then came the sum
shine or shadows Of ''psychological' in
fiation-depending on which side of the
fence the trader had been standing
and a free-fOr-all rush toward the
highest levels since 1891 proceeded, al
most without pause, through the gay
DAYS of April. May and June.
While the hopes or fears OF imitation,
based on the tremendous powers con-
p ferred on the President by Congress,
were admittedly the handspring of the
recovery in shares, conservative bank,
ing interests are not lCath to point cit
that business and industry were already
showing signs Of revival with the some
what surprising realization that the
Country'S cupbOardS were literally bare
of necessities. Just how much atten-
ton stocks have recently been paying
to the dropping dollar and inflationary
potentialitieS is a matter of considerable
argument among economic analysts.
Business Activity Gains.
80 lar GS 1llIldltOu lISSIl IS tUIlCe11Ietl,
the Governments currency figures speak
for themselves. Actually, there has
been no money imitation. Money in cir
culation at the present time is just
about where it was in this period last
year. And business activities, gencr
ally, are away ahead of those of any
time since 1881. Consequently, if more
trade requires more currency-the econ
omists are not all in agreement on this
point, however-money in circulation
now Is relatively much lower than it
was in July, 1882.
While all categories of stocks have
advanced 100 to as much as 1000 or
more per cent in some instances, COM
modify issues, the so-called wet
shares. various Specialties and some of
the railroads have displayed the great
est progress. Gold mining stocks have
also shown much enthusiasm. Leading
public. utility issues. although climb
. ing with other divisions, have shown
somewhat less vigor due largely to un
certainties connected with possible rate
revisionS throughout the country.
The momentum of the upturn in
equities may be gagged by the figures
of the New York Stock Exchange. which
show that shares have added approXi
: mately S16,000,000,000 to their market
value since March l. The rise in June
carried stocks to around their highest
levels since the Fall Of 1881. The VOL
lme Of trading in June also was the
largest of any month in the history Of
the exchange, except october, 1929
when the hugeness OF the turnover came
or slump.
Peak Averages Scored.
In June all classes Of shares attained
their peak averages Of the past two
years or more. Probably in the history
Of the Stock Exchange there has never
been such a sweeping price advance
over three-monthS' period as occurred
during the past April, May and June.
Despite the sensational recovery, how
ever, it is pointed out that the average
market price Of 240 representative issues
listed on the Stock Exchange is still
some 50 per cent below the 1929 BOOM
year peak level. But the advance since
the end OF June, 1882, has amounted to
around $50 per cent.