The Richmond Virginian. (Richmond, Va.) 1910-1920, 1915-07-28
DISPLAY An
EIUBERANT BU0YANcY
czavfty Causes business Volume Oh
street. 20 Reach Almost Million
shares.
sTEEnss EXCELLENT REPORT
General improvement of Business
Conditions Turns Buyers Attention
TO Neglected Railroad Securities.

New York. July 27.--Activity OF
constructive sort expanded In today
stock market to about million snare
scale, and the day was signalized bN
a most emphatic turn of strength IN
the railroad shares. These constituted
the feature of the market in the last
hour, when a rise OF great vigor and
buoyancy swept railroad prices up
ward to a close at the highest Of the
session.
Union Pacific. 81; Paul Northern Pa
eifc. Southern Pacific. baltimore and
Ohio, New York Central, Lehigh Valley
and Reading. In fact nil Of the issues
which have always been the chief me
dunn Of stock market investment ann
speculative gave an entirely rev char
aeter TO the dealings which have been
so one sided lately with operations In
war order inaustTials.
Advances af two 20 Eve points were
rapidly made in the railroad depart
nent, and as proat-taking In indus
trials which had continued to show
strength In the morning caused only
moderate recessions. the day ended
with about the most substantial aver
age % gain seen this month. After
the close of business the United States
Steel Corporations report of earnings
for the June quarter was published,
ard the returns so much exceeded com
mon expectation as TO justify the i'm
proved action OF standard descriptions
In the days stock market
Fine steel Report.
In every respect the Steel Corpora
tons statement. showing net earn
ings for the quarter of s27, sS0,o55 was
@ weighty contribution 10 the argu-
ruents which have been accommodating
a. tai A. hM
trade and Industrial outlook.
No special hesitancy was displayed
By the stock market at the outset on
account Of the critical state OF the
country's controversy with Germany.
nor on account OF the controversy
which In looming up with Great Britain,
Possibly the financial community con
sfders that these matters will tend more
or less to neutraliEe each other, al
though differences of this sort may be
dangerously misleading. War NUM-
tion stock continued in the forenoon
TO provide Wall Street with specula-
tive incentives. Bethlehem Steel soar
ing TO $50. Throughout the morning
the market had again a confused as
pect as though a shifting of positions
were going on which might indeed
have been the case judging from the
afternoon Developments. The railroad
list in the forenoon was almost weak
coppers were distinctly weak and some
of the war stocks showed signs of
pressure. although they did not yield
much. In the early afternoon the rails
began obviously to harden and the
last hour had hardly opened before
buying orders were manifestiy direct
ed toward this quarter
Rails Exubernnfly Buoyans.
For many weeks past rails have been
neglected. underbought and heavily
oversold speculatively. 1t became al
most fashionable to sell railroad shares
short while buying the war stocks.
although il could never be dougted
that the rising tide of general indus
trial activity must work for the i'm
provement of the railroad situation.
particularly with the backing which
the splendid crop promise of the year
affords. The buoyaney which railroad
shares displayed In the last hour hard =
~ requires any further explanation.
On the whole. the closing of the
market was the strongest and most
active generally which has been wit
messed on the July movement, Indus
trials receded somewhat under really
ing. but there was no sufficient indica-
ton warrantinR the trading suspicion
shat all the industrial speciaities were
being sold under cover of raiiroa.l
So