Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-07-30
SHARP BREAK FOLLOWS
BIC BUYING MOVEMENT
Starts Ugly Rumors, and Decline
Becomes General.
WEAKNESS is sHORT-LIvED
Recovery Soon Starts, and Rally Is
in Progress When Market Closes.
Total Sales for Day Are About
100000 Shares.
ny BRoADAN WALL.

DY BROADAN WALL.
NEW YORK. July 2a--Anothcr buy
ing movement in the industrials. result
ing in a violent advance which was
followed by {. sharp break. featured the
prices were established by the industrial
shares early in the day as the result
OF violent advances Railroad shares
were fairly strong, but their advances
were INSIGNIFICANT compared with the
induSirialS
Al the opening prices were irregular.
but during the FIRST hour the demand
for the industrials became pronounced
and violent advance began that con-
linueG up 20 the beginning of the last
hour. when Crucihlc steel broke from
the new high record Of SO TO 81 in about
ten minutes. This sensational smash
started ugly rumors. which Immediate
~ found reelection in a general down
break. which was led by the Industrial
sha res. were runorS that Andrew Car
nesie had died and that the banks were
refusing TO accept the war stocks as
collateral for loans. owing 10 the sensa-
lonai advance III their prices. The
rapiditN OF the drop. was accelerated by
The weakness. however. was only short
lived. recovery being started when
CImcihie Steel rallied from &C. the low
point 10 80, rally being in progress
when the market closed.
CRUCIBLE STEEL
CENTER OF ATTRACTION
ciucihle Steel was the center of at
traction and wonder throuehout the
session. The flood OF orders overnight
for the shares resulted in a wide OPEN
Ing. 1000 shares being taken at from
eS 70 90: the maximum prices showing
a gam OF "a points over yesterdays
closing. The urgent buying of the
stock continued throughout the day.
ana antn BY 2 o,elock IT had sold at SO, net
,utes after the beginning of the las
Hour me shares gradually eased off from
% TO 80. but at this point stop-loss or
ders were encountered that caused a
violent break. Two hundred shares
We're thrown on the market ut 20. and
me neSt price ohtainable for 100 shares
was 20. From this point down to &c
inc price broke as much as points be-
tween sales, and the tape was about
I'VE minutes behind the actual mark ct
A. the low level however. buying or
GERS caused a quick rebound back to
20, from which there was a gradual de-
cline TO 6S Is where il closed
Brokers on the floor of the Stock Ex-
sshahse when the break in Crucible
Steel occurred said ii was started bv
reports that the Bethlehem Steel Com
pany., which was said to he buying con
ty9l IN the open market, had secured
an the stock necessary. The Bethlc-
mem mem steel Corporation. however, denied
mat II had ever taken any step look
ing toward the acquisition OF control
Alter the market closed II was said
mat large buying order in the stock
had become confused, owing TO the hiEh
state OF excitement on the exchange
and that instead of buying tho sha res
, Inc broker had sold them before the
howerer, closed with net gain of
about points after nearly $50, 900
shares had changed hands.
hEFtnLIC IRON AND STEEL
is CAUSE OF EXCITEN.1,Sr
Republic Iron and Steel was ,notber
Issue IN which there was eN1ited dnail
ing, more than 100000 shares chang
Ing hands, This issue opened with n
net gain OF point over night. but very
price or 40 = for this movement II
also declined sharply when Crucibie
Steel cra cked. but closed with net
gam OF : points. Buying was inspired
oE the expectation Of large earnings
Nearly 10000 shares OF WestinE-
house crossed on the floor during the
day. but Its range of price fuctuntions
was narrow compared with those of
C'mcihle and Republic Iron and Steel.
.,a nrTSers declare that an entirely new
present market. and that the old mar
ket operators, such as the Reid Moore
interests, are taking practically no part
In the present wild speculation
Announcement of the action Of tho 81
Iaui directors on the dividend did not
ket ''' '''"'
Total sales during the nvn hour cos
sion were about 1900 600, or tho largest
In many weeks.
New YORK. July speculation In tho
VI, VIZ stocks .E2n,chc'l climax today The
The nreceans days Of he as weeks !, hsd Was 1ssn sri, n
LARGER TODAY and the market was on a
9.ots OF exc'te,nen, ,hrouehout tn. session,
several months. Prices Of tho most unstnbIe
TO tho highest marks on record. In Tie ,as.
hour th"r" cam" sudden reaction. amount.
m WIZ 20 GSaiaP soa ~. few Instances The
was partial recovery. the close was un-
No.wi.hs.arIinr ,ba .ovo-,,, .. -. ,,
the active indUstrIals for the most part
snowed gains on the day, and the railroads
close. Total sales were I.ES 900 shares M
new new .iemen, Of importance injected
hui'ish sentiment towards war stocks sss
!eH b" reports OF increasing activity OF
pronounced rise IN this quarter o: the mar
kci, which helped to push up quotations
based Tor the mos, rar, on no precis" In in.
formation of sufficient impor, 10 indicate
enough 10 point 10 "A swift react!on III.
decline wa. raid TO have been accelerated
IN accommodation on war industriais Reth-
iehem stee! ana Crucibl- Steel arIroa most
jumped IS. points to s.. and then s!un,nct
= ro!nts Bethlehem Steel rose II point 70
,Maf"s "stao.!'hci rev high records did
Wcstinrhousc Electric AZ um4 and Ais
usually active and 'r0msec,ions In I'M, Ha, a um
cher steel !ssues. together With the rail
par; q: the days total
Railroad stocks We're In .hc background
They shared IN ,hc carly advance hut later
relupsed
rondt wero inclined to weld United
States bonds were unchanged on call.
New YORK July a.-Mcrcan,ile paper.
49,. sterling exchange: slxty-dny biIis'
So demand. 80 = cables H,c7j. francs
--De;nsrd $50. cables s5.ssIl Ra- silver
!s'I Mexican dollars 2f,. Tine loans
firm, :i>ty lays. .. ninety Gtvs ~. siX
month, 5sT-. Can money firm: ruling
BOND LIST