The Richmond Virginian. (Richmond, Va.) 1910-1920, 1915-07-30
GAMBLING N STOCKS
REACHES ITS FLOOD
1rearay $500. 600 shares Handled Yes
scrxlay I'm Fevcrish Participa-
ton by Public In Game.
zREAx COMES IN LAST HOUR
Crucahae Steel Hats Scnseiess Craze
when II Suddenly Smashcs Fifteen
Points--Many lambs Being Led TO
Slaughter.

New York, July 2s--After a runaway
NALL market in stocks for more than
lour hours, resulting from an increas"
tng public participation In the gam
h9inx features Of the list, combined
with operations for more informed Ac-
count the speculative position In wall
street was suddenly unsettled this ar
fnrnoon, without any exciting cause
n the way Of outside news some OF
tina issues which had been booming
most Unfortunately broke violently, and
"a the late dealings until the close the
market was in a state of feverish dis
furbance, although disorderly move
ments were confined TO few of the
war orders shares. At the same time
Il could not be said that quoted values
in the main showed any fundamental
weakuess The commotion in the late
trading hardly came surprise 10
reflective observers who had considered
the extrava giant and hectic pace of the
earlier speculation OF the day. and 1t
was not obvious that the last hour was
Anything more than a very desirable,
although abrupt correction OF the eH-
cesSive fury of the process OF expand
Ing development but otherwise SINH
lar In kind to the break which oc-
CURED last Monday morning on the
news of the torpedolnE OF the steam
snip Leelanaw.
The chief difference today was that
the decline was not induced by any
occurrence outside the market.
Market Very Active.
From the opening on until well into
the afternoon the trading was wild and
very active Total transactions ag-
xregated about q million and half
shares. and the circulation OF tips on
miscellaneous stocks TO reach certain
Agures worked out with suficient pre-
eesicn to stimulate q demand for all
the stocks which proht-takers could
napply. Early in the day gains of FIVE
70 fifteen points over Wednesdays close
YerO numerous, among the principal
u Natures of speculative interest be-
Ing Crucihle Steel. Bethlehem Steel,
Republic Steel, Allis Chalmers. Great
orado Fuel and Iron.
CrucAble Steel Makes Trouble.
Effects of heavy realizing sales were
npparent. although not conspicuous in
various quarters of the Industrial list,
but nothing checked the upward move
ment until Crucible Steel suddenly
smashed fifteen points about the mid
de OF the last hour. after having risen
eighteen points in thu earlier trading,
This stock seemed 10 be the chief To-
menter OF the rise which went on UP to
81 the unsettlement which character
fsed the market In the late dealings.
81. Paul Dtvfdens Reduced.
After the close OF the market an
nouncement was made OF the reduo-
ton OF the dividend on St Paul from
the annual rate of FIVE per cent to
four per cent, This has been rather
wiAeiy expected, and while various
satisfactory reasons were set forth
by the directors for the decision
reached. II In rather clear that hope
full view of the future is indicated
by the dividend actually declared In
comparison with the earnings reported.
The oficial utterances In Great Bri-
tain respecting the necessity of In
creasing the supply of war materials
were taken TO suggest the probability
Of q further expansion OF war oon-
tracts here.
Among the other matters noted was
the gratifying statement OF earnings
made by the Southern Pacific for June
showing q gross increase of s4is. 600.
ard n net increase Of s5ss, 600.