The Richmond Virginian. (Richmond, Va.) 1910-1920, 1915-07-22
NALL STREET WILD ON
VAR STOCK TRADING
Spectacular Gains Generally In Secur-
tiles Based on European
Siaughterfest.
nRoKERs SAY TAKE PROFITS
Much New fleece in Street, Which
VIII Be Sheared Before Public stops
Buying In Great Spectacular Move
mens.

were not only the feature, they were
practically the whole market today.
In this department specula-
ton made another headlong rush
and whirled prices upward at times
with great violence. Total dealings
for the day aggregated about three
quarters of a million shares, OF which
more than 100000 shares represented
transactions in the last hour. The
pace OF speculation quickened with
the progress OF the session, and an
swered recklessly TO the stimulus of
spectacular gains in one after another
OF the prime favorites for war stock
operations,
While the general list was not alto
gether neglected. its price movement
was relatively narrow. Indeed, weak
ness developed IN II, but these were
without effect on the speculative COM
rnunify. The close was strong. de-
spite no little irreguiarity resulting
from heavy profit-taking sales and.
although there were In many cases
substantial recessions from the best
figure, the net advances retained were
even more substantial
Good Absorptice Capacity.
1t was evident that a short interest,
which had been recruited In the last
few days. furnished leverage for the
&N~iNat4GA Which HcEat SpHtG Vi bhS WAT
stocks soaring. However. the new
buying for the long account was OBJ
viousiy evoked by the spectacle of five
points price gains In an hour.
Throughout the day heavy selling was
manifest, but the absorptive capacity
which was developed took these Of
ferinxs on the advance.
Observers OF tudicious disposition
regarded the phenomena of the mar
- x.zsfA "a. ,,a7 a,.
dniged freely in advice to customers
to take profits, but there were no
signs In the later trading of anything
to suggest an immediate slackening of
the movement.
In the early trading American Can
supplied the influence for rush of
buying into the war specialties.
Around midsession Crucible Steel was
: taken in hand and made to express
speculative opinion Of the warning ut
terances recently addressed from the
companys directorate. In the last
hour II was Westinghouse which kept
the speculation going. United States
Steel displayed at all times a degree
of aggressive firmness. and was un-
sdoubtedly an important factor in sus-
i tanning the forward activity of special
descriptions Railroad shares were
Irregular and some Of them los,
ETOuUQ. hc WaT ShCIA ShGla avn va
the prevailing Wall Street interest was
unmistakable. and was emphasized by
the extraordinary rise of more than
fifty points In Electric Boat. one of the
war issues In the outside market
Thinks War News Encouraging.
There were plenty of indications
that the speculation of the day derived
encouragement from the overnight
news. The dwindiing down of labor
I2xiH tratsntffnn
factories entered largely into Wall
Street reckoning. SO also did the init
nations from the British premier in
explaining the terms of the warrant
for fresh war expenditures asked from
the House of Commons, that other
countries might shortly join the ranks
of the allies. presumably nations In
southeastern Europe.
OF more consequence was the
washington dispatches predicting that
the new Washington note to Germany
would still leave the way open for a
maintenance of friendly relations. Al
the same time IL might be pointed out
that those forecasts also permitted the
inference that friendly relations could
be seriously disturbed II Germany
shoull commit another outrage in its
conduct of the war
Foreign exchange presented curious
aspects Sterling was firm, but francs
exhibited renewed weakness while
German remittance was distinctly
stronger. Late In the day an an
nouncement was made which was a
reassuring token that financial inter-
ests are now engaged in making ar
& syawgvu7snts TO solve saes problem. at
the foreign exchanges IN fashion
which will enable the country to main
tain the volume of Its export trade
This was the news that bankers mao
bought and would oner In the near Iu-
ture $40, 900. 900 of per cent notes
with the Canadian government rum
ming for one and two years. and con-
vertible into tax exempt, twenty-year
z ner cant honds Of the Dominion.