The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-07-20
FINANCIAL NEWS
AND COMMENT
Stocks Unsettled in an Active
Session, but Rails Show
FirmnpSs.
CRUCIBLE STEEL BREAKS

Various matters combined to give
Wall, street a busy, disturbed and some
what confused Stock Exchange session
Yesterday. Throughout the day there
were extensive and rapid fluctuations In
prices, with the railroads rather curl
ously showing strength and tending up
ward and the industrials characterized
by more or less general heaviness n
some special and pronounced weakness.
The fact that the railroad list was In
the main so firm was regarded as a
gratifying token that In important
financial circles an a~pprchensive view of
international relations was not held. even
though our controversy with Germany ~
in a critical stage. Also II was looked
upon as wholesome to have a check
administered to the gambling excuses
or the speculative disposition to pile up
commitments In "A long catalogue Oh
stocks, the value OF which contains u
large conjectuai element dependent on
the actual scope and profits of the war
supply contracts which have been placed
in this country in such large volume
with additional orders under negotiatioh'
There was after the early dealings
"A cOnlDlTNtlNtlN UNI ~ ""'
with about as much compromising or
all the different forms OF trading for
any account as Wall Street has wit
messed in some time. barring the alb
sence OF anything resembling foreign
participation in the market. The total
of transactions was the largest OF the
midsummer movements 80 far and the
| activity denoted was for the most part
on the selling side. There was an open
ing drop quite emphatic in some stocks.
| notably Crucible Steel. which was t.
! lowed by a sharp rally. The general
| firmness did not last long. but from the
late forenoon on the course or prices
was exceedingly irregular. In the late
afternoon the market was almost dun
and pressure was lacking. except in
the final dealings. The close was for
the most part above the lowest In the
descriptions tina had shown the greatest
and In some directions sub
stantial advance was held. so that the
net average of decline was not great.
Under the circumstances the session
might have been much weaker without
exciting The fact that 1t
was not suggested that. considering the
news which Wall Street most regarded.
the disturbance of quoted values would
have been much more severe II the
| stllluE Htu bttu SOoN ~
stead of. az seemed to be the case.
being made up very largely OF bearish
operations and uneas liquidation to
| realize what remained OF profits or TO
, curtail losses on weak margin accounts.
Nor for that matter was there n
change over the week end in the EN-
/ couraging character OF trade and IN
| dustrial news which was so largely
responsible for the stock market ex-
preston of speculative optimism last
week.
1t happened that at the outset OF the
new week. and when Wall street was
more or less inclined TO discuss the i'm
Mediate position of stocks in terms OF
"A desirable reaction. incentives for de
clines were vouchsafed in the incident
of the steamship Orduna and in thu
statement given out by a director of thu
Crucible Steel Company relative to thu
speculative booming OF the Crucible Stee
shares. Also the labor troubles which
have developed at war munition plants
served to provide additional arguments
for Wall Street uneasiness.
The Orduna affair was made the mos
Of by bearish traders. and although
there has been only a one sided version
of i, so far It was manifest that as tn,
report stood II did nothing to promot,
the maintenance of friendly relations
with Germany. Whether or not the
latest disquieting episode of submarin,
warfare was the principal factor II
the stock market of the day might. how
ever. be disputed. The statement pu
out by an executive committeeman Of thu
Crucible Steel Company seemed. indeed
to be much more influential.
1t exhibited the company's financia
handicap. something which was not b,
any means a surprise to Wall Street
for the facts have had a wide publicit.
in recent months 1t gave to this state
ment OF conditions an emphasis respect
ing the indefniteness of profits from wal
order business, coupled with a denun
citation Of exaggerated rumors about thu
dimensions OF such business. which pre-
cipitated an abrupt break in Crucibl,
Steel common. and the fall OF the stool
had an unsettling effect on other wa,
order issues. Possibly the general de
rangement Of prices was not more ex
tensive because of the tendency OF Wal
Street speculation to make the nos
optimistic use of the mystery OF war con
tracts. Moreover. without any sufiiclen
basis for analogy the speculative elemen
recalled that in the early stages of IT
great rise the advance of Bethlehem
Steel this year was accomplished agains
authoritative official utterances about tn,