The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-07-22
FINANCIAL NEWS
AND COMMENT
Excited Speculation in War
Stocks, Can and Crucible
Steel Leading.
CANADA GETS LOAN HERE

they were practically the whole Of the
market yesterday. In this department
speculation made another headlong rush
and whirled prices upward. at times
with great violence. Total dealings fE
the day aggregated about three-quarters
OF a million shares. OF which more than
200 900 shares represented transactions
In the last hour. The pace Of specula-
ton ~quickened with the progress of the
session and answered 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. weaknesses
developed In II, but these were without
effect on the speculative community. The
close was strong despite no little irreg-
ularity resulting from heavy profit TAX
ing sales. and although there were In
many cases substantial recessions from
the best figures. the net advances re-
tanned were even more substantial.
IL was evident that a short interest
which had been recruited in the last
few days furnished "A leverage for the
Invites which sent some OF the war
socks soaring. However. new buying
FOR the long account was obviously
evoked by the spectacle Of five point
price gains in an hour. Throughout the
day heavy selling was manifest. but the
absorptive capacity which developed
took these offerings on the advance.
Observers of judicious disposition re-
garded the phenomena of the market
with uneasiness and brokers INDUCED
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
1t goes without saying that such a mar
ket always gets In a position sooner or
later where an exciting cause is fur
nished for a more or less extensive
break and accidents can be counted
upon to happen in war times and pro-
vide the necessary impulses for the cor
rection OF a lopsided n topheavy ex-
pansion Of speculative commitments
In the early trading American Can
supplied the influence for a rush Of buy
ing into the war specialties. Around
midsession Crucible Steel was taken In
hand and made to express speculative
opinion Of the warning u%tterances re-
Gently addressed from the company's
directorate. In the last hour Il was
Westinghouse which kept the specula-
ton going. United States Steel dis
played at all times a degree OF agrees
sive frmness n was u%ndoubtly an i'm
portant factor in sustaining the for
ward activity OF special descriptions.
Railroad shares were irregular and
some OF them lost ground. The wai
stock character OF the prevailing Wall
Street interest was unmistakable and
was emphasized by the extraordinary
rise of more than Atty points in Electric
Boat. one Of the war issues in the out
side market.
There were plenty Of indications that
the speculation Of the day derived en-
enlargement from the over night news.
Tie dwindling down of labor troubles
at the Bridgeport munition factories
entered largely into the Wall Street
reckoning. Sd also did the intimation
from the British Premier. In explaining
the terms Of the warrant for fresh wal
expenditure asked from the House of
Commons, that other countries might
shortly join the ranks OF the Allies. pre-
sunably nations In southeastern Europe.
OF more consequence were the Wash
ington dispatches predicting that the new
Washington note to Germany would still
leave the way open for a maintenance OF
friendly relations. At the same time IL
might he pointed out that these fore
casts also permitted the inference that
friendly relations would be seriously
disturbed II Germany should commit an
other outrage In its conduct OF the war.
During I've day the budget Of market
wise formation contained items more or
less conductive to n spread Of optimism.
Weekly reviews OF basic industry re-
ported continuing gain in the steel trade,
and the gratifying showing of the Re
public Steel Company for the first six
months of the year advertised the re-
covery which had already been made
before the turn of the midyear brought
with II 80 many signs of sustained bet
terment. The weekly crop report told OF
more weather damage to winter wheat
but was In other respects very favorable,
especially as to corn.
Foreign exchange presented curious
aspects. Sterling was frm. but francs
exhibited renewed weakness. while Ger.
man remittance was distinctly stronger
Late In the day an announcement was
made which was an assuring token tina,
financial interests are now engaged ir
making arrangements To solve the prob.
lem Of the foreign exchanges In a fashion
which will enable the country to main,
tain the volume of its export trade. Thi.
was the news that bankers had bought
and would offer In the near future $40.
OO0, 600 OF : per cent notes Of the Cana
dian Government. running for one ant
two years II convertible into tax ex,
empt twenty year 8 per cent. bonds o,