The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-07-17
FINANCIAL NEWS
And COMMENT
Industrials Display Strength
in an Irregular and Ac-
tive Market.
CRUCIBLE STEEL SCARS

While certain aspects Of yesterdays
stock market indicated various restrain
ing influences and prudential considera-
tions. such as are involved In our
diplomatic controversy with Germany
! and the prospect OF another with Great
persistent foreign liquidation overhang-
ing certain classes of securities. the
main developments In stocks expressed
n good deal of speculative confidence.
There are factors in the field Of value
which arc not altogether favorable, par.
ticularly those bearing on certain
descriptions. but prevailing tendencies
are denoted by the marked n pro-
grcssive bcttcrment Of the industrial
situation. In the industrial department
Of the share list, where the principal
interest Is nowadays centred, the
strength displayed vas again striking
Comparatively narrow therefore as the
trading was the scale OF rising activity
on which II was conducted and the
course OF quoted values which seemed
to have the most actual and sentimental
significance gave the session "A con-
structive inclination.
II was a peculiar and in many ways
battling market. Business was fun OF
cross currents and conflicting tendencies
which showed a balance Of gain in the
most important dealings. There was in
all directions n large amount of profit
taking where profits offered. combined
with some liquidation at declines. notably
in the railroad quarter. sales to realize
profits were well absorbed. but the mar
ltet for other offerings was thinner.
Bcarish pressure was also apparent in
the railrond list and there were indi-
alton furthermore that no little shift
ing Of position from railroad to in
dustrial commitments was going on.
Most of the DAY rails declined. a leader
81 the =cliue being Southern Pacific.
although the fail was tempered by rail-
lies. New Haven. Rock Island and Mis-
souri,. Kansas and Texas stocks lost ma
t~erially. but counter TO this movement
and of more appar Mt consequence was
the strength displayed by industrials.
ranging from out and out wal stocks to
those which have been brought i1di-
rectlv into the war order group because
Of the widening improvement Of Indus
try stimulated by busin ss which the
wa has created. although even In this
dep rtfneilt the movement was NOT ull-
form. The particular feature OF the day
was provided by the Crucible Ste |
shares. especially the common, which
closed with "A net gain of about 10
po!-ts. The close generally was as ir-
regular In all its phases as the whole
session had been, but even in the heav-
Ter descriptions there was re unsettllng
weakness.
Various explanations were put forth
10 account for the rise of the Crucible
Ste,l shares. As a speculative pine
nomenon Il could be interpreted In the
terms of. the mystery OF war supply con-
tracts which appeals TO the speculative
imagination. but IL was also explained on
other grounds. II was aid that a very
active and gem raj demand had devel-
oped for ,ne company's highly special
ICED product at very profitable prices.
NJ the same time 1t could readily be
related 70 the domestic conditions which
have most impressed Wall Str 81 in the
last few days. the pronounced stage o.
expansion disclosed by steel and kindred
enterprises generally. United states
steel. in which tn trading constituted
about one-sixth II the days large total,
was in|fuentially firm. although mani
testify subject To- heavy profit taking
Besides the Crucihle Steel issues other
minor steel stocks and related shares.
especially railroad equipments. w5re
strong.