Evening star. [volume] (Washington, D.C.) 1854-1972, 1915-07-31
SPECULATION BROADENS
IN SHORT-DAY DEALINGS
Stocks Which Jagged During Week
Share in Advances Of War
Issues.
Closing u Heavy on Reaction Over
Reports Of Sinking Of Steamship
and Loss Of Americans.

NEW YORK. July s1.-Speculation
ran moro today to stocks which have
Jagged in the weeks advance. with
good gains for fertilizers and railroad
shares, although profits from wal
orders still constituted the governing
influence and the largest movements
were in the stocks affected.
The tendency to shift to other quar-
ters of the list was attributed to doubt
as to the stability of the war stocks
at their high prices, as well as to esti-
nation that banks and commission
houses were exacting more stringent
\terms for loaning and margin require
ments.
Comprehensive advances were made,
cunning up to five points.
= Profit-Taking Helps in Setback.
Proft-taking sales and the report
that four Americans had lost their
lives by the sinking of the steamship
Iberian caused a severe reaction before
the close.
Trade reports were favora BILE, gen.
eral lines showing improvement apart
from the activity in the steel and
affiliated Industries.
Crop news was encouraging and in
creases in railroad earnings indicated
expanding business.
The closing was heavy.
Bonds were firm.
Trading Begins Quietly.
Trading began more quietly today,
with small changes on the first trans
actions. The variant character of the
market during the last few days, at
tended by several slumps in the war
shares. made spectators more con-
eervative and there was no rush to
buy such as occurred earlier in the
week.
The list held steady, and when 1t be-
came apparent that there was a good
undertone the demand increased.
The market responded with good
advance, in which railroads as well as
industrials participated.
The largest gains were 81 points in
New York Airbrake, in Bethlehem
Steel and az in Allis-Chalmers.
Trading Is Heaviest of Months.
Speculation in war stocks ran ram
pant this week. The rapid rise of these
shares, together with many uncon-
Armed reports of huge profits from
way orders. attracted large buying
paralleled figures.
1TdulHS was LILO heaviest Oh months
with transactions well over 100000
shares on two days. This business was
concentrated largely in the war shares,
although elsewhere there were large
dealings.
OF the war stocks Bethlehem and
Crucible Steel remained in the lead.
The extent Of their cratic fluctuations
indicates the character of the market.
steel's Wide Range.
Bethlehem Steel sold as low as 2o7
and as high as 275. Crucible steers
range was from AN to SO.
| Toward the end of the week there
was evidence Of an abatement Of
speculative excuses. The rise had been
carried to a point which caused the
Jcalling of loans on these shares. 1t
was apparent. moreover. that no salts
factory basis existed for advances of
such a character.
The violent slump occasioned by
Jews of the torpedoing of the Amer
TAN steamer Leelanaw, although
quickly overcome, was a warning of
what might occur. The movement be-
came more cautious with some sharp
recessions and trading diminished, al
though the greater part of the more
conspicuous advances was retained
Rails Comparatively Quiet.
Railroad stocks remained compare
lively quiet, but were firmer than was
the case last week. Rumors of divi-
dend reductions were borne out in the
case of st. Paul, which cut it's divi-
dend from a to per cent rate.
Railroad stocks in general benefited.
however. from good crop prospects and
improvement Of business conditions in
some industries.
The change for the better in the
steel and related industries was re-
hected most forcibly in the quarterly
statement of the United States Steel
corporation, which fully met optimistic
forecasts. Other companies reported