The Richmond Virginian. (Richmond, Va.) 1910-1920, 1915-08-09
MARKET QU|fTs UNDER
T0PHEAVY SPECULATION
No Collapse OF Prices In WAR Stocks
Intiustrials. Despite ExPccta-
49, lions.
EUS's REVIEW OF THE WEEK
Evidences Of Growing Prosperity Con-
tinue; Crops Standing Up We'll and
Railway Earnings Incrcasing-Cp-
ward Sweep Reviewed.

S.~ York Aug. S-The suns weekly
..t.ur ~ ths financial situation to-
morrow will say.
THE STOCK market Itself during the
n.s, week has furnished the best pos
sfhle renIy TO the storm 81 cTlllo'sHl
~ an. snsrulation In Industrial shares,
called war stocks" There was no
coIlapse In prices much rs might nave
beer expected in purely aruhc'a'
market under the light Of exposure
s.nscIa11v after the severe test OF a
violent uprush and equally No'ent tai.
in rrucible steel The general market
rsr.iv outeted down until toph"avy
.nec,1lative condition In certain quar-
ters had been nEhtened. In sur
nr,sirRiy short space OF time the up
ward movement WAS resumed until ny
the middle OF last week a renewed up-
ward sweep along the whole line was
under way.
Once more the market has shown an
ability to resist unfavorable criticism
and internal commissions that Is MOTH
Ing short OF remarkable.
Great improvement shown.
Outside Of the war business and its
direct effect upon trade and business
there are continuing evidence OF grow
tnx prosperity. Iron and steel STA
tfEftCS snow a kTFHt iIlilifN ''i4t'ii '- nv
rrors are approaching maturity In "A
snlsndid way. with the prospect for
the largest harvest ever known. Rail
road earnings are Increasing and gen
erai trade returns promise that THIS
In not merely a temporary change Tor
the better.
The South Is still suffering from
depression for causes which II IL not
necessary 20 outline. but things are
apparently moving toward practical
solution of the problem OF taking care
% the cotton crop.
In the stock market the most strik-
ing feature was the development ~
great strength In steel common stock
ON a broad buying movement The
price OF Steel stock always bears n
rlose relation to the state Of the pub
lie mind There is no single feature
that presents better index 70 the
activities of the public in Wall street
than the market for the 5000 600 shares
Of the United states Steel Corporation.
The sustained rise IN Steel, therefore.
has tended TO strengthen sentiment
materially.
Another new feature OF the mark et
last week which was welcomed as
lending an appearance Of stability Ia
the whole price structure WIS a ten
dency on the part of the buying move
ment to broaden There was a notably
better inquiry for the standard shares
which apparently indicated freer
distribution of Investment capital.
AS regards the immediate future OF
the stock market IL Ia the opinion oi
well informed observers that the specu-
iative position Is not especially top
heavy. Technical conditions may have
been weakened In some directions as
a result OF the excited speculation In
the war stocks, but the testimony OF
the banking interests In that az a
whole there Is no greatly extended
speculative position. The rise has
brought heavy proht-taking, and con
sidering everything the commission
house holdings are not nearly as large
as might be expected. The inference
is that back of the general specu'
lation in the war stocks there has
been a good deal of excellent business
by persons who can afford to pay
these prices and play a waiting game