The Richmond Virginian. (Richmond, Va.) 1910-1920, 1915-08-10
STEEL SETS HIGH MARK
STERLING At BOTTOM
yUnr Stocks Somewhat Quieter Giving
Market Saner and More Nor
mai Tone.
HUYrNK sI.AcKENs DOWN
Government Crop Report Forcshadows
sse, 600, 900 Wheat Outtnrn--Un-
filled Steel Orders Half-Miilfoh
Tons.

New York. Aug. Smother fairly
general rise occurred in the stock mar
ket today. although the irre8uiarlty OF
the market increased. Inc huy'he
exnecIally Of a number Of the prom
tnent war stocks was more restrained
than last week and in THIS Tespecl
the market offered a more norman ana
orderly appearance. The leadcEshlp
m steel common, which went 10 "A
new high market Of - "a, and the
continuance Of good INQUIRY for the
standard rails. encouraged sentiment
where the concentration Of ACTIVITY
in limited number OF industrial.
shares has caused much misEivings as
bslng utterly abnormal. There wa
again a shifting Of speculative m
terest In the war stocks, New Yea
lures came 10 the front and the favor
ties OF last week seemed 10 ne dl-
xestinK theft swift advances. Heavy
profit-taklng was under way IN 'he
last, and II must be said mat the
selling was well taken. Some sethacks
occurred, but there Wa no develop
neut Of positive weakness. The day
turnover was less.
MAY Indicate Reaction.
The sIackening OF the buying move
Ynent may indicate that technical con-
ditions favor something Of reac-
ton, although that Is not the same
thing as saying that a reaction Is In
ev1table. The speculative position
might be strengthened by period of
quiet without any great change IN
prices from these Jewels or by an ir-
reEietihle wave of outside buying. But
whatever the outcome there is no
doubt Of a greatly increased public
interest in Steel common, for instance,
fnrrAA TpffrpTnenf AT
least of short contracts of the surface
kind.
A disposition to await the outcome
of certain important Developments
which have evidently been made the
objective of speculative buying may
also account to some extent for the
reduced scale of activity. The govern
nent August crop report, the Steel
tonnage statement to be published to-
morrow, the situation indicated by to-
days drop in sterling to a new low
record. and the financial and other
problems raised by the Mexican ques-
ton. are all matters that might cause
a certain amount of hesitation. In
regard 10 the first named, the Gov
eminent figures issueo during the
course OF the afternoon We're highly
satisfactory. A total wheat produc-
ton OF ses, oO0,0o bushels is indi-
Gated. which. considering all the talk
Of unfAvorable weather, was some
thing OF n surprise. The prospect for
corn ALSO 10 only little less than the
most extreme estimates Of the trade.
Secei Reports Optimistic.
Optimistic reports from the steel in
dRzskSV continued to come IN and some
OF the NEST enthusiastic predictions
regarding the statistics OF untitled bus
fness OF the Steel corporation are for
an increase tor the month as high as
SOC. 900 tons. A much smaller showing
than this. however, would undoubted
ly be considered highly favorable. The
renewed drop in exchange will tend
20 hasten the efforts on the part OF
the bankers here and abroad 20 solve
the question OF bringing adjustment,
and. perfaa ps, important developments
In this direction may be looked for
soon.
The news that the Canadian Pacific
Railway Company had declared the
usual dividend IN stock was not re-
csived until after the close of the
market 1t aroused a good deal of I'M
favorable criticism in view OF the tre-
mendous falling Off in the oompany's
earnings, and was freely commented
upon as untustified and unreasona Bile.