The Richmond Virginian. (Richmond, Va.) 1910-1920, 1915-07-27
lEElANAW SINKING
STARTS MARKET FURRY
voanrne Of Busfncss Expands Due to
Rnah 20 Sell. Following Preiimi-
nary Excitement Cansed BY
Episode.
axAnKEr RECEIVERS SHARPLY
Later Details OF Sinking of American
ship Indicated TO Spectators That
II Would Not Prove Casus Bcih'
War Stocks sim Market Leaders.

New York. July ga violent see
saw Of prices in the Wall street
stock market today furnished a strik-
ing illustration Of the utter unlikeh-
hood that war time speculation VIII
he characterized by a monotonous
uniformity The torpedcing OF the
American steamship Leelanaw, on inc
coast of Scotland, put stocks throuSh
about as severe an ordeal as they
have had to stand since the sinking
of the Lusitania, and tried the nerves
and temper of the speculative con-
munaty in a most thoroughgoing Iash-
ion. In the end the episode constr
tutsd nothing more than a wild hurry
or the Stock Exchange, but as a re-
suit OF IL, transactions for the DAY
were expanded almost 20 miiloh
ahares The main features OF the ses-
sion were the swift and very large
break in the late forenoon. and the
equally sharp recovery which TOOK
place quickly. Throughout the after
noon the level 20 which the market
reboruded was maintained, and ~hie
irregular changes showed final fg-
ures for the more influential issues
rules AT or substantially above Satur-
DAVIS close. and the more important
price changes Of the day were ma
teriai gains
War stocks SIN Lead.
All dav long the war stocks con-
ttnued 10 provide the market leader
ship Railroad shares remained slug
gish. falling relatively little IN the
period of extreme industrial weak
ness but displaying firmness on inc
general upturn. Copper shares were
persistently heavy, bat the war stocks
were still the department Ia which
interest was principally concentrated,
and in this quarter the Bethlehem
Steei issues General Electric, Ameri-
can Can, Baldwin Locomotive. and
kindred descriptions. gave remark
able exhibition of ability TO overcome
even acute pressure while the upshot
of tho session was TO teach little
lesson in the excitement which at
tends public speculst ton against the
war stock insiders. so-calied. The
day seemed to yic.d rather encourage
ing proof of the stability of the
structure of quoted values, although
To be sure the test was not so concur
siye as il would have been If the cir
cumstances of the Leelanaw affaii
had turned out to be different than
was the case.
At the outset OF trading the market
started upward, despite the resentful
tone OF the German press comment on
the new Washington note.
Stocks began to waver and in a
few minutes there was a rush of
selling which swept the market down
ward in a maner that bordered on
demora .ization. Breaks of five to
fifteen points were scattered through
eGt the Est and the day was signalized
~ the performance OF Electric Boat,
which Eel more than $50 points in
the ont. ide market AS further de-
tails Of the sinking of the Beelanaw
were published In fragmentary form
sri Street reflected that perhaps n
r. taken undue alarm In its pre-
naHre disposition to construe the af-
r g a grave menace in the light OF
ashlngton's latest declaration to
TT aud the selling movement was
checked
BT the middle Of the session n rally
WIS in fun swing and practically com
plete recovery was effected by tn,
early afternoon.