The Washington herald., 1915-07-30
DROP HALTS BIG
TRADE MOVEMENT
New York Stock Exchange
Sees Heaviest Buying
in Weeks.
MISTAKE CAUSED SALES
Order to Acquire Crucible Steel Said
to Have Been Executed as
Instruction 10 Sell.

Nev York. July 2a-Another buying
movement in the Industrials. resulting
N a-violent advance. which was follow
ID by a sharp break. featured the stock
market today Many new high prices
were established by the industrial shares
early in the day. Railroad shares were
sairiy strons. but their advances were
iusi'snit can't compared with the indus
:rtals.
A. the opening prices were irregular.
nut during the first hour. the demand
tor the Irdustrisis became pronounced
and a violent advance began that con-
.inued up to the beginning of the last
louI when CruCihle Steel broke from
he new high record of S. to &C III about
ZEN minutes
This sensationa smas:, started ugly ru-
1nors. which Immediately found reflec-
ion in 4 general downward movement.
Accompanying the break. which was led
by the industrial shares. were :'un1ors
that Andrew Carnegie had died and thai;
&c banks were refusing 10 accept the
hr stocks as collateral Cor loans. ow-
YE to the sensational advance in their
p &c. The rapidity of the drop was ac-
G'lerated by the enCounteTins of stop
loss orders.
The weakness however. was only
when Crucihle Steel rallied from So
the low point to 70. rally being In
progress when the market closed
Mistake Caused Sales.
Crucible Steel was the center Of at
traction and wonder throughout the
session. The flood of orders over night
for the shares. resulted IN wide open
ing. 5000 shares being taken at from
6S to 20. the maximum prices showing
d gain Of ia points over yesterdays
closing The urgent buying OF the
stock continued throughout the day
and by two o'clock il had sold at IS.
a net gain of II ga for the day. 4
few minutes after the beginning of the
last hour the shares eased off. but stop
loss orders were encountered that
caused violent break. Two hundred
shares were thrown on the market al
- and the next price obtainable for
100 shares was sc. From this point
down to Sc the price broke as much as
three points between sales. and the
tape was about five minutes behind the
actual market AT the low level how
ever buying orders caused quick re-
bound back to as from which there
was a gradual decline to SIS is. where
II closed. After the market closed il
was said that a large buying order in
the stock had become confused owing
to the high state OF excitement on the
exchange that instead OF BUYING the
inc blobtl Idu SO-D DC
fore the mistake was discovered. The
stock. however. closed with a net gain
of bout ; points. after nearly 10000
shares had changed hands.
Biggest Trade in Weeks.
Republic Iron and Steel was another
issue in which there WAS excited dealing
more than ln0.0I1 shares changing hands.
This issue opened with a net gain of
point over night, but very soon rose
more points to the new high price of
81 - for this movement. 1t also declined
sharply when CruCible Steel cracked. but
closed with net gain OF points
Buvlng was inspired by the expectation
of large earnings.
Nearly 10 0oO shares OF Westinghouse
was crossed on the floor during the day
hut its range OF price fluctuations was
narrow compared with those of Crucible
and Republic Iron and Steel.
Brokers declare that an entirely new
speculative element is running the pres
en- market and that the old market
operators. such as the Reid Moore in
terests. are taking practically no part in
the present Wild speculation.
Announcement of the action Of ST. Paul
directors on the dividend did not come
until after the close of the market
Total saleB during the five-hour SOS /
sion were ABOUT lao 40 or tho largest in
MANY weeks