The Richmond Virginian. (Richmond, Va.) 1910-1920, 1915-08-11
BUYING MOVEMENT
on IN SHARE MARKET
HUGE STEEL SHARE MARKET
whole Country Conc 'tDafTy' on Sub
5ecz OF stock Gambling. Yesterdays
Movement Being Genuine Grab For
!. stock Promising Profits.

New York Aug. lon another
hTisk buying movement the stock mar
ket today made further important
gain. over million shares were done.
The trading was broader and the ac-
tiyity that evenly distributed through
out the list than on similar bursts or
strength In the past The rise was
led by steel common and the standard
rails, particularly the shares of the
western lines. A large business con-
fInued 10 be done in the war stocks,
bat the dealings here were no longer
greatly out OF proportion TO the vol
ume In the rest OF the list circum-
stance which was commented upon
favorably
Signs OF an expansion of trading in
the railroads have been accommodating
for come time past The disparity be
tween the industrtais and the rails
had become too marked not to escape
notice Evidences of a growth of ma
terial prosperity In the country due
TO general causes rather than as
direct result of the war business have
been becoming obvious. In this con-
nection the magnificent August crop
abatement has, and Will continue to
exercise. powerful influence. But
the necessary incentive to crystalline
speculative sentiment in favor of i'm
mediate action in regard TO the rail-
roads was apparently provided by
Washington dispatch printed this morn
Ing stating that the western freight
rate case would be decided substan-
tally in favor Of the railroads.
Scramble 90 Buy Rails.
From a purely stock market stand
point the violence OF the upward move
ment in the railroads was interesting,
The extent and rapldity of the rise
suggested something of scramble
which tended 10 cerroborate a general
impression that quite a large short
interest was outstanding. At the same
time the rise disposed of ideas that an
almost inexhaustible volume of for
efgn owned stock was only waiting
for a market. 1t would be natural to
expect certain amount of foreign
selling II the present rise should be
continued. but this could hardly make
any great Impression against O general
buying movement in this country II
that In indeed in prospect For the
present IL would appear that the ad-
vance In mainly demonstration
against the short interest helped by
d shift OF Importance speculative forces.
previously active In the industrial list.
Huge steel stock Market.
There was again a huge market in
steel common. the price jumping to
rs 81. an extreme gain of la points
After the publication OF the tonnage
figures showing an increase of 250344
tons, which was considerably less than
the most enthusiastic predictions had
made out the stock moved off probably
as result of the operations of day
To-day traders who used the statement
as a speculative objective. But the
reaction was no more than was to
be expected under the circumstances,
and did not indicate any relaxation of
the steady absorption OF the stock
that has been behind the present great
rise The war stocks showed a good
deal of irreguiarity. One or two. in
eiuding Crucible. were under consider
able pressure, and reacted sharply. un-
der continued pront-taking. On the
whole. however. this group continued
and the present slowing down OF ao-
tivIty is undoubtedly an excellent
symptom.
E.xchange Market Continues weak.
The exchange markets were again
very weak. sterling and francs touch
Ing new low records on heavy selling.
Considerable interest was displayed in
q story of the arrival in this country
OF q large amount OF gold from Eng
land. but the story had no visible eff
feet upon the exchange market and IL
subsequently turned out that the
amount involved had been greatly ex-
agxerated. Apparently this Is another
makeshift arrangement to fortify thu
exchange situation while negotiations
for that practical solution of the prob
lem continue