The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-08-03
FINANCIAL NEWS
AND COMMENT
Absence Of Sensational Specu-
latiOn. hut Trading
Above Average.
NEW PROOF OF STRENGTH

stock market. The chief feature was an
absence of the sensational speculative
movements that were witnessed in the
recent past and especially last week.
But IL no violent movement occurred 4
good business was transacted. The 500
Ooo-odd shares, while falling below the
high marks made last Thursday and
Friday. were we'll above the recent daily
average. In these respects the days
trading marked a return to more normal
conditions. II was an orderly market.
with q better distribution of he deal
ings. The railroad md copper shares
took a more prominent part in the rad
ing and N war stocks no longer mo-
nopolized speculative attention.
But II the market for the war stocks
WAS considerably alieter there was no
sig OF weakness. In fact the underly-
ing strength Of the market for these
stocks was once more displayed in strik-
ing fashion. After the shock dealt the
market last week by the violent gyra-
tons OF Crucible Steel. no surprise could
have been felt az a partial collapse in
the price structure. Under the circum-
, u 81 ANs VS. AAl' 80, NhH' N
market has been "A revelation. 1t has
shown that the present speculation ~
not the himsy thing that II has seemed
to many. but is based upon real value
and the confidence Of the people. Az in
all goat the speculative
position Is liable 20 become one sided
from time to time. But reckless over
trading of the kind that pushed up
| Crucible Steel in its last squirt operates
49,. a.f,t,. ,,,I.. aud hrin0a ia NUN
cure. Tho restraint and moderation In
spired by the Crucible Steel episode Will
be q very beneficial factor.
A rood Zeal was made IN speculative
discussion OF the various warnings
against speculative eNcesses that a v
appea red in the daily press and also In
financial publications. There was a dis
position on the par Of some persons 90
attribute the auieting down OF specu-
lation 20 these criticisms. But this was
by no means obvious. The war stocks
acted remarkably well and were In many
cases higher. There was no sign At
all that popular belief in a substantial
Justification for present prices on a still
higher level had been shaken The re-
action IN this quarter OF the marset, 81
far At least. has been 10 moro and IN
deed less than the natural setback
demanded by the mere mechanics OF
stock market movemen
There were no big developments over
the week end with = direct stock market
application. The war news was not of
a character TO increase speculative COM
mitments on either side OF the account.
on tho other hand. while the outcome
Of the great struggle around warsaw
remains uncertain. this Is likely 10 be an
influence In the factor OF caution rather
bn ~ Arxvt0o Tha 1aWa nf fhA 30
ceipt NJ Washington ~ the supplemental
reply OF Great Britain 10 he American
! representations on interference with
shipping aroused interest a. tntimat!ons
regarding the contents Of these notas
were that they were likely to add "a
the difficulties of the Administrations In
dealing with foreign problems.
What was generally regarded as a IA
vorable development was the greater at
tention received by the railroad shares In
the stock market. The Whole list OF rails
did very well. closing slightly higher al
along the line. This tendency Of bust
ness 10 enlarge IN the rails has exhib'
tied itself several times IN the past few
weeks. While Il has not broadened out
into any big revival OF interest in ths
rails IL has shown tina. the railroad
shares ara scarce when there Is any rea
demand for them. on eacn occasion
also prices have bern pushed a LITTLE
nigher than before. The strength OF tins
rails this time conceded with The pub
LEGATION of the earnings Of the Eastern
trunk Nnes. which testify to n growing
general business Thus the Pennsylvania
figures for June an Increase II
net of Sl.0+l,450.
Speculauve interest was also devoted In
lively fashion 20 the copper shares. som
Of which we're traded IN heavily at ad