The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-08-06
FINANCIAL NEWS
AND COMMENT
Strong Contrasts in Market,
Strength Alternating
With Weakness.
A~LLIS-CHALMER BREAK

The action or the stock market yester-
day was puzzling to the professionals,
who rave lately been looking for a
more or less pronounced reaction In
prices, and also TO the remainder OF the
financial district. which has been on the
side Of advancing prices. From the
start to finish the trading was full
Of confusing cross currents.
1t was a market OF sharp contrasts.
Strength alternated with weakness and
activity with inactivity, both as re-
CARDS the list as a whole and indi-
vidual issues.
Shortly after the opening a sharp
reaction occurred, led by a five point
break in Allis- Chalmers stock. SO far
as the disclaimers shares were con-
ceyned sufficient excuse for the break
was to be found In the quarterly re-
port OF the company. which was taken
to be distinctly disappointing by the
speculative element.
Apparently the only explanation of the
brief period of weakness in the rest
of the list was that 1t was in sympa-
thy with the drop In Chalmers.
This raised the question whether the
technical situation did not demand a
setback of some kind. So far as out
side news developments were concerned
the fall OF Warsaw may possibly have
exerted a slight additional influence.
But the setback seemingly acted as a
signal for an increase in the buying
power. The afternoon market was dis
tinctly strong. IL only Tor the fact
chat 10 uifpaGsAI .nnthar pnurat al auAan
In Steel common stock on very heavy
buying.
outside of this extraordinary strength
In Steel the outstanding feature was the
curious manner in which the buy ers dis
eliminated between certain issues. In
contrast with the great strength o.
Steel common the copper shares were
heavy. Anaconda in particular wa
lard to sell. ON the other hand Ten
nessee Copper was an exception to the
general trend of the coppe shares.
There was a conspicuous lack OF IN
terest I'm some of the more substantial
of the war stocks, but Bethlehem Steel
made its customary new high mark for
the day.
In the face OF positive In
American Can, Continental Can devel-
oped vigorous strength. High priced
shares like General Motors and WHY'S
Overland made spectacular jumps and
In the lower priced industrials Central
Leather, which has been dormant for
a long time. rose buoyantly.
To increase the confusion that this
state OF affairs created in the mine OF
the average observer the railway list
became aggressively strong in the after
noon recovery. This strength in the
rails, by the way. assumed a more or
less progressive character. There nave
been several spurts OF strength In the
rails during the past few weeks. EaoA
spurt has left the level or prices
slightly higher.
But the overshadowing feature or the
market was undoubtedly the further rise
in Steel common TO 72ia. and THIS IN
parted to the situation a suggestion OF
underlying strength that II might not
otherwise have possessed In the eyes or
many observers. The trading in Steel
was very heavy, the total turnover be-
ing more than 100000 shares. Big
blocks Of stocks appeared, Suggesting
an important change In the state OF the
speculative account. The rise in steel
was typical, strength In that issue haH-
ing a way OF manifesting itself in a
rapid shifting of price levels when once
a movement gets under way. The news
from the trade was again OF sensatona!
character. with reports of a veritabIe
scramble for certain steel products. Pre-
miums were said 10 have been paid for
prompt deliveries OF steel billets. with a
constantly increasing demand for other
products used In the manufacture OF
various war munitions. The demand
was reflected in a further advance in
prices of from % TO 80 cents a ton.
No change was made In the Bank OF
England's minimum discount rate. Very
great changes were again shown In the
weekly bank statement, arrangements
for payments upon tho new wal loan
and the month end requirements being
reflected. Reserves are now 20i0 per
cent. as compared with 1850 per cent,
last week. The better showing was
partly due to an increase In bullion hold
ings OF 36.575.00o