The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-07-30
SCRAMBLE TO BUY
BUSHES STOCKS UP
Crucible Steel Leads i'm Wild
Market, Soaring II 81
Points to 80.
Is 100000 SHARE DAY


t-prushing prices In a wild market.
with exhausted and perspiring brokers
struggling to accomplish the gigantic
tasks set for them. marked yesterday
what might be called the anniversary on
the Stock Exchange Of the panic caused
in 1914 by the war. Most OF the brokers
said that It was a wilder market than
that OF a year ago, but at that time
prices were rushing downward. fester-
day the situation was reversed. 1t was
IA del!rium Of buying. not Of selllns.
1t was such a tremendous day that
the leading tabulations of the dealings
failed to tally by nearly a quarter OF a
million shares. The high count put the
days total at closer TO "A million and "A
half shares. The war, which caused the
closing OF the exchange In a frenzy OF
fear before trading opened on the Fri
day morning last year corresponding
with to-day. was responsible yesterday
for soa ring prices In the war stocks.
4 4 he tNNlNtIltHl N'ilAieN Az
and was even more tense than during the
spectacular performances OF Bethlehem
Steel several months ago, for 1t was a
broader speculation.
CrucibIr steel Leads Rush.
Crucible Steel led the furious specula-
ton Of the day. In transactions OF
nearly 10000 shares. It jumped lIa
point to the high Of SO, double the
price of last Monday. Then suddenly
II rushed downward TO Sc. regained 10
points in as many minutes and closed
at 6Sh.
The fearful force and rush Of the
thing wilted a mass of fshting brokers'
about its post. Wall Street. accustomed
as IL Is in these days TO huge advances
In prices within a space OF minutes was
swept of its feet with the suddenness
and size Of the Crucible gyrations. 1t
had gained nearly l6 points on the day
before. Yesterday at the opening II
rushed from 3 TO 5 points higher a
stream Of buying orders carried 1t with
hardly n recession to the high point.
The crash came with a lightr ng quick
ness that melted the price away In
transactions OF only 1900 shares.
The Crucihle spectacle has followed
In many lines the bethlehem craze IN its
early stages, Yesterday there were
stories of the same sort TO account for
the rise and the decline as those heard
I'm the early DAYS OF Bethlehem speCu-
ton. Among the most popular was the
explanation that Bethlehem was buying
control. TIT Bethlehem company dur
Ing the day authorized "A positive denial
that It was taking any steps TO get con-
troll.
Think War Orders Cause.
Stock Exchange men closest to the
speculation In the stock said that buy
ing was based on the widespread public
confidence that the company had large
orders for the class OF steel needed In
munitions. that II was in a peculiar posi-
ton OF advantage TO supply this steel
and tina II the United States entered on
an programme this fall the
company was likely TO benefit largely.
One belief among those demanding the
stock was that a working arrangement
existed between the Bethlehem and the
Crucible Steel companies, by which the
Crucible as well as bethlehem would
gain.
But the big speculation OF Yesterday
wa not confined to Crucihle. The Won
derful report OF the Steel Corporation
and predictions OF the enormous demand
created by the war orders FOR steel prod
ucts had caused demand FOR steel stocks
OF all kinds, Republic Iron and Steel,
Colorado Fuel and Iron, Great Northern
Ore and Cnltel States Steel We're bough,
in huge blocks. The transactions in
United States Steel. Republic and Grea,
Northern in some tables exceeded 100,
600 shares each. Republic went at one
time to i6l9, a rev mig mark on this