The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-08-07
FINANCIAL NEWS
AND COMMENT
Another Day Of Strength in
Stocks Leading in Market
Activity.
HEAVY PROFIT TAKING

II was another day of exuberant
strength In the war stocks, or rather
certain war stocks upon which the spec
ulative activity of the moment seems to
have centred. In this respect the irreg-
ularity and unevenness Of the trading
was again marked. The market pre-
scented a highly checkered appearance.
In some quarters the rise continued In
vigorous fashion In others. the tone was
uncertain.
Heavy profit taking went on through
out the day and in the last half hour
prices broke sharply under the lead Of
a sudden disappearance OF the market In
Crucible Steel. This stock dropped ~
points on sales Of a few hundred shares
and then shot up with equal rapidity to
a new high mark. The rest of the list
reflected the natural apprehension
aroused by this incident. but quickly
regained its polse in a way that sug-
gested that possibly the momentary ut
Of weakness was the result OF a bear
attack. Total sales. although heavy.
were somewhat less than in the pre-
ceding session.
Stee1u psa~R1adS&Ue~A 1Rrice
OH a continuation OF the broad buying
movement recently under way. The
new mark Of 1885 was reached, II IL
Interesting to note, after an almost per-
'
spectacular gains were made by Bethle-
hem Steel. General Motors and the
Westinghouse shares. but the most SEN
sational Incident OF the day vas "A vio-
lent uprush In Crucible Steel. which
took the price through the recent high
level OF SO and pushed II up 10 SO be-
fore the close. While this was In prog
ress, other issues. which have been
among the leaders of the war group
otCh n n aldui Inrpn,pfiNa and A,,ari-
can Can, remained quiet or even de-
veloped positive weakness. as In the case
of Can. A good inquiry for the railroad
shares was again noted n the railway
list closed slightly higher. Southern
Pacific was conspicuously strong, the
strength here apparently being caused
by the belief that the full 6 per cent.
distribution will be paid when the direc-
tors meet next week to act upon the
dividend.
The renewed rise In Crucible was
typical Of previous upward movements
In this stock from its start some months
ago under the twenties. except perhaps
that the market was. at least in the
first few hours Of business. more orderly.
The price was apparently marked up
with the greatest ease despite the tra-
mendous and rapid rise that had al
ready taken place. indicating a popular
belief that the destiny Of this company
Is a brilliant one.
Stories circulated Of a combination be-
tween the Bethlehem Steel and Crucib.e
companies and the terms OF exchange
Of the two stocks were put at three Of
Crucible for one of Bethlehem. No con-
flrmation Of these reports was obtain
able. as was the case on former occe-
sions when there were similar reports.
But seemingly the speculative element
has made up its mind that something OF
the kline il In the wind.
raider in Stock Exchange circles are
puzzled over the action OF the market.
The professionals are frankly bearish
and have been playing for a reaction
for several days now. Many commits
sion houses have also taken the stand
hat the movement has gone too fast ard
too far for the present and nave adj
vised their customers to a X profits
and await an opportunity to buy their
stocks back cheaper. To the profess
siona mind the tape shows clearly that
distribution has been going on for some
time. According to all of the usual
methods Of judging the market posi-
ton. they assert. the speculative posi-
ton is such that not only a reaction but
a moderate break il overdue. on the
other hand. 1t is pointed u that while
certain war stocks which have had vic.
lent upward movements this week are
In a dangerous position. the speculative
account generally may be better Than
1t Is made out to be by hasty judgments.
In a great many cases. probably "A ma
jority. prices are well below the recent
tops. suggesting assimilation. Many OF
the very active war stocks have been
out OF the reach of the weaker class Of
traders, as the margins required have
been raised generally. 1t has been n
matter of m that the average
commission house IL not carrying a heavy
load OF several issues in which there
was a big speculative market a few
weeks since. A good deal of stock has
been taken out Of the market. Even
In the case Of Steel common the grea.
activity may have represented to some
extent a shifting Of stock from one spec
ulative interest to another. rather h
distribution In the usual sense of the
term.