The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-08-13
FINANCIAL NEWS
AND COMMENT
Trading Confused: Great Shift.
ing Around Of Speculative
Commitments.
TRADE IN 900. 600 SHARES

Trading in the stock market yester-
day was rather confused. with a great
shifting around OF speculative commit
r,ents. on the whole. however. the
main feature OF underlying strength
that has characterized the market dur
ing Its reactionary period was stu
present. The market was a mixture OF
strength and OF weakness and OF good
and bad symptoms. In some quarters
prices were plainly under the influence
OF heavy profit taking. while in others
stocks rose sharply under a resumption
of brisk and seemingly confident buy
iinS. In many cases the newcomer
frankly belonged to the ultra-specula-
tive class and this feature caused q
rood deal of u~nfavorable criticism. A
topheavy condition was also suggested
by the action Of other stocks, which
have lately advanced greatly. But the
market here exhibited no mean ability
to absorb selling and several particu-
larly weak features on Wednesday re-
covered sharply. Activity was again or
a heavy scale. the days turnover being
more than 900. 900 shares.
In regard to the present position and
immediate future of the market 1t would
y, rhips he a mistake to leave out o.
calculations the state OF sentiment in the
street. A note of caution IL beipe
81 unded everywhere. Professional senti'
ment, to a rather surprising extent. is
pessimistic. Talk in the commission
houses and in Stock Exchange ctrclei
generally Is for a reaction of some con
sequence. This trend of thought In no,
an altogether common feature after a biz
rise. and IL may be significant in view
of the fact that the best information Is
that. generally speaking. no overex'
tended speculative position exists. lr
fact the state of the speculative &C
improved by the heavy profit taking o.
the past week and by an important IN
crease in the short interest.
The prominence of a number OF lower
priced and fifth rate securities. includ
Ing stocks of bankrupt properties, was
n part attributed to the activities o.
pools. which have seized upon the lul
in speculation elsewhere to bring theii
favorites into attention. The circle o'
Spectators interested in these propertie:
is probably rather narrow. A fair bust
| HtSS NdS dpilt III Nv t'iAN' thA nv WIN
here was rather heavy, which wa:
reasonable enough in view OF the dis
appointing features OF the Interstate
! Commerce Commissions rate decision.
, The sensational feature of the day was
provided by Allis-Chalmers common
| which made another very violent ad'
vance to the accompaniment OF furthel
reports OF new war business. Anothei
blk rise in Bethlehem Steel preferred
aroused a good deal of curiosity anC
brought out the old story of q combine
of several steel companies with Bcthle'
hem steel as the backbone.
Increased decentralization in the ex'
change market. with a new low recorc
for sterling and francs. had some effec'
upon sentiment. The condition OF tho
exchange market Is now so extraordi
nary that 1t is apparent the tim'
Is near at hand when bankers here anc
abroad will take definite action of &
permanent kin to restore the market
So far it appears the hitch In the nego
t~iations about the placing of a big Ions
term loan has involved both politica
and financial considerations.