The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-07-30
FINANCIAL NEWS
AND COMMENT
Cruciblc Steel Breaks in Late
Dcalings-Unsettled
War Stocks.
SALES IN LARGE VOLUME

After a runaway BUN market In
stocks for more than -four hours, result.
ing from an increasing public PARTED.
patton in the gambling features Of the
list, combined with operations for more
informed account, the speculative posi-
ton in Wall Street was suddenly un.
settled yesterday afternoon. Without
any exciting cause in the way of outsid,
news, some Of the issues which had been
looming most Unfortunately broke vlolentl,
and In the late dealings until the close
the market was i'm n state of feycrish
disturbance, although disorderiy move
ments were confined to a few of the
war order shares. At the same time II
could not be said that quoted values in
the main showed any fundamental
weakness.
h commotion in the late trading
hardly came as a surprise to reflective
observers who had considered the ex-
t~ravagant and hectic pace of the earlier
speculation OF the day and IL was not
obvious that the last hour was ANYTHING
we ''Nii ibl's hllllpuku
abrupt correction of the excessive fury
OF the process of expanding commit
ments FOR the rise. The episode seemed
to be simply a somewhat more emphatic
and necessary development but other.
wise similar in kind TO the break which
occurred last Monday morning on the
news OF the torpedoing of the steamship
Leelanaw.
The chief difference yesterday was
that yesterdays decline was not in.
duced by any occurrence outside the mar
Ret. 1t did serve to demonstrate In A
convincing fashion the vulnerability
which stocks acquire in such markets As
wall street las witnessed this week, and
may accordingly serve to moderate the
transports of bullish speculation. In
general the previous advances OF tie
day were 80 large that they were not all
cancelled by the late drop in prices
and. although the closing quotations
showed Irregular changes. many sub
stantisi gains appeared. 1t is a reason
able conjecture that the market will be
bettered by the elimination of weak ac-
counts.
From the opening on until well into
the afternoon the trading vas wild and
very active. Total Transactions aggre-
gated about a million and a half shares.
and the circulation of tips on miscel-
laneous stocks to reach certain figures
worked out with sufficient precision 10
stimulate a demand for all the stocks
which pre- III takers could supply. Early
in the day gains OF five to fifteen points
over Wednesdays close were numerous.
a $40 .A- .H.-s.- 70 aAAA,,
la;ive interest being Crucible Steel.
Bethlehem Steel. Republic Steel. Ailis-
Chalmers. Great Northern ore. Sloss-
Sheffield and Colorado Fuel and Iron.
Effects OF heavy realizing sales were
apparent although not conspicuous In
various quarters OF the industrial list,
bu nothing checked the upward move
ment until Cruc,ble steel suddenly
smashed Is points about the mid
die of the last hour after having risen
is points in the earlier trading.
This stock seemed to be the chief TO-
menter of the rise which went on up
to that time and was the chief cause Of
the unsettlement which characterized the
market in the late dealings. Rumors
bred OF the sudden reversal OF form 10y
some of the wal stocks ascribed the
break to difficulties experienced in get
llls q y III Alt WI
lateral of some of the war munition
shares, but all that inquiry disclosed
was that loans were forthcoming when
collateral was c~onserVatively valued by
borrowers.
As n matter Of fact the late drop
In the market did not require much ex-
PLANTATION. II was plainly n case OF
overstrain from the pressure OF too vio-
lent and rapid an advance. particularly
AZ illustrated by the spectacular ascent
of Crucible Steel in the last few days.
Bearish efforts which helped the de-
cline along were AT least timely in the
assistance rendered in reproducing the
markets v~ulnerabillty. Meanwhile II Is
TO be noted that rails hardened in the
last half hour and many of the better
grade OF war order and other industrials
were not much affected. Coppers had be-
gun to turn before the unsettleiment
among the newcomers in the war order
group.
After the close OF the market an
nouncement was made of the reduction
OF the dividend on st. Paul from the
annual rate OF 5 per cent. to 4 per
cent. This had been rather widely
expected, and while various salts
factory reasons were set forth by
the directors for the decision reached
il is rather clear that a hope
full view of the future Is indicated by
the dividend actually declared in com
parlson with the earnings reported. Th
official u%tterances in Great Britain re-
spectlug the necessity of increasing the
supply Of wal materials were taken to
suggest the probe bility OF a further ex-
pansion Of wal contracts here.
Among the other matters noted was
the gratifying statement of earnings
made by the Southern Pacific for June.
showing a gross increase OF $40, 600
nnh a nnt increase of ShkS n00.