Show FEVER OF SPECULATION EXPANDS TRANSACTIONS IN WAR VAR ORDER STOCKS Sensitive Condition of Market Reflected in iii Violent Reactions Reactions at End of Week New York July Juh 31 The The mounting fever of oC speculation In war order stocks this week weel expanded d dealings on two days das to more moro than a million shares hi highly congested In a few fa favorites These stocks reached reache tho the highest figures figurea fig fig- ures urea on record although toward tho the close of the there were recessions recessions recessions reces reces- and evidence of ot a lessening de doma do- do e- e ma mand ad Tho The anniversary annl of tho the closing of ot the stock exchange on account of or the thear war ar panic offered striking contrasts with tho the price movements then Violent Violent Vio Vio- l lent ent reactions however demonstrated the sensitive condition of ot tho the market The first was caused momentarily b by bytho bytho tho torpedoing torf of oC th the tho American steamer steam steam- er Others Othen were duo to headlong headlong headlong head head- long attempts to take quick profits In Ina a thin market United States Steels Steel's quarterly earnings earnings earn earn- ings of nearly and the took trade reports were substantial l confirmation of ot the tiro rising profits and volume of ot business s from tram war orders Call loan rates remain low owing to the I wish h to keep capital liquid while successive o war loans make Investment conditions unstable First dealings s In Inthe inthe the tho now no British war loan lonn In London wore at a widening discount |