The sun., 1916-09-14
FINANCIAL NEWS
AND COMMENT
Prices Move to Higher Levels
in Another Million
Share Session.
HEAVY OUTSIDE DEMAND
Bethlehem Steel Gains Net 30
Points and General Mo-
tors Stock IS.
HEAVY OUTSIDE DEMAND


In the Stock Exchange yesterday moved
to higher levels in the best part Of the
five hours Of business. with the move
ment in the last half hour presenting the
most decided and sustained strength. es-
pecially in tho steel and motor stocks.
for the current market and in the case Of
General Motors an absolutely new high.
which was s7A points above the low
figure reported In Tuesdays trading.
Again tho market exhibited extraordi-
nary power Of absorption. Realizing
liquidation was in heavy volume and pro-
fcsslonal traders worked with unusual
energy to bring about lower quotations.
hut reactions when made generally were
small. while declines in most instances
were easily recovered.
Public operations In the steel stocks,
the copper issues. the motor shares and
in some Of the specialties were active
throughout the day. There was no pause
In the outside demand. The speculative
digestive apparatus Was in excellent
working order and 30 far as could be
learned from commission houses the as
sanitation of stocks was OF the sort that
precluded h immediate collapse Of the
bull movement. although brokers advised
extreme caution In purchases or margin
at prevailing levels and suggested that q
real reaction was more han overdue.
Professional traders were disappointed
with the failure of prices to respond IA
a greater extent to realizing and bear
pressure. especially those traders who
through lack Of confidence in the strength
Of the impelling factors behind the for.
ward movement or from lack Of judg.
ment In getting into long accounts At the
start Of h movement, saw the pronts
going to the public rather than into theil
W pockets.
In this extraordinary market racs
many professionals have been left At the
post. They have been jockeying for
position without making any progress N
the right direction. while In cases where
they have gone short in The hope OF
breaking prices they have only ridden 10
a fall. How long the market will remain
In the hands Of q strong publlo offers
food for theorising. Much of this IL
beins done. and bearishly disposed IN.
terests insist that the big public even
now is liauidating and that the weak
public is taking its place. There was nc
evidence yesterday. however. Of such q
change. That the change will come may
he counted upon but from all known In.
dications the big men are stiil back OF
the speculation. basing their b%uliishness
upo the strength OF basic factors, In.
Guiding the easy condition II the money
market and h apparent Willingness OF
the great financial powers If wall Stree,
To give their approval and support TO ad.
vancinR market values.
Bethlehem Steel gained net 80 points
Crucible Steel 4 points. General Motors
So points. Maxwell Motors almost 6
points. Baldwin Locomotive sb points
Atlantic. Gulf and West Indies 6k
points. Studebaker u points and United
States Industrial Alcohol more than :
points. These were exceptional gains
hut in the general list net ~improvemen,
Of a point or more was common. while
steel advanced IL from its low Of the
day. Even tho rails came Into greater
prominence, particularly Union Pacific
Reading. New York Central and Erie, the
movement In them accompanying a re.
port that railroad interests had received
word from trustworthy ources that In
Congress legislation would at once b
enacted which would practically nullify
the eight hour law. which becomes effec'
tive January I.
Expectations in q few quarters tina
the New York Central would increase III
rate to 6 per cent were not fulfilled. tn
directors declaring the regular IL PEI
cent. quarterly. but the idea the Lacka
wanna Steel Company would restore IL
stock to the dividend column came true
B~ullishness on the steel shares wa
helped by tho weekly steel trade reports
which reflected intensified prosperity II
the industry. Producers and consumer
of steel are 80 beset with delivery prob
lens. according to the leading authority
that for the time new transactions, al
though heavy. are taking . secondar.
place.
changed and there were no signincan
movements in exchange. Sterling wa
not affected by further receipts Of gol'
from Canada. Total imports amounte,
to 10000, 900. making 5000. 900 80 IA
this week.. $55, 000. 900 so far this mont
and $276.4s6.0O0 since early in May.