The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1916-09-24
OF Market Is
Due to Big Earnings
Whole Country Attracted to New York Stock Ex-
change During Past Week-Cessation of Foreign
Liquidation Aided Blu sness in This Country.

Esta blishing under the leadership OF
United States Steel common stock new
high records for both prices and volume,
the New York Stock Exchange during
the past week has held attention of the
whole country. The general public has
participated In the speculative market to
such degree that by Friday the Dear"
element had become so unnerved as to
have given up apparently It's customary
efforts to check upturns.
Earnings was the general reason as
signed by investors large and small for
the exceptionally broad and active trad
ing in securities, but. while that factor
may have been the keystone on which
the market has been built. the belated
realization OF the extent OF the earn
ings made It clear that another cause
the cessation OF foreign liquidatlon-was
practically as important factor.
The vast volume OF dumping OF Amer
lean securities on the home market has
been Stacking for months, until. at pres
ent, II appears to have come almost
completely to and end. While the supply
OF securities OF institutions OF the United
States held in Europe has not been ex-
hausted, II has been depleted to the
point where the quantity still held across
the Atlantic Is now being utilized prin-
which desire to place loans In this coun-
try.
No Sign of the End.
Furthermore. there is no sign OF an
ending OF the war. and the great mills
particularly those in the steel and cop
per trades, are booked to the point
where prices are failing to attract. in
the face OF difficulties OF fulfilling the
orders already contracted for.
Recently the Canadian press has been
intimating that the Dominion Govern
ment might relax the duties on i'm
portation OF steel rails because Cana
dian rail mills are filled with munition
business OF greater Importance. The
domestic manufacturers ordinarily
would greet such announcements with
glee. On the contrary, however. they
are paying little attention to this posi-
bility now. pointing out that mills are
booked up year ahead and that IL Is
difficult to see how this additional bust
ness. should IL be offered, could be
taken care OF.
Conditions during the iron and steel
trade during the last week have shown
conclusively that. despite the present
high level, prices are stronger In all
lines and likely to go higher. In some
lines manufacturers are now refusing
to accept orders for any delivery at all,
except to take care OF the pressing
needs of their regular customers Steel
makers are confident that they will be
able to continue the operations OF their
plants TO maximum capacity during
the remainder OF this year and during
virtually the whole Of 1917. as a result
OF development since the second quar-
ter began. Two adverse factors in
clude the scarcity of labor. its indie
pendence and inefhciency. and the
troubles In transportation. none OF
which shows any sign OF improving at
this time. but rather the contrary.
Earnings on Increase.
Railroad earnings continue to in
crease In a manner that should prove
satisfactory to both operators and in
vestors The Missouri Pacific. a road
that has Just been in financial difficult
ties for months. has just issued re-