The sun., 1916-09-07
FINANCIAL NEWS
~ AND COMMENT
Sales Exceed 100000 Shares
in Most Noteworthy
Market Of Year.
STEEL COMMON AT PAR
Money Remains Easy in Spite
Of Expansion in Demand
for Loans.
STEEL COMMON AT PAR

In an active and rising market yes.
tcrday In which the total sales exceeded
100000 shares the outstanding n i'm.
p~ressive feature was the vast amount OF
stock offered on the advance, particularly
In United states Steel common. which
sold at par for the first time In It's his
tory. and the ease with which offerings
were absorbed without checking to any
marked extent the upward tendency OF
prices. It was tho most noteworthy
market Of the year. 1t was a market
In which realizing sales were enormous
and in which professional traders found
that bearish arguments backed by sell
Ing pressure were confronted by a buy.
Ing power so wide and so effective tina
only In a few instances could fair sized
reacations be brought about.
The Mercantile Marine shares after
reaching new high records In the early
dealings moved substantially of without
recovering, their failure. however, n
continue In the almost continuous pro.
cession toward better levels being based
I was understood, upon the refusal OF
n to consider the issues favorabl,
IN respect of their value as collatera'
against loans. In most other depart.
ments OF the market reactions from tn,
high points Of the day were not in pro
portion TO the volume of the selling
When Steel common moved to par sellins
on stop orders was heavy. When II.
price moved above par still more of tn,
stock came out, yet the closing was onl,
a point under the high, which was -,
points above the final quotation OF tn,
preceding day.
The strongest and best known imam.
clal interests were committed to the bull
side. not only In Steel but In the create,
number OF issues, including the cop,
pers. which were In excellent demand
And tho big" men were supporting
prices because OF the strength of basi,
factors in the general situation and be.
cause they had in mind important finan
cial operations which would be NOR,
certain OF success In a period of advanc.
ing prices for securities.
Wall Street is not bulllsh becaus,
there will bo no railroad strike. Tn.
railroad situation possesses element.
that are distinctly against the investor
u Tor the present. at least, the STREE
apparently has agreed to forget tn.
serious possibilities involved In tho sur
render Of Congress to the railroad
brotherhoods.
Excepting Reading the rails were no
prominent In the dealings. Reading
however. occupied a position peculiar
to Itself n II afforded especial oppor
~tunities for speculative manipulation
Tho industrials looked a little top heavy
at the close.
Wall Streets predictions Of par 70,
steel common came true. not because %
manipulation but because OF tho OK
traordinary condition OF the steel indus
try. the marvellous earning power OF IN,
United states Steel Corporation and tn,
confidence OF "A large army of outsid.
spectators and s~em!-invts,ors In IN,
we'll founded theory that tho marke'
value Of the stock for weeks had no
fu!ly measured the actual worth of tn,
security. There has been no cessation o.
the domestic and foreign demand fol
steel products, and there il no indication
or "A material setback in the trade In IN,
immediate future. AS a matter of fac
reports received from steel trade centre.
~foreshadow record breaking activity 70,
months ahead. Notwithstanding that II
Instances consumers are disposed to sta,
out OF the market in the hope Of lowel
prices.
Steel mills are working 10 capacity. 4
similar situation is recorded IN the cop
per market and in quarters also wher,
munitions OF war are being turned out
both the copper stocks and the munitio,
issues are sharing In the current upward
movement In the Stock Exchange.
Money was easy throughout the day
and In spite of the expansion in the de
mand for loans incident to cXpand!n.
stock market operations there was II,
suggestion In the position of funds of an,
material advance In rates In the imme
date future, or anything in the natur
OF StiH money this fall In connection will
the financing OF the crops. Interio
banks are well provided with money AN,
withdrawals of balances from this entr,
are not expected to be heavy. while what
ever amount may go out II is believed
will be offset by further receipts of gol,
from Canada or direct from London
Mark exchange again declined. but re
covered before the close. Sterling an,
francs practically were unchanged.