The sun., 1916-10-03
FINANCIAL NEWS
AND COMMENT
Market Stands Up Well on
Professional Selling and
Realizing Sales.
BUSINESS NOT so HEAVY
Active Buying Of the Rails,
Norfolk L Western Making
New High Record.

Although In vrrious parts Of the
stock Exchange list realizing sales and
professional pressure yesterday were ef-
fecti,e IN bringing about lower prices,
concessions were not important and in
no way represented a change in tho al
rection Of a long drawn out decline in
market values. A. . matter Of fact
stocks. In most instances, held remark
ably we'll. with not a few instances Of
decided strength. notably In some Of
the railroad and railway equipment
Issues. In which good buying was re-
ported. with especially active trading in
the late dealings In Baldwin Locomo-
tive and American Locomotive.
Offerings were we'll absorbed. but
There was, however, = marked falling
OF In tho volume Of business a. COM
pored with tho active days OF last week
and tho week before. Tho public was
less In evidence. but commission houses
asserted they had tentative orders In vol
ums for outside account. and that IN
their opinion II would require but slight
improvement from the current levels to
bring about another large outburst OF
enthusiastic buying. In many houses
customers who had mad large prohts on
last weeks movement apparently wero
waiting for the possibility of a good
sized reaction before resuning n POSI-
ton on the long side of speculation. but
there was nothing In the general char
acter OF the days operations to suggest
that prices would move materially lower
without the development OF conditions
OF n radically unfavorable nature.
The professional element was success
ful in Saturdays market In forcing q
slightly lower range for the greater num-
Der Of stocks. and doubtless In comms-
sion house circles II vas beloved that
because Of hat heavineas the course of
prices yesterday would again respond to
bearish pressure. They responded to a
certain extent. but not after the name
of a n market. There were signs OF
accumulation IN some departments and
indications that the big men still were
supporting the theory that quotations
eventually would move to q better range
tina many so far recorded. with the rails
figuring as likely candidates for improve
ment in bull operations Of tho immediate
future.
Norfolk ard Western moved 20 q new
high record and Lehigh Valley sold at Ito
best price since 1912. while there was ar
excellen: class OF buying In Union Pa.
c'fc. New York Central. Pennsylvania
and Erie. h movement being encour.
aged by the recent striking reports oi
railroad earnings, especially those fol
Angus, o. tho New York Central and the
Pennsylvania.
Operators who watched the curse o.
United States St>el ommon in which
transactions we're heavier than In an,
other prominent Issue by many thou
sands at shares. found ample reRson fo'
the belle: that II was In n strong specu
lative position ard that. IL was be.n,
.alra, ~ ali rAn,t;AnA ~. t,,~ kA.s uar
Of buyers. Its closing price Saturda.
was l17N. In yesterdays opening I
showed an advance TO l1sE. and theI
Under active selling pressure n slow re
cession 10 11eL,. with a subsequent re-
covery TO ll7t, the final. which was Jus
u under last weeks CLOSING and Is
under the high record established Friday
Unusual efforts were made 20 drive tn
shares substantially lower. and the SAM
action was reported In the corpers an,
In other active stocks. but maximum
losses seldom were much in excess %
one point. while net losPes when mad,
rs a rule wer. confined TO fractions. Tn,
market exhibited a high grade brand o
underlying strength at all times. and &C
cording 10 the opinion of more than on
watchful broker q mia exhibition 10
day shou.d tend TO bring the public bacl
In force. A market that can stand Vi
under heavy professional selling an,
large realizing sales. particularly after
long period OF advancing prices. Is
market we'll worth the attention Of tn
outsider.
Money market rates failed TO rehec
frmer tendencies because Of Saturday
decrease In the excess reserve OF III
Clearing House banks. call loans rulinI
at ga. per cent. with the demand for &C
commodat!on light. Time money like
wise was unchanged. while foreign ex
change vas without especial feature.
i The Government report on cotton va
not wholly unexpected. and It's forccas
OF a short crop was not a factor IN III
stock market. although II Wa responsl
bls for n substantial jump In cotton on
tons IN tho Cotton Exchange. TIL
lighter grain anc cotton harvests doubt
less vii! receive more attention In tn
stock market later in the year or earl
in 1917. In connection will the cottOI
situation Il IL interesting TO observe thR
so far IN the current cotton season thl
country has shipped two bales OF IN
staple for every one exported in the sam
period last ear.