The sun., 1916-11-21
FINANCIAL NEWS
-, AND COMMENT
Public's Demand Swamps Ex-
change, 10000 Shares Being
First Hours Trading.
STEEL ADVANCES TO 129
Market Sells OFF After Early
Rise-Call Money Marked Up
Late, Closing at 3 1-2.
STEEL ADVANCES TO 1919

Orders coming IN from the outside
public piled business 30 heavily on
brokers yesterday morning as to tax the
facilities Of the exchange. In the first
hour moro than 600. 900 shares changed
hands. exclusive of the odd lots and of
the scores Of sales which tho Stock Ex-
change reporters missed. The public APP
petite for the coppers. the steeis and .
few other industrials which have per-
formed sensationaily in the market re-
Gently seemed Z be Unsuitable.
Steel common opened at Q new hieh
In a lot Of 1000 shares at 126 y TO 126 y.
Opening sales Of several other indus
trials were also at higher prices than
had previously been recorded. Steel
common continued its advance until q
price of 1879 had been established. More
than $4,000 shares Of the stock changed
hands in the course OF tho session.
There was a reaction In the afternoon
after the public buying had spcn; its
force, but Steel common retained IN
points Of its gain. and there were such
gains in other industrials as ~ pointS
in Car n Foundry. 81 in American
Writing Paper preferred. I'M Inter.
national Paper and 6 In New York Air
Brake.
In the Industrial shares the close was
Utah. stocks which have been most
loudly talked Of In the reported plans
for q copper merger. each lost more than
2 points. The knowledge that the merger
plan. however much discussed. had not
approached maturity dispelled much OF
the hilarious enthusiasm displayed for
these shares last week.
A. was to be expected. after the n
thusiastic and little considered demand
for stocks In the early trading. the mar
| ket sold of In the afternoon. following
. trend that has been noticed on thu
| opening day Of the week In every bull
market Of the past. Standard railroad
shares in the afternoon developed {
strength which they have not possessed
before. There was . demand for thes'
shares As collateral for loans OF broker
and there also seemed to be q tendenc!
toward them on the part Of Spectator
who have made high prohts In h In
dustrial u who now d'strust IN
frenxied speculation In the Industrial
and who prefer to have their funds !
stocks which. though moving less rap
idly, assure an Income return highe
than the present rate for money.
In the banks principal interest wa
taken In arrangements for foreign loani
Negotiations for the Argentine Govern
ment loan progressed rapidly n II
probable that It will be concluded betor
the end Of the week. Similarly banker
are ready to receive h British treasur
bills, the FIRST issue Of which may Z
forthcoming Mt n moment
Some Of the banks were inclined
hold their reserves intact In anticipate
Of early demands for funds for the a
count Of these forthcoming loans. Othe'
found that brokers were offering rath'
more collateral Of the high priced indu
trials than the banks desired. The u
. shot was that In the afternoon ca
money advanced to and closed at 8
per cent. which IL the highest rate
the month. Most of the loans were ma
, at 3 per cent, as compared with O ruiif
rate OF 2ts per cent. on Friday. The
were no Indications. however. IN
brokers were experiencing any dihicul
in supplying the desired collateral
the adequate margins.