The sun., 1916-10-04
Most Stocks Close With Adj
vances in Face of Strong
Bear Efforts.
RAILS ACT AS STABILIZER
Trading Expands on Advances,
Indicating Strength Of
the Market.

professional traders to force prices In
yesterdays stock market to lower levels,
and Notwithstanding many commission
house traders liquidated their holdings
In somewhat Of a fright because Of the
activity Of the bears and the talk In
some circles that the bull movement had
run It's course. prices In the greater
compared with Mondays final quota
lions.
Early selling pressure was effective in
carrying the general list to lower levels.
II was effective also in bringing out
stock on stop orders, but II was not
heavy enough to make a great impress
sion upon market values. In many re-
spects the manner in which prices with
stood bearish pressure and the mar
ket's general performance In absorbing
offerings and recovering easily from re-
icant exhibitions of inherent strength
SO far recorded in the current forward
movement.
Trading contracted on declines and
expanded on advances. q very good sign
for the bulls. Bears exercised all their
talents In the forenoon operations to
bring forth important offerings. especial.
ly In United States Steel. the coppers
and some Of the SO called war issues
They hammered In various parts Of thu
list with results picayune in compari
son to their efforts to force liquidation
For instance. after hard work the,
drove Steel common moro than a poinf
under It's closing of the preceding day
but on every drive stock was we'll taken
In the last hour II required only IN,
%semblance Of active buying to carry thu
price more h a a point above Monday
final range. the reaction from the higl
ness merely representing the realizing
by operators who had bought at cheape
levels. And In the last hour there wa
an excellent class OF buying in the rail
road shares. In the coppers, in the rail
way equipment issues and In many o
the ~specialties. tho chief advance in tn
equipment shares being provided by Ne,
York Air Brake, which moved to a ne
gain of almost 6 points.
The process OF digestion OF stocks an
readjustment Of accounts has been vi
der way in the market In the last fe,
days, with the result OF stronger techn
cal conditions m apparently a ne
basis for further appreciation In price,
In some circles the idea that bull spec,
lation has reached It's limit has a fe'
followers. In most circles. however,
n 10 tto ! NIiC cNtloplIlel
OF radically adverse factors. with n beal
Ing upon the actual worth OF investmei
securities. the weight Of public buyir
and the approval Of better quotations /
the strong financial interests will be e
fective in advancing the general mark
4 to higher levels than any so far recorde
. And In those circles the suggestion
made and emphasized that II IL not
= market for the trader with small ma
Gina IN hA I-a.A
market only for those operators WI
70 overtrade.
A large amount of stock has be,
taken out Of the market on recent rea
tons by cash buyers. both on speculate
and Investment account. There has be,
buying OF this sort In the high gra'
. rails, In the steel shares. particular
United States Steel: In the coppers.
= the railway equipment issues and
many of the so-called specialties. Blu
= ing Of this character Is reported by 4
! biggest houses.
The big men of the Street are bullish
disposed because Of sound basic conc
. tons. az reflected in the strength Of I
teel and copper market. In railroad ear
ings. in bank ~clearings and In the POI
A ton OF the money market. Industri
conditions as of October ] reported
4 the twelve Federal reserve banks shou
- be carefully studied by those people W
y. may be suffering from the deluslon IN
there Is anything wrong with the ecu
try.
Money was easy yesterday. with
suggestion In he known conditions u
DERIVING the market OF a material chan
In rates In the immediate future. I
mand both for call and time accommod
lion was relatively light. while busins
in commercial paper was inactive. 81
ling exchange Is SO controlled by I
British Government that 1t might aim
be said to be a nominal affair. Germ
mark exchange Ia lower. but operatio
In II are insignificant.
That. there Is a wide investment {
tnand hi this country for good securi,
is reflected In the success OF the Pa
bond offering here, which has been thu
. times oversubscribed.