Evening star., 1916-10-15
SPIRIT Of CAUTION !:
IN STOCK MARKET
Profit Taking Drives Some Of
the Leaders Down | to
8 Points.
BUSINESS NEWS FAVORABLE

NEW YORK, October 14.-An unoer-
current OF caution pervaded today's
stock market operations. the two-hour
session being attended by considerab BILE
irregularity. This was particularly
true of the leaders. United States Steel
showing decided restraint with allied
industrials. Bethlehem Steel yielded 5
= points, with 1 to for Republic IRON
.hnd Steel, Colorado Fuel. Industrial Al
: cohoi. New York Airbrake and some OF
the leading motors
This was partly counterbalanced by
the strength Of shipping stocks, es-
pecially Atlantic. Gulf and West Indies,
vhich made an extreme addition of air
most points to yesterdays more sub
stantial advance. Gas shares were
arain active and higher. though losing
much of their advantage in the iater
dealings 49,.
saRged in the greater activity OF the
last hour, when profit taking proved
more or less effective. Total sales Oh
stocks amounted to $4,000 shares.
Trade Demand Broadens.
The usual weekly budget Of general
news included the reviews of the mer-
camille agencies, which reported con-
tinuance of extraordinary activity and
4 broadening of demand for the COM
ing wear. Further advices from steel
centers indicated more price advances
before the end of the month. --sy-..~- -
Coppers failed to respond to reports
of additional foreign orders for deliy-
cry early in 1917 at not less than ~
cents a pound. Representatives OF the
big producing companies couid not COLI
firm
An actual cash loss of about w.
100000 was the most noteworthy 1ea-
ture of the weekly bank statement,
loans, however. contracting by w.
OoO, 900, and reserves by s13,64o.000. re-
ducing the excess reserves TO ABOUT
SOS. .000, 900, the smallest total since the
mid-year. Bonds also developed an cas-
ier trend on light demand den total sales
United States and Panama bonds ad-
vanced \ to 3. of 1 per cent on call
during the week.
Striking Change in Sentiment.
The abnormal activity of the previous
I'VE weeks lost little Of its force
in the week ending today, but senti-
mont, speculative and otherwise, ex-
perfenced a pronounced change. this
being denoted in the shrinkage OF
quoted values. Extreme recessions in
leading stocks ran from to 10 points,
and In the less stable issues greater
losses were sustained, with partial re-
coveries later.
Many attenuated bull accounts were
closed out In the frenzied trading Of
Monday, when Wall street received its
drst news of the extension of Ger
mAnys submarine activities to Ameri-
Hban waters. This was followed by gen.
eral liquidation to save reduced profits
and a renewal of operations for the
short interest Investment issues were
confidently taken, but mainly at
marked concessions, in contrast to the
movement of preceding weeks, when
Absorption was effected almost wholly
on a rising scale
z Shares Of the less conspicuous rail-
roads and some of the utility COM
panies, chiefly Gas and power COM
panies, were in good demand at ir-
regular but substantial advances Cot
ton-carrying roads reflected the higher
prices for that staple, and the inquiry
for Ohio Gas Columbia Gas, Peoples
Gas and Consolidated Gas resulted from
specific causes.
fundamental Conditions Sound.
Fundamental conditions, it was almost
universally agreed. remain inherently
sound. expect for further deterioration Of
certain foodstufs. indicated by the
latest government crop reports. Bank
clearings rose to unprecedented proper
tons, earnings of railroads and various
industrial companies we're of like char
acter. and fabricated iron and steel prod
ucts underwent further upward price re-
vision.
Peace runors OF the preceding week ex-
cited little attention IN view Of the atti-
tude assumed by recognized leaders of
the entente powers and Englands avowed
intention to negotiate another huge loan.
The apathy Of the foreign exchange mar
kets also put Quietus on rumors OF that
nature.
New foreign financial undertakings are
under consideration by our bankers, but
these may remain in abeyance until after
election.