Evening star., 1916-09-10
Report of UnfavorabIe Crop
Conditions Apparently
Ignored by Traders.
SHIPPING ISSUES FIGURE
AMONG MARKET LEADERS
Rails Almost Alone in Showing
Weakness, Due to Eight.Hour
Legislation.

NEW YORK September 9.-The un-
favorable crop conditions disclosed by
yesterdays government report were
without effect upon today's extremely
active, broad and very strong market.
except in so far as they had
tendency to check any movement in
xraneers and northwestern issues.
Shares of eastern roads. particular
ly Reading and other coalers. as well
as Pacifics and trunk lines, were
strong, Reading scoring its best price
of the year at 112k.
Far more significance was attached,
however. to the movement in United
States steel, which rose points to
the new record of 1o3H This was
prior to the publication of August
tonnage figures. which reported very
moderate increase over the preceding
month
Shipping Issues Prominent.
Shipping issues also absorbed con-
siderable speculative attention, Mer-
camille Marines coming within easy
distance of their recent high records
at gains of to 2 points. while Attain
tic. Gulf and West Indies common and
preferred made respective record
prices of So and 81 on their advances
of sh and TX points.
Independent industrials followed In
the wake of Steel. gains in Republic
Iackawanna and Crucible Steels rang
ing from to almost s points. Copoer
and zinc stocks were in keen demand.
Kennecott featuring the former groun
n nf =
for American Zinc. common and pre-
ferred.
psner shares also augmented recent
advances by . to points. 1nterna,
tional Paner common. Union Bag ana
paner preferred and American Writing
paper preferred displaying marked
strength Various issues OF no snecial
class shared< in the general advance,
sessionssssounting % to sac. 600 shares.
The Noteworthy feature of the weekly
hank statement was the decrease OF
ses omlsen0 in actual reserves making a
total contraction OF almost $56,0O0,0o0 Tor
BONDS wer. steady on Invited dealings !:
total sales fpar vaIue). s1.1sn 900.
United States bonds were unchanged on
call during the week
Depression Shaken on.
On the most extensive trading Of the
year. this weeks stock market shook
of the apprehension and depression which
governed the movement Of the previous
week. when financial. industrial and COM
mercial conditions were somewhat OBJ
scured by the threatening railway labor
situation. Rails alone failed to resuond to
the higher level Of prices registered by
the general list. and THE poor crop out
look Is expected to act as a further deter
rent In that quarter
Easy monetary conditions contributed
very largely to the. weeks upswing OF
quoted values. which embraced new hieh
records.for United States Steel. the lead
Ing shipping shares and Inspiration Cop
per August tonnage figures submitted
todav,by the steel corporation show that
leading mills continue to operate at full
capacity. with no cessation OF domestic
and forsiRn demand
The nnoSeanent in Marines was strongly
suggestive at times Of fragrant specula-
tion OF buying for control. Earnings OF
the shipping companies are attaining such
huge proportions. however. as to make
those issues unusualv attractive. Copper
and other metals reflect highly prosper
out conditions in that line of industry.
many OF the larger producers being book
ed up for the balance of the wear.
There was considerable selling Of rail-
way securities in consequence Of the
adoption OF the eight-hour railway bill.
and more liquidation is expected before
the measure becomes effective. 1t is not
unlikely. also. that further foreign offer
ings Of American securities will take place
In connection with the plan Of the British
treasury.
Inflow of British gold on a large scale.
with an adnixture of French gold.
heightened the belief prevalent in many
quarters that Europe's largest financial
institutions-the Bank Of England and
the Bank Of France-are acting in con-
cert to buttress the credit of the entente
allies In this country. Weakness Of Ger
man exchange was regarded as a signifi-
cant feature Of the changing conditions.
political and military, in the several war