The sun., 1916-09-19
FINANCIAL NEWS
AND COMMENT
Steel Common Makes New
High Mark in Another
Million Share Day.
MANY REALIZING SALES
professional Pressure Also
Helps to Prevent General
Sustained Advance.
MANY REALIZING SALES

Realizing liquidation and pressure
from the professional element wero CT
iective In preventing a general sus-
'a'ned advance In yesterdays active
market. but they failed. however, 10
lessen tho confidence in commission
house circles that ultimately prices for
STOCKS VIII go materially above the
levels now quoted. The chief effect Of
tho selling was found in irregular move.
ments and rather decided heayiness in
the rails In the afternoon operations.
the reaction In that group suggesting 10
many minds a speculative setback rather
than the beginning Of IA sustained de-.
cline In the various issues.
As q matter Of fact there was pro-
nounccd bullishness In some Street cir.
c1es over tho rails as q whole, while
the public was a moderate buyer of
such Issues as New York Central. Penn.
sylvania. Reading. Union Pacific, Erie
and Chesapeake and Ohio. And In the
leading banking parlors there appeared
to DO nothing but optimism regarding
the outlook for appreciation not only In
the rails but In practically all depart
ments Of the market.
The big men have been working to
create enthusiasm on the railroad stocks
and Efforts are being made to d!spcl the
against them created by the
recent p%essimistio talk OF the troubles
ahead In the event Of the eight hour law
remaining on tho statute books. There
are reasons why substantial interests
are anxious to make a better market
Tor the rails. but II Is a question whether
the public operator who Is welded to the
industrials will respond in the whole
hearted manner that would make a sus-
tained advance possible.
Tho public so far has not become ex-
cited over the possibility for profit In
this class OF stocks. 1t may require
more time to remove the prejudice
against them. while It may require also
soine energetic work by the larger In
~terests to whip the professionals into
line. The latter. as n rule, are bcarish
on the rails. And, as a rule, they are
bcarish on the whole market, In part be-
cause they have misjudged the strength
Of the present speculation and have not
profted from he recent movements. and
In part because they insist that like
ordinary markets the present AFFAIR at
thto pot tlCutdT yuuCtuTt tuOulu oeNelOp
q hig swing an the down grade.
In yesterdays operations there was
not the same fevcr.sh buying by COM
mission houses rs reported last week.
Probably many commission house GUS
toners OF substantial means believed
there might be something In all the talk
heard about the good chances Of an i'm
mediate reaction. and that In conse-
quence there would DO wisdom in step
ping aside for he moment.
In the idea OF getting into tho market
At cheaper levels many operators con-
verified paper profits into cash. but the
extent OF the decline from the high
points was small inc not suggestive of
further material concessions. In many
instances stocks went Into new high
ground. notably United states Steel
common, which moved to l0SS and
then closed at 1919, !. of from Sat
urday's final. Efforts To bring about
lower prices were not attended by re-
suits In proportion to the energy cX-
pended by the advocates of cheaper
levels. OF the list OF stocks in which
there were dealings Of 10000 shares or
moro sixteen issues closed ut net gains.
wh.ie fourteen closed at net losses.
II was not much Of a day for the
bears despite the fact that the general
tendency in tho last hour was IN the d.
rection OF lower levels. Offerings were
easily and well absorbed. commission
houses had a good supply Of new buying
orders oil their books. and toward tho
close OF the day they received additional
orders to buy on "a scale Town In the
event Of q further reaction In to-day's
market. For the tenth consecutive nye
hour business day total transactions eX-
ceeded 1000. 900 shares.
Money was easy and morn gold wal
added TO the already largo supply In
this country through the receipt of
$1,000. 900 Of the metal from Canada
Demand for accommodation was not
heavy. either In call loans or time loans.
while there was not the slightest sug-
gestion In tho position of the money
market OF a sitter price for accommoda-
ton In the near future. Nor was there
any indication of topheavy loan accounts
In brokers' offices or weakness In stock
accounts that could p~recipitats active
liquidation OF speculative accounts.
Brokers have reduced rather than
added TO their loans. n that the big
speculation in stocks Is being conducted
10 ar unusual extent upon the basis OF
cash purchases and unusually heavy
margins Is the testimony Of brokers
backed up by Saturdays Clearing House