The sun., 1916-09-17
FINANCIAL NEWS
AND COMMENT
Prices Move Toward Higher
Levels, With Strength
Shown by Rails.
STEEL ADVANCES TO 1903
Sentiment Bullish Regarding
Outlook for Apprecia-
ton in Values.
STEEL ADVANCES TO 1903

In yesterdays brief session in the
Stock Exchange prices moved in the d.
rection OF higher levels the greater part
of the time. with especial strength ex.
hibited by the rails, which were taken
by the public In round amounts. and by
United States Steel, which moved to .
new high record at los. Although the
volume Of realising liquidation vas ex-
ceed!ngly heavy the market exhibited the
same great capacity to take offerings ~
had been reported In many recent days.
with every indication there would be no
change in this respect in tps current
week, barring. Of course. the develop
ment over to-day Of factors with an ad-
verse bearing on the general money and
business situation. Sentiment was bull
ish at the start Of the market and at
Its close, the last half hour ~reactionary
tendency In certain parts Of the list in
no way rejecting IN change In the at
titude. either Of the public or the sub
stantial Wall street interests. toward the
long side Of speculation.
Reactions merely indicated n Of the
week adjustments. On those reactions
new buying was reported. and on the
selling in Steel common and some Of the
railroad issues the character OF the de-
mand suggested accumulation for the
account Of the so-called big men OF the
Street. In the financial district the
movement in the rails. In the course OF
which sharp advances were recorded.
particularly by Union Pacific, st. Paul
and New York Central. was accepted a.
the beginning OF efforts to bring about
materially higher levels under the In.
fuence Of q wider public demand and
on the theory that irrespective OF the
outcome OF efforts TO Y the eight
hour law declared unconstitutional the
greater number Of rails were entitled to
better quotations on their merits. IL
the big men are behind the rails the
public certainly will respond. Dealings
In bonds were heavy.
In the greater number Of Wall Street
houses sentiment was decidedly bullish
regarding the outlook for further appre-
citation In market alu in the course
OF the next few weeks. but there was,
nevertheless. a tone Of conservatism rum
toners. with warnings that In . RAM
pant bull speculation operators should
Be- prepared for sudden setbacks, esps-
cially In the present market. in which
for the last two weeks prices have moved
Cvr without important reactions.
There have been. Of course minor con
cassions from top figures. but there has
been nothing worth the name Of decline.
In most quarters In the financial dis.
trict Il IL mainland that II 10 hardly con.
csivable the great financial powers who
have characterization various financial
undertakings. the success Of which de.
ponds to some extent Upon . rising .
kst for securities. will not continue to en-
courage expansion In stock market DEAL
ings. applying the brakes when neces.
sary. with the object Of strengthening
rather than killing the growing public
Inquiry for securities. both for specula.
tive and investment purposes.
1t Is understood that at no remote ne.
riod further operations will be conducted
with the object Of placing additional
foreign loans In this market. not only
for Great Britain. but for other foreign
Governments. incident to the financing
of war purchases in the United States.
The last British loan was 80 successful
n the American investor has become
90 much better Informed upon the value
OF foreign offerings that our bankers
see their way clear to extend further
accommodation to the Allies on secured
notes or bonds, the security to be made
up in part Of American collateral, which
will tend further to obviate the chance
OF wholesale foreign liquidation Of
American securities In this market.
There certainly Ii nothing in the
weekly Clearing House return, showing
the condition Of the member institutions,
that encourages the idea OF any adverse
Change In the position Of the money mar.
ket In the current week. No%twithstand-
ing the enormous volume Of transaction
IN stocks In recent days. combined loans
actually have decreased more than g..
100000. while there has been an increase
IN the excess OF reserve OF more than
100000 900 to $ss.947,9b0.