South Bend news-times. (South Bend, Ind.) 1913-1938, 1916-09-25
SELLING ACTS AS
CHECK ON PRICES
Large Interests Take Profits
Following Sustained Rise
on Exchange.
By Henry CIews.

NEW YORK, sept 2a.-The imam
cial markets presented evidence
during the earlier days OF the week
OF "a tendency on the part of some OF
the large interests 10 take profits
that had accrued as result of the
recent sustained rise in the stock
Exchange price level. Selling % this
character. not unnaturally. served as
"a temporary check uDon the enthu-
siasm and strength that so distinct
IS were the features OF the preced-
ing week. But definite wea kncss,
however. did not develop. Neither
was there a corresponding reaction
In the volume Of business. The mar
ket seemed. for the moment. 10 have
lost it's sparkle and declined mOder-
ateiy. a change suggestive OF a nee
essary read justment that did not es-
sentially alter more distant pros
poets. That such n view was justi-
fed was indicated by the sharp and
general advances that subsequently
took place.
Fundamental conditions have not
changed our national activities are
experiencing the stimulus OF admit
ted initiation Gold that is not need
ed is coming forward in a steady
stream in partial payment for the
products OF American factories
These are being manufactured at
such favorable prices that they leave
large profits. not alone In the hands
OF the manufacturers but in those of
labor and of all interests connected
with them 1: om the point of produc-
Il Il
including land and sea Transports
ton. insurance and other charges.
Thus money is circulating freely and
IS available for Injuries and neces-
stiles at home. in this way becoming
responsible for a domestic demand
of a magnitude quite in keeping with
that from foreign sources. Evcntu-
ally severe check must come TO
TINS nationwide imitation. When it
will occur must be governed very
largely by the duration of the war
and the conditions that will confront
the world at large after the present
stupendous massacre ends.
No Peace i'm Sight
At the moment. unfortunately.
there is but slight announcement
lor any expectation that peace is in
sight In turn this suggests an alb
sence of inducement 10 believe that
the inhationary movement to which
. have Just referred is eliminating.
More likely viii il proceed still fur
Their and in the long run include To
a more general extent than at pres
ent securities as well as commodities
in its influence. The iron and steel
industry never has been SO active.
a local trade authority. reviewing
steel trade conditions. declares that
the drift not only is toward higher
prices but toward greater difficulties
iu delivery. The situation. il adds,
is that Europe will take whatever
amount OF steel American mills will
agree 10 deliver when wanted. and
that domestic buyers are providing
for their wants i'm the first half of
1919 at prices they were unwilling
Is consider two months ago. Con
sumers arr acting on the more def
Unite signs that with tire war pro-
lcnged into 1917 the steel mills If
thc country will continue 20 have 10
choose between buyers. Trade au-
thorities as whole seem 10 agree
position seems 10 apply 10 copper
and. i'm fact to nearly all OF tho var
ious divisions OF the metal market,
which is SO representative of indus
try AS "A whole.
Campaign New Factor.
the national political campaign is
beginning to attract attention as
market factor of Importance The
tlrin is beins accepted from the
market standpoint as the chief fea-
tare of contention. and the pros
poets OF the rival candidates. So far
ass many OF the industrial stocks are
concerned. acquire Importance i'm
proportion as they suggest the cleo
ton OF a high or low tariff advocate
with a national legislature So pro-
portioned as 10 support him. our
country Is very fortunate this year
iu having choice between two such
eood candidates. men who have al
ready served the people and who are
well known 10y their acts. Ii also
is pleasant 10 recall that the cam
paign il not one ST freak ISSUES rep
resented by various "isms' that have
been such disturbing features Of
presidential campaigns in the past
Increased interest is being taken
ia the railroad securities. This is
quite natural iu view If the evil
dence that We are approaching the
end of the European liquidation OF
America. securities that has been
made necessary by the edgencies of
the var. Something over $780,
oe0.00O of American securities.
chiefly of our railroads. have been
sent bach across the Atlantic and
absorbed ~ American investors as
the result &C thu present conflict.