Evening star., 1916-08-27
PRESSURE EXERTED
/ ON STOCK MARKET
Developments in Railroad
Labor Situation an Asset
to Short interests.
GENERAL BUSINESS NEWS
FAVORABLE, BUT IGNORED
United States Steel Conspicuous Fea-
ture of the Week. Mounting
to New Record.

NEW NcfSh, August 26.-1mDortant
stocks were under moderate pressure at
the opening of today's brief session.
overnight developments in the railway
labor situation providing the profess
sional short Interests with an excuse
for renewing its attacks against the
more speculative issues. Rails like
Reading. Union Pacific and Norfolk and
Western receded a point, with re-
versals of as much or more in coppers,
Crucible Steel and obscure industrials.
United States steel also fell back al
most point and Bethlehem Steel was
Is points lower at one time. but rallied
13 points in the final dealings. That
period witnessed a general recovery in
all quarters of the list many shares
closing at actual net gains on urgent
covering of bear contracts.
Trading was exceedingly contracted
United States Steel Reading and few
old time favorites making up fully so
per cent of the total turnover of 252OOo
shares.
General News Favorable.
General news, while mainly favor
able. exerted little influence market
wise. Trade reports referred to con-
tinued activity in various lines of in
dustry at higher prices; shipments Of
dry goods and similar mercha ntlise
showed a large increase over the same
period last year. and bank exchanges of
the country disclosed a noteworthy
gain, the increase among local institu-
tfons rejecting the revival of stock
market activity.
Clearing house institutions showed
only slight expansion In actual loans
and discounts and a nominal cash in
crease, but demand deposits increased
by over S45,oo0,00o, with a moderate
decrease in excess reserves
Todays bond market showed slight,
irregular changes in some of the ac-
tive issues. Total sales (par value)
aggregated s1,0S0, 900.
United States coupon 3s declined "a
per cent on call during the week
Steel Conspicuous Feature.
The railroad labor situation, which
assumed more disturbing aspect with
the progress Of the conferences at
Washington. was drawback or ad-
verse factor in this weeks active mar
ket. Dealings were on a larger. If
not broader, scale than at any time in
the past three months and the average
OF advances placed leading shares at
highest levels for that period
United States Steel was the con-
epfcuous feature. it's enormous turn
over as 1t mounted to the new record
of ss% infusing vitality to the general
list, and particularly to allied shares
steel yielded only 2k points of it's
GROSS gain Of 8h. despite the extensive
Vrodt-takfng that accompanied its rise
Other Stocks of the same class were
more responsive to pressure.
Coppers regained much of their for
mer prominence. active issues of that
group rising / to points, with more
Tor Inspiration on its new maximum of
b6A. Conditions in the metal industry
are unusually promising. refined copper
being quoted at 2s cents for delivery in
the last two months Of this year.
Munitions and Equipments.
Munitions and equipments were ir-
regular. but mainly higher. with con-
siderable activity in Bethlehem Steel.
which made an extreme gain of 22h
points on the week. The automobile
division was almost wholly reaction
ary and shipping shares lost some
ground after Mercantile Marine and At
lantic, Gulf and West Indies had as
cended to highest quotations in their
history.
Bankers and financial institutions re-
ported moderate increase of invest
ment demand. in anticipation, presum-
ably. of September interest and diyt-
dend disbursements, which are estirnat-
ed at almost s143.000.600, an increase
r1od last year. international financial
projects of the week included another
French credit of S25,60000g and the
public offerings of the new British loan.
with indications of large oversubscrip-
tions.