The sun., 1916-09-15
FINANCIAL NEWS
AND COMMENT
Many New High Price Records
Established in Extra0r-
binary Market.
HEAVY PUBLIC DEMAND
Steel Shares Taken in Huge
Amounts and Coppers Are
Well Absorbed.
HEAVY PUBLIC DEMAND

ShS IS wv
current year.. and for that matter In
n year.. prices for stocks yesterday
moved In the direction Of better levels
practically throughout the day. many
new high records being established. while
many stocks sold a the best figures seen
in months. particularly TIE Issues repre-
sentins companies either directly or in
directly Identified with war business
pronts. II was . unique and extaor-
binary market because Of it, volume
and It's striking advances. because Of ito
width and its capacity to take stocks.
because Of its strength in the face Of
tremendous selling pressure and because
Of its control by tho public rather than
by the professionals Of Wall Street.
Many professional traders who had sold
at the close Of Wednesdays dealings
changed their position early In the day.
In fact. they literally threw up their
hands and Joined the bull side against
their own i%nclinations. and In some in
stances against their better judgment.
In some circles II was said the bull pot
was DOliluk tNeT Auu tuat u Dik TCdC-
ton vas imminent.
Reactions would help rather than
hinder the current bull market. unless
all signs are awry. Commission houses
have heavy orders to buy at cheaper
prices. and according to the belief Of
close followers Of the speculation now
under way. the public appetite for stocks
for days TO come will continue to be heavy
enough easily TO absorb all offerings and
to bring about a reinforced bull specu-
lation after every setback. Sentiment In
commission houses has not gone wild.
II merely Is rejecting the most re-
markable combination Of conditions
ever underlying a stock market. The
present demand from the public Is heav-
Ter than at any preceding time this year.
and II IL heavier than II was at any
time in the furious bull markets Of 1915.
Total sales In yesterdays session made
u new record for tho year and for
several years, with the largest volume
in individual issues reported by United
States Steel common. which sold up TO
107. or a price 50 points above the low
point OF 1915 and IS points above the
low Of 1916.
All the steel shares were taken In
enormous amounts. the realizing In then
having little effect OH their prices, ex-
cept in the case of Crucible steel. The
coppers also were well absorbed and fur
Their active buying was reported In the
motors, particularly Maxwell and Studa-
baker. In which the movement accom-
panied well defined reports that substan
tial market operators had Joined TO push
this group of securities to material!
higher levels. the same eport being
heard regarding Industrial Alcohol
which closed at a net gain of more thar
= vpgnta Tho ara,f oc,,lar oAvanpaa 10
Bethlehem Steel and General Motors o.
2jia and So points respectively were In
tcres,ing. but not Of general market sig
n.icance. General Motors attained II.
record price Of $50 on the sale OF 20t
shares and Bethlehem steel moved UP tC
$50 on transactions OF about 1906
shares.
In some quarters OF the financial dis.
trict II was thought the stock market
vas ov%erreaching itself and that II wa:
running into the danger gone. The sam,
idea was advanced last year.. but price,
continued to move to higher figures undel
the influence Of a momentum gained
from public buying. The big reaction
came later. There Is need for extrem,
caution at this Juncture. hut that n seri
GUS collapse In about to develop and.
few. II any. believers among the best in
formed houses in the Street.-The house.
which carry the biggest accounts and
which are basing their argument tina
prices will move TO greater appreciation
upon the strength Of basic conditions AZ
fecting the intrinsic value Of American
securities and upon the vast amount ot
money that appears to be available fol
speculative and investment operations.
The president OF one Of the creates
banking institutions In the country sale
yesterday There In an abundant sup
ply Of money at current rates and In,
dustrial earnings are large. In conse
Quence I believe nothing can check tn,
upward trend of the market except tech
meal conditions OF the market itself
In connection with this statement II |!
interesting to note that to a greater ex'
tent than ever before speculative transac
lions are being financed with the money
OF individuals rather than on bank loan,
money that has come to many mel
from the great profits OF the last twelv,
months from industries stimulated to ar
abnormal degree by tho European war.