The sun., 1916-08-18
FINANCIAL NEWS
AND COMMENT
Market Is Strong, the Street
Still Feeling Sure Of Rail-
road Settlement.
HINT OF K ORDER
Buying Is by Substantial In
terests, Stocks Being Read.
lily Absorbed.

A large amount Of stock literally was
thrown at the market yesterday and II
was we'll taken. Indeed. the power Of
absorption exhibited was unusual, and
according to the observations Of brokers
In close touch with speculative move
ments throughout the session the buy
Ing represented the sort Of people who
have ample financial to help
promote active and sustained operations
for higher prices. Realizing sales were
heavy In volume and the impression they
made upon market values was not ex-
tensive. but large enough - encourage
. sood demand from commission houses,
which In the main were bullish enough
to advise their customers to take ad-
vantage OF recessions to accumulate
accounts on the long side Of speculation.
These houses reported II wal their big
clients who were after stocks.
wall Street. as q whole. refused to
co~untenance suggestions that the reac-
lions which developed after the ad-
vances In the early operations marked
the end Of the current upward move
msnt. Certainly there was nothing In
the character of the dealings tina ap-
peared TO ~foreshadow the development
W 0uSSeSstui ueuinB tOr iOWeT QUOTA
lions: that 10. beyond the passing de-
clines incident to all bull s%peculations.
From start to hnish the market pre-
sented all the earmarks Of a genuine
bull AFFAIR. not only in the Issues which
moved especial strength, a., for In
stance. the steel and shipping shares,
and In the late trading the copper stocks,
but throuEhout the list. including the
rails. which evidently Jagged only be-
cause Of the unsettled labor railroad
situation. Tho Street. however. lost
none OF Its confidence that the contro-
versy between the railroads and their
workers would end in q satisfactory
adjustment. particularly when 1t was
announced the President had sent for
the executive heads Of the companies.
The financial district adopted the view
that nothing but . real settlement could
be reached. In some quarters II even
wal intimated that the railroad pres!-
dents went to Washington with practical
orders from the banking interests ilen,i.
ned with the properties to fight to the
last ditch. but to retreat II that should
be the only way to. prevent = general
tieup OF the American railroad industry.
Spectators who are disposed toward the
bull side Of the market naturally were
pleassd with the very suggestion that
under orders Of the bankers there would
be no strike. In banking quarters 1t was
aaid that all eigns pointed TO u com.
promise which under present condition.
would b mutually agreeable to the
parties at interest. 81 .
From . broad view OF the labor out.
look the idea cannot be popular tina,
capital 10 to become inactive because OF
lahore demand for q greater share OF
profta. Capital may be harried for a
time. but It must continue to perform IL.
function. with. however. a more generous
respect for labor. This idea 10 CROWNS
In Wall street. and with II is developing
the theory that both labor and capita
will be better served and that with the
increasing strength Of basic condition.
more money will nov into investmen,
channels than ever before In the histor,
OF the country. especially as the United
states has more money on hand thar
ever before, with every prospect favorins
bigger supplies. .".. ."-
Many factors optimism In
the financial district. And 1t is this
optimism which Is spreading its insu.
ence TO outside circles. where for months
pronts have been accommodating In legit.
Innate business. Those profits are now
beginning to be reinvested In securities
In straight investment transactions, in
reimbursement operations and In specu-
ative ventures.
There wal q substantial amount OF
this sort Of buying yesterday. with much
OF the speculation running into the mer-
camille marines and tho metal shares
Copper stocks have been laggards, blu,
there 10 now reason to believe market
values for them soon will measure 10 a
greater extent the remarkable position Of
the copper trade. This would seem "a
apply to the steels also.
More gold came In yesterday. making
the total receipts since early In May In
excess Of $226. 000.0 200. II is no wonder
money rates are easy and promise to re.
main relatively easy throughout the year,
especially as In financing the Allies OBJ
legations. here our bankers retain all the
funds which they advance.