The sun., 1916-09-27
FINANCIAL NEWS
AND COMMENT
Trading More Rational on
Seventeenth Consecutive
Million Share Day.
UNDERCuRRENT STRONG
Indications Of Higher Prices
and Operations More Wide
~ Distributed.
UNDERCuRRENT STRONG

Transactions in yesterdays Ave hours
of business In the stock Exchange were
large In volume. while the general move
ment OF prices was IN the direction OF
higher levels. particularly IN the rails.
which In the last hour became especially
active under the lead Of Union Pacific.
the quotation for which moved to a new
high record for several years at slightly
better han $50.
The trading was n more orderly AFFAIR
than that OF the preceding day. It pos
sessed o ~ the earmarks OF over
speculation which had marked Mondays
dealings, and IL reflected nothing in the
nature OF weakness In commission house
accounts. Buying power was heavy and
on the enormous offerings the market
presented the same great capacity TO
absorb stocks which for two weeks or
more has been such a striking feature.
To many minds we'll trained In reading
market movements the changes In quo
tat ons and the character of the trading
suggested that preparations were being
made to carry prices substantially
higher, but that interest IN the specu'a-
ton would be better distributed. with
more attention directed toward tho rail
transportation securities. which. on the
basis OF the earnings of the recent past
and those now being reported certainly
are emitted 10 greater recognition. both
from Wall Stree, and from the public
The financial district has not withdrawn
from It's attitude ~ disgust toward the
surrender Of the Administration to the
labor unions in its refusal to indorss
the principle Of arbitration IN railroad
labor disputes, nor does II miu'~''-c the
erect upon net earnings Of tho burdens
our legislators are placing upon the
American railroad companies. hut Il
feels. nevertheless. that under present
extraordinary conditions OF business In
The United states the railroad secur.tie.
should share In The present forward
movements In market values.
Excellent buying was reported IN IN,
rails also In the steel ard copper issues
although the weight Of realizing llqu,da.
Ton IN the latter group prevented, as a
iule, further appreciation in their prices
steel. for instance. closed unchanged
from Monday. while Anaconda, utai
Copper AMI American Smelling ended a,
net losses, and kennecott and Inspiration
at small gains.
There were many sharp advance.
among the speclaltics. and decided
strength in the raw sugar stocks, r.
which POOL operations apparently were
under way on the basis Of the improving
earnings OF the companies and the Ne.
lief that Europe soon will become a ia,
more active factor in the sugar market
Europe Is In the American market 70,
vast new supplies OF steel and copper
ard II is now believed that the inauir,
Tor American refined sugar Will exceed
IN volume any reported ia the past. In,
deed. the financial community is lookine
FOR greater takings by the foreigners o.
our merchandise in the future period OF
the war than any so far recorded.
sales OF stocks, although far undcl
Mondays extravagant business. ran wei
IN excess Of 1000. 900 shares. making In,
seventeenth consecutive million shar
session. and In many respects the mos
interesting market OF the current for
ward movement. Remarkable underiyinJ
strength was shown in the results. accom-
/. rlsihed, and at many times the huyin,
suggested accumulation by substantial
interests. particularly In United state
steel. which on Il turnover of more tha,
300 600 shares ttuctuatcd in the create
part Of the day within n range Of on,
point md which at it's low level shove,
n decline from the high of Monday OF 81.
points. There did not appear to lie tn
slightest doubt in hullish circles that tn
iss L. not only would sell back to 100. bu
that IL would cross that range.
With call money ruling under 2 pc
, cont. and with an abundance Of funds Of
fered In the Stock Exchange at . ne
cert, as reported yesterday. and wit
earnings OF the railroads. tho industria
companies and the mining propertie
making new records II IS not surprisin
that the public continues to buy stock
and that the so-called big men OF tn
Street are pla inning for further days q
activity and rising prices. Stocks sol
are easily digcsted and many stock
bought are being taken out OF the mar
J ket. There II more investment buyin
+. under way han is generally suppose
and there IL more speculation on tn
basis Of owners cash han ever befor
known.