The sun., 1916-09-09
FINANCIAL NEWS
AND COMMENT
Prices Make Further Progress
Toward Higher Levels on
Active Trading.
MORE GOLD Is RECEIVED
Poor Crop Report Not Expected
to Cut Much Figure in
Stock Market.
MORE GOLD rs RECEIVED

On an active volume Of trading prices
ress toward higher levels. unimportant
r~eactionary tendencies which developed
at times representing little else than the
taking Of prohts. The market again
showed great capacity for absorbing
heavy offerings. II again reflected the
presence In the Street OF the strongest
sort Of outside buyers. support from
prominent Wall Street interests IN ac-
tive covering by many traders who
found themselves In n dangerous POSI-
tion. especially in Reading. which moved
TO n new high level. and in Inspiration
Copper, which likewise sold at the best
price ever reported for the Issue. Pro-
f%essional selling pressure and realizing
were practically active in the late
dealings. but declines from the earlier
high points were not at all in proportion
10 the efforts exerted to bring about a
general downward movement.
Wall Street bulls are confident prices
Will move materially higher before a
substantial reaction develops. Based
on the manner in which the realizing
sales OF recent days have been handled,
II would appear that the bulls are maxi
ir.y a correct forecast of market move
mcn,s for the near future. at least. Tn
u'T OrNl0nTN CONDITIONS II mlHnt Oe as
sumed hat highly unsatisfactory Gov
crop report would hn effective
In encouraging an active 90 : move
ment. Present conditions. hoN '"r. arc
extraordinary. and although tho report
showing the position OF the chief farm
crops as OF September I IL the worst
given out in many years. and in the case
of spring wheat the poorest ever re-
corded. careful observers OF market ten
denotes do not believe the unfavo,able
prospects for Anal farm yields will cut
much Of a figure In current speculative
operations in the stock Exchange. It
doubtless will he n different matter with
the grain markets.
Indicated combined sDr!n; and winter
wheat crops are S1l 100000 bushels. as
compared with a total harvest OF 1.o11,-
j0j.000 bushels in 1915. while 'hc indi-
Gated corn cop Is 2.110.o00.000 bushels
IA compared with g.717.OCO. 400 bushels
a month ago and 3,O5i.535. 0o0 last year
For oats there IL m indicated crop oi
i.@74.OoO 900 bushels, against i.540.oOo-
600 in 1915. II basic conditions In this
county were not so strong and IL there
were not such a big supply OF money
available for stock market PURPOSES. tho
p crow figures would he something will
which wall Street bears might ~coniure
Perhaps later on they MAY come IL
handy fOr bearish arguments
The supply Of money here was in
creased yesterday by 10000. 900 IN golt
received from Canada. making total re
ce!pts for the week In tin ne.ghborhoot
Of s37. 600. 900 ari net imports since
January ! a little more than $4,000.
900. the excess OF imports comparin:
with an excess in the corresponding t.m'
last year of about $4,000. 900. Their,
is more money in the country than eve
before reported. with the amour. in cir
cula.icn on September l totaliing si,o6s.
S59.l5". an increase OF si4i.426 Az owe
Scptember n year ago. gold coin in cir
cula,ion in the period increasing NOR
than $4,000, 900 and gold certificate
more thar 1924. 0Oo, 600. In the sam
time the Federal Reserve system con
tributed 20 the money supply more thai
$1,000, 000 in reserve ank notes. ~
total O. Witch now stands AZ s1S2.ai7,
100. against total national bank note
outstanding Of s1l".si6,35+. tho latte
showing n decrease in twelve months e.
s53.1.?.Jll. There is no suggestion Il
the present p~ositlor - tho none ma
ke' Of materially higher rates for fund
although K is conceivable that II s.oc'
market speculation moves too fast quo
tatiors might be temporarily advanced
There IS nothing sensational or rcck
loss about IN" current operations in IN
stock market. The speculation r. bic
but II 10 orderly. II is backed by b!
men and big factors.