The sun., 1916-09-21
FINANCIAL NEWS
and COMMENT
Unsettled Market Is Hit by
Bear Pressure, but Recess
SiOns Are Not Severe.
HEAVY SALES ABSORBED
Rallying Tendency Near End.
With Especial Strength in
Anaconda Copper.
HEAVY SALES ABSORBED

When a stock market In under heavy
pressure for Goth accounts-that is. when
realizing liquidation and selling for the
short side Of speculation are under way
particularly after many days OF public
buying on an advancing n Of prices.
q substantial decline In quotations natur-
ally may be looked for. A stock market
under such conditions is n rather re-
markable affair. Indeed. il Is an en-
~traordinary market. The market yes-
terday was Of that sort.
In spite Of vigorous efforts b, the pro-
fossional traders to bring about n serious
! setback In market values. in which they
were aided and abe.ted by commission
house operators who decided To convert
paper rrofits into cash. there was moth
ing IN the nature of a slump. nothing APP
preaching frightened selling. nothing
with any seinblance to the dealings which
generally may be spotted as marking the
end Of Il successful bull run in the thea-
tire OF stock market speculation.
Prices held astonishingly we'll in the
face OF the pressure against them. Heavy
sales were absorbed by buyers who ap-
49, ~ WV lfl'N' At"ll w W "a
II position on the long side no. withstand.
ing tn" great extent Of recent advances.
the hearish talk by professional traders
who were extremely anxious to drive
prices very much lower. and the parrot.
like warnings in certain quarters tina,
stock market prices already had dis.
counted earnings and easy money.
Talk in banking parlors ana in cir
Giles where the accounts of The large,
SHaRsllnetNA "a 49, .,-lf w..
no suggestion that the big bulls had
changed their opinion regarding III,
probability Of ultimately higher levels
Broker found in the character Of ,h,i,
tuying orders on the decline that thu
strong public had not changed its posi-
ton. although many Of their customer.
realized on their holdings In the hope o.
accommodating new account at cheaper
figures.
The persistent professional bears
whose perspective does not extend BE-
yond the limits OF AN ordinary marke
and who are unable to measure. the va,u.
OF current basic factors In their relation
to the securities market. went horne sat
isred they had inserted the wedge tina
would break the market wide open IL
the dealings of the immediate future
Probably they did not observ. CAREFUL,
the rallyinx tendency In the last fe,
minutes of trading. the especial strength
reported In Anaconda and the ease with
which United States Steel common re
covered from its en- rlier low point.
Az a matter OF fac, prices Throughout
the session exhibited great Resistance. I,
. the selling pressure. the chief result -
. the bearish operations being found II
grea: marlte; irrcgu,ari RI and q mate
rial extension Of the short interest. Til,
| technical position OF the market Wi,
strengthened 10y the days operations.
Even in the period OF greatest sellinI
declines by no means were uniform
while among many Of the prominen
active issues final prices were. at net ad
vtnces AZ ompar. with the closing o
the preceding day. The fact thar II wa
a two sided market and that a larg,
amount Of stock was liauldated wa
thought to carry = favorable maaniul
for those operators who could SEE II,
good reason why with the greater rum
her Of market values not overneaSurin
the actual worth OF the securities ret,
Resented and with conditions goycrnin,
III. intrinsic merit OF Investments sound
the market should move into q sus,ainc,
decline.
Investment buying was Somewha
| heavier, both IN stocks and mortgage IL
sues, and according to- statements mad
bN commission houses a substantial
mount of stock Fought for speculativ
purposes wa paid for in cash. particu
larry n United States steel. the copper
ana some OF tn. Specialties which -
Gently liav. come into prominence IN tn
! current trading IN the stock k,Nphang.
Al tn" clos" Of the day gossip in Nariou
quarters suggested that further bulls
I~c'ivity might i- looked FOR in III
course of the next few weeks and tina
the public buying orders on broker
hooks were large enough to absor
further heavy offerings.
Money rates. IL anything, we're a shad
easieer. while In many instances broker
loans w.Ie further reduced.