The sun., 1916-09-12
FINANCIAL NEWS
AND COMMENT
Enormous Profit Taking Fails
to Check the Upward
Trend Of Prices.
STEEL AT A NEW HIGH
Public Plays Active Part in
Eleventh Million Share
Day Of Year.
STEEL AT A NEW HIGH

Enormous profit taking liquidation IN
yesterdays trading In the Stock fx-
change failed 70 check the upward ten
dency OF prices. At times the nov
ment was reflected In rsceesions from
Saturdays closing n in irregular
changes. but the general course Of mar
ket values was II the direction Of higher
levels, particularly In the las, hour Of
business when. under the leadership OF
United Statos Steel common. which
moved to q new high record at l04%.
the whole list Of prominent issues ex-
hibited decided strength to the accom-
paniment Of buying for both accounts.
II was the eleventh million share day Of
the year. And It was another market
In which great capacity for the absorp-
ton Of stocks was shown and in which
the public played N active part.
Wall Street selling was well taken,
especially In the steel and copper issues.
Commission house buying came from all
sections OF the country. and 1t VAS In
such volume that prices am back easily
from declines. while It made a pro-
nounced impression upon the minds OF
traders who had been counting upon a
relatively heavy reaction in the general
list with attractive opportunities to cover
short contracts put out at the close OF
last week. There were few real oppor-
tunities In the day, either FOR covering
shorts at profitable figures or for ac-
cuinulating long lines at materially
easier prices. Steel common for in
stance. at no time sold more than y
,ipIer Ira nnaninQ mt vi n Z q phinv tho
heaviest sort Of selling. but on tho other
hand II moved 1Ss above Its low with
the closing y w from Saturdays final.
Declines when made. as "a rule, were
confined within narrow bonds and at no
period in the session wes there any
indication of underlying weakness.
n outside element was identified
with the speculation TO a greater exten,
than at any time In many months. buy
ing into all the leading speculative IA
vorites and showing uni. willing
ness TO take over stocks sold by imror-
tan, Wall Stree, houses. especially IN
the steeis and eoppers and the mercan.
tile marines. The effect Of the liquida.
ton upon quotations was wholly out OF
proportion 10 the pressure exerted. viii
the exception OF Reading. Erie. Cnior
Pacific and New York Central the rails
We're neglected, and with the exception
OF Union Pacific. which was well bough,
!. she !s:: hour. :ae stocks named cS
hibi.ed q heavy tone, while there was nc
suggestion In the character OF the public
buying that the rail transportation shares
would come In for popular favor in the
immediate future. The public confined
its purchases mostly to the industrials
the metals and the shipping issues.
According 20 statements madeb by head.
Of commission houses the heavy outside
buying came from customers with larg.
financial resources. Big margins wer,
provided. and In many instances stock,
we're taken out OF tho Street on actua
cash purchases. particularly In the cast
Of Steel common. which gossip slated t,l
"A level In the nelghborhood Of the PFC
ferred. which closed at llst.
The steel mills are sold out 20 capacity
for months ahead. and. II Is believed IL
the trade. there will be greater profits e
the companies by further advances In
prices. especially for certain classes Of
murition steel, although y Is said 70 Id
the desire OF the producers not to see
Any material rise in steel used strictly
for domestic commercial purposes. TIL,
United States Steel Corporation is ship
ping at the rate II $1,000 tons a day tc
consumers. and the fact II is able TO keel
It's bookings at almost a record level IL
the face OF is enormous shipments car
only he viewed as truly remarkable.
Rediscounts by the Federal Reserve
banks are increasing. but In genera
there is no change In the money s!,ua'
ton. which promises easy rates for loan,
for a long time to come. More gold camt
IN yesterday from Canada. making tota
receipts OF the precious metal upward OF
$40 600, 900 In less than two weeks. Will,
In international banking houses II wa,
intimated that further substantial add.
tions % our money supply from this
source nigh, be looked for In the IN,
mediate future.