The sun., 1916-09-13
FINANCIAL NEWS
And COMMENT
Prices Move Toward Higher
Levels in Another Million
Share Market.
HEAVY REALIZING SALES
New York Bankers Pleased
Over Results Of the Elcc-
ton in Maine.
HEAVY REALIZING SALES

In another million share market prices
yesterday moved in the direction Of
higher levels in the best part Of the
session. In spite Of enormous realizing
sales. which were reflected at times. es-
pecially in the last hour. In reactionary
tendencies. but which were not effective
in changing the general course Of QUOTA
tons. Buying for public account was
active. Indeed. It was In heavier volume
than on any day in the current year.
and IL was better distributed than re-
Gently recorded. although general specu-
latlvc interest again was concentrated to
n great extent in the Steel shares and a
few other industrials.
The same capacity Of absorption which
has been the chief feature In the present
bull market was In evidence. Outsiders
bought huge totals of stocks which were
turned over by Wall Street On the ad-
vance. end according to commission
houses. 6e character Of that buying
was OF the best. representing the accu-
mutation of accounts by people who oper-
ate on something decidedly better than
shoestr!ng margins.
New high records were established 10y
United states Steel common and several
o!hcr issues. including General Motors,
which on light dealings moved to a maxi
uatm advance Of 80 points. The extent
and 10 a certain degree the violence OF
IA" upward movement suggested to many
blowers OF market movements that re-
dictionary tendencies were due and tina,
the greatest caution and discrimination
should be exercised in the purchase Of
stocks Mt prevailing Levels, but the gen
eral course of the market did not induce
the idea that the bull speculation had
reached It's limit or hat declines or
technical conditions would carry the list
materially lower.
In ordinary markets an advance such
a that OF recent weeks would be eX'
pected to develop sharp downward move.
ments. The current market. however. /,
rot of the ordinary variety. II Is thu
most extraordinary market ever reported
in the history OF Wall Street and II can,
not be measured by p~recedents. nor car
Il he classed with markets in which con,
troll Is vested In the hands OF profess
s,onal interests. II is the pub'ic's mar
h"t and II has the approval Of the bank,
ing element and the backing Of un
paralle!ed factors In the world of money
and business.
Added yesterday TO the general con.
siderations which attracted public trad
Ing In stocks was the Republican sweey
in Maine Politics until yesterday had
not been much OF an argument upoi
securities prices. but according to senti-
rlent In banking parlors and in specula'
i've quarters the election outlook should
become much moro Of an influence I,
market movements Of the immcdiat,
future. Bankers were pleased with tn,
Maine results. for in them they saw IN,
swing % the country at large aea!ns
the present ADMINISTRATORS policies
which in most instances are considerct
economically ursnund and the probable
success no, only of Charles r.. Hughes
but of a big enough change in the mex
Congress 10 give .he country Legislation
! along lines OF sound business II SCUM
nance. particularly In respect Of tarii
preparedness to meet after the war ef
forts Of European countries to food tn
American markets with cheap goods will
resultant damaging inroads on our gol,
supply.
Although there was moderate i'm
provement in the demand for a few o
the rail stocks the list as a whole wa
neglected. with the monthly statement o
. Idle ears exert!ng little IL any effect o.
the trading. On September | there wa
- net shortage OF empty freigh, cars o.
the lines Of the United States and Can
Il Of l&.2sl. those figures comparing
with "A surplus OF 9.I62 on August !
and a surplus a year ago OF ls3.56?.
Gold amounting to s. $500. 600 was re
ceived during the day from Canada, an
further shipments from the CANADIAN
capital were predicted. Sterling eXchang
was inactive at unchanged quotations
French rates were higher. at one tim
selling a point above Mondays CLOSING
and rates on Scandinavian points wer
strong also. Money was in good demand
with quotations ruling at about; IN
same levels as reported the day before
f,rmness. however. being noted in indus
trial loans running for over the year.