The sun., 1916-08-25
FINANCIAL NEWS
AND COMMENT
Trading Falls or Consider.
ably, Coppcrs Only Show
ing Improvement.
STRENGTH TOWARD LAST
Likelihood Of Adjustment Of
Railroad Labor Trouble
q. Has Good Effect.

Sentiment on tho floor OF the Stock
Exchange yesterday was bearish and the
short interest IN the market was mate.
rally Increased. In Wall Street rs n
whole, however. sentiment was cheerful
and predictions Of higher prices were
made. Furthermore. commission houses
reported bullishness on the part Of their
customers. moderate buying orders to b.
placed at the market and substantial
orders 20 be executed on reactions.
Because traders on the floor were bear.
ish and because many Of them worked
actively for lower prices the conclusion
was not reached by careful market OBJ
servers that the bull movement had run
Its course. although II was though; the
, r~eactionary tendency which developed IL
! the day might run further. barring over
night favorable developments In the rail.
road labor situation. Just before the
close of business adVtces from Washing
| ton were more In favor Of a speedy ad
justment Of he controversy. a reflector
Of which was presented in the fna
course Of prices In most OF the promi'
ncnt stocks.
ReaNzing sales and profe ssional pres
sure we're effective chiefly In causing de
c!ded irregular!ty In general price move
ments. On small reactions the market
was inclined to become dull. M after th'
frst concessions prices. as a rule. were
held steady at the lower figurcs. with q
moderate degree OF strength In he las
fifteen minutes Of the session. Selling
was well absorbed, but bear pressure
failed to bring out much stock. 1nheren
| strength was the outstanding feature.
wnxa,pae ~ tka 2fpck EXCHANGE Qntt
| after study ing the character Of the days
business: eliminate the railroad Labor
trouble. and you will see a broad and
healthy bull speculation"
Absorption n digestion Of United
States Steel common, incident TO the bis
movement OF recent preceding days in thu
issue. were under way. while a rev
movement developed In the copper group
In which the operations suggested some
thing more than n mere turn in the
shares. II is time the coppers SHOULD
come into their own. Thu best opinion
In the Street favors the high grade cop
Uer issues. as. for instance. Anaconda ant
Inspiration. In which there has been 8
large amount Of cash buying In recent
days. based upon the intrinsic value Of
the issues as dividend payers. There Is nc
let up in the !nsistent demand for copper
metal. sales for the last quarter Of tn,
year now ~averasing between 10000 30
and $4,000. 900 pound daily on the basi.
OF AN cents a pound. with skill higher
prices indicated for early 1917 delivery
which Is o quoted at % cents by tn,
largo producers.
The metal situation If attracting
zone to The stock market. And tn,
profits made by many traders from tn,
rise In wheat and cotton are coming
Into the stock market. Houses wh!cl
are prominent In grain and cotton repor
the accumulation by many of their Gus
toners Of much money In grain an,
cotton speculation. which Is moving Int
such stocks rs Steel common. the cop
pers. including American smelling. an,
the railway ECU. pment shares, all o
which possess great speculative pos
sib!l.ties In a rising market. There ar
other houses In the Street which repor
AN active movement Of money into In
sinent securities from sources wher
great profits have been made In various
lines identified with products sold to tn,
warning countries abroad.
Altogether there appears to be n vas
amount OF money available. both 10
speculative and investment purposes
and for loans 10 the Allies too. Pro
Feeds OF the loans stay here TO hnancl
exports. In addition. there Is the oil
supply Of imported gold. which ha
brought the gold holdings in the coun
try to within 350. 900, 900 OF the com
bined holdings OF the Bank OF Eng
land. the Bank Of France, the Banl
Of Russia and the Imperial Bank o
Germany. 1t II estimated that 80 pc
cent. Of the worlds supply Of the yellow
metal Is now held in the United States