Evening star., 1916-10-01
|NDUSTR|ALS YIELD
TO BEAR PRESSURE
U. S. Steel Declines 8 3-4
Points, and Later Recov-
ers Only Part of Loss.
MARKET is SUPPORTED
AT THE LOWER LEVELS
Efforts of Traders to Arrest Advance
Meet Only Indifferent
Success.

NEW YORK, September SO.-Irad-
ers endeavored, with Indifferent sue
cess. to arrest the steady advance OF
prices during today's two-hour ses-
sion, concentrating their efforts upon
United States Steel, allied industrials and
some of the coppers end rails.
These various issues were forced
down to almost points in the first
hour, Steel receding 3A to 116A, with
a more severe break in Republic Steel.
while Union Pacific lost points, with
! to 21s for leading metals.
There was substantial support at the
lower levels, together with an inquiry
of broad dimensions for the coal
shares Norfolk and Western making a
new record at 1878. Lehigh Valley
rising to s5A. its top quotation of re-
cent years, and Illinois Central and
Baltimore and Ohio moving forward
appreciably.
Early losses were recovering in large
part, steel, however, manifesting less
recuperative powers than other lead
erS.
Irregular at Close.
The tone at the close was slightly ir-
regular. Total sales of 100000 shares,
were again on the well-established
basis of million or more shares for
the full session.
Additional favorable statements of
earnings were submitted by important
railway systems, Chicago and North
weetern showing an increase of ST.
09O,000 in net for August, while the
attested by the July statement of the
Atlantic, Gulf and West Indies Steam
ship Company, which increased its
earnings over the same month of last
HH-x
The weekly bank statement threw
some light upon recent market activi-
ties, the actual cash account disclosing
contraction of about $24, 900 900.
while reserves decreased by almost
$4,000, 900.
Trade advices lost none of their re-
cent glowing character, one of the
leading mercantile authorities report
ing commodity prices at new high
levels. with a wider distribution OF
general merchandise.
Today's bond market was firm on
fair turn over. Total sales (par Value)
$2,170,000. There were heavy dealings
in international issues during the
week.
United States bonds were unchanged
on call.
The month ending today marks new
era in the history of the stock market
Out of total of twenty-five working
days, including five week ends. there
were twenty days in which sales ranged
from 100000 to 2,250,000 shares daily.
and three two-hour sessions in which
trading averaged well over million
shares, figured on the 1ve-hour basis. For
the most part this feverish activity was
accompanied by materially higher quo
tations. particularly in the industrials,
coppers. motors and equipments.
United States Steel was again the out
standing feature, it's daily contribution
to the sum total ranging from 25o,000
TO 100000 shares during the last week
~ r<Sv ~
12sH, from which it later receded more
than II points. Steel made an extreme
gain of about 25 points for the month
There were other substantial gains
by kindred issues, notably Lsckawanna
and Republic steels, Sloss-Shef efheld,
Colorado Fuel, Pressed Steel Car and
fully score of industrials bearing
more or less direct relation to the
equipments and munitions.
Coppers Figure in "Turn Over"
Coppers continued to supply a large
part of the turnover at advancing
prices, the recent huge foreign order
placing that industry on an assured
basis for another year at least. Shares
of other metal companies participated
in the rise. and numerous specialties
of no particular class or designation
were higher by to Is points.
Rails were not unresponsive to brill
liant annual and monthly statements
of earnings. the inquiry for coalers
being most marked. Norfolk and West
ern and Reading reached record prices.
with pronounced activity and strength
In Lehigh Valley and Chesapeake and
Ohio. Shipping shares displayed vary
ing tendencies. Mercantile Marine los
Ing scme ground prior to the accept
ance of the reorganization plan which
presages the early dismissal of the re-
ceivership-
This ccuntry's pre- e-eminence as the
worlds center of finance was again ex-
empiified in the ifty-million dollar
loan TO Paris, tAs proceeds. however. to
be applied 70 peace purposes. Rumors
o. new British external loan are
received with credence IN authoritative
quarters.