The sun., 1916-10-08
FINANCIAL NEWS
And COMMENT
Denial Of Peace RumOrs Spurs
Upward Trend, Net Gains
Resulting.
PUBLIC REVIEWS BUYING
Improvement Of Technical
Position Of Market En-
cOuragcs Bulls.
PUBLIC REVIEWS BUYING

wall Street as a whole refuses to be-
ueve mat the love OF peace is fitting
ever the European battleHeids or that
Ne washington Administration Is about
g encourage the warning countries into
Q get together party for the common
good. The statement from q high local
banking quarter that peace was in the
air did effective service In the stock
market In Fridays late transactions. but
1t failed to count for much In Yesterday,
shor session, prices for the greater NUM-
Der Of Issues closing at net gains which
IN many Instances were substantial.
There were early losses on out OF town
liquidation n professional pressure.
Y onerinss were 90 we'll absorbed,
while there were such decided indica-
dNns that the larger interests we're sup
psv<ins market values. that the trading
esement changed Its position to the ac-
compartment OF renewed commission
house buying for public account.
The upturn preceded an oficiai an
nouncement In Washington denying the
peace rumors of Friday. but with that
announcement the general market gained
greater momentum In favor of the rise,
especially In the war stocks. the steel
Div WIPER bNaTSS anu III SOME OF inc
rails. notably Southern Railway, which
advanced more than 3 points. The mar
ket's great capacity to take stocks.
which for weeks has been such a pro-
0ounced feature OF the daily operations,
vas decidedly In evidence. And the spec
ulation again reflected that the big op-
orators had not deserted the bull side
or had any immediate intention Of con-
vsrting their o accounts into cash on
the theory that tho bull movement of
1915 had run i,s natural course.
Liquidation OF top heavy bull &C.
counts materially strengthened the
technical position of the market. and In
soms commission houses It was asserted
the actual condition Of speculation had
. 80 improved by the short lived de-
cline that they looked for substantial
enhancement In prices In the current
week. particularly In the rails and the
issues which continue to DO ~favorably
affected by the European q
For reason of humanity stock market
bulls doubtless would welcome the end
Of the waste and devastation abroad. but
apparently they have no intention OF
mixing sentiment with prodts at the
present time. inc In consequence they are
reJoicins In the denials that Germany u
seeking peace through the medium OF the
&hba ~ VI Wi AIO
deniais appear to be convincing and the
weight OF evidence as reflected In the
publicly announce statement Of Euro
pean diplomats Is against the suggestion
that the United States will be invited
70 bring the warning nations together.
but notwithstandins all OF this the bank
Ing authority who said to the newspaper
men on Friday that the President would
be asked by the Kaiser to start peace
negotiations yesterday was reported to
have reaffirmed his positive declaration.
Weekly clearing house figures show
ing the position Of the member banks
presented nothing upon which one may
base the expectation Of higher rates for
money In the near future. Loans ex-
banded to q modest extent and cash
holdings wero lower by a little more than
$4,000, 900. with the result OF all changes
Q decrease In the actual excess reserve
of SS.sS4.0s0 TO s2.555.ts The loan
item again failed to reflect any pressure
pom the loan market incident to the ex-
oansion In speculative activity In the
securities market or In connection with
various financial operations.