The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-03-17
FINANCIAL NEWS
AND COMMENT
Wall Street Continues to
Trade in Stocks on Million
Share Scale.
PRICES RESIST SELLING

Transactions on the Stock Exchange
again approximated a total Of a million
shares, Inc despite the fact that yester-
day was the fourth successive day Of
dealings on such a scale the strength
Of the list was well maintained. There
was a large volume Of profit taking
added TO the previous realizing sales cf
the week. hut the price level was on the
whole sustained at = further advance,
although material recessions from the
highest quotations took place before the
close.
To the extent that Wall street in its
present mood regards anything but the
evidence Of improved conditions in the
market itself as a result Of the reac-
tionary and corrective processes of the
winter and the extraordinarily profit
able activity Of trade and Industry.
news from various quarters WAS re-
garded " favorable, or at least as not
u~nfavorable. This was the negative
construction placed on Mexican advices
n on dispatches from Europe,
even though II was reported during the
day that u French passenger steamship
had been attacked without warning 10y
4 submarine Inc that a Dutch passen-
ger vessel had been sunk, both with
Americans on board. II might he as-
summed that the winter restoration OF
structural strength TO the share list had
been somewhat offset by the violent ex-
pansion of stock Exchange business on
the rise lately. but quoted values Dis
played astonishing underlying trmness
INC resistance to pressure under the
test Of the expansion itself.
Professional traders were disposed to.
ward bearishness on technical grounds
hut experimental sales for the decline
were conducted cautiously even thoug,
at least IA temporary setback might he
expected to follow the excited rise OF
The week. Pressure was not heavy IN
periods Of decline and Il good deal OF
absorptive capacity was exhibited under
all circumstances Very much of the
liquidation seemed again TO ON from
commission house count In which
stock had been carried down 10 the low
levels Of the winter. but this was APP
parently offset by a further enlistment
Of outside support for the buying move
ment. The more volatile stocks closed
two points or more below the best fig
ures n many Of them at about the
bottom for the session. but net losses
were small and irregular and the mos,
important changes were on the side Of
gain.
Interest was still largely centred IN
the speculative quarters Of the indus
trial department, but standard issues
| rails and industria.s alike. were frm ~
the main though relatively neglected,
Canadian Pacific was conspicuousiy
weak after the announcement OF an
agreement shaping viii bankers here 70
take a new Canadian Government loan
IN the form Of serial bonds. current 70
port placing the amour; at $4,000, coo.
The annual report Of the United states
steel Corporation has been more or less
discounted by the publication of essen-
tial facts Of last years remarkable prog
rcss, which was set forth with the re-
turn for operations in the December
quarter. Notice IL now engaged chiefly
with the prosperous promise OF present
and prospective business which IL GER
tain TO set new records this year. In
the meantime II is worth noting that
the corporations balance sheet as OF De-
cember 81 showed current assets of
more than s212.o0O 600 In excess OF cur
rent liabilities.
The money market feature OF the day
was the increased eakne Of French
exchange. Marks were still weak, but
francs were weaker.