The sun., 1916-12-09
FINANCIALN NEWS
And COMMENT
Bears Make Little Impression
in StOrming Buying Public's
Stone Wall.
MONEY MARKETS EASIER
Too Much Prosperity, Based on
Embargo, Fails as Argu-
mcnt to Dcprcss Prices.
MONEY MARKETS EASIER

IN Yesterdays stock market opera
lions bearlshly disposed traders again
ran Into the stone wall OF public interest
In the speculation. The public refused
to he frightened by reports OF further
Ger, an undcrsea boat activities, despite
aggressive efforts on the part Of profess
sional dealers to induce liquidation and
lower prices. There were periods OF
unimportant weakness In the movement
Of prices. but they were not due TO the
throwing over Of stocks by the out
sidcrs. nor did they represent any
change In the attitude Of the substantial
interests REGARDING the general financial
situation. which some observers asserted
would be upset by the paradoxical ar
gument OF too much prosperity.
There Is no such thing as too much
prosperity In its relation to general bust
ness. but In some circles It Is assumed
that a radical change in business con-
ditions In the country is foreshadowed
because the railroads have placed n
temporary embargo upon non-perishable
freight originating on other lines. u
to the great congestion Of freight at
this centre Incident To the lack OF ade-
quate ocean shipping facilities. The ar
gunent will not hold water.
There have been embargocs before,
with only the best OF results to the ship
pers and carriers. Similar results should
develop In the current instance. with a
relief to the present congestion that will
insure a frcer movement OF mcrchan-
disc from the interior to tidcwater. SO
FAR as the country's general business Is
concerned 1t Is only necessary To glance
over the weekly trade reports to realize
how great n sound business Is. There
are no signs OF reaction.
Bears in the stock market will have
TO find better arguments than any they
have presented In recen1 days to attract
widespread liquidation III securities. Out
side the selling pressure by professional
traders yesterday there was no impor-
tant selling. unless that representing the
desire OF commission house interests to
convert paper ptofits into cash may he so
considered.
The W movements were effective in
creating great irregulari,y In price
changes and small net losses In many
issues. while on the other hand the
strength OF new buying brought about
substantial improvement in more than
n issue. particularly In the shipping
shares. including Atlantic. Gulf and
West Indies. which gained more than
Q points some OF the railway equipment
shares. International Paper and most
OF the railroad stocks.
United States Steel. although pressed
for sale at times. moved within a range
OF l point on sales of more than 100. 900
shares. with its closing unchanged from
Thursday. The copper stocks were
heavy. but not because Of trade condi-
lions, declines being based wholly upon
speculative considerations.
Copper and steel are more In de-
mand than at any preceding time In the
history Of the country. Consumers have
the money with which to pay for their
requirements. while the fact that prices
are at high levels falls to exert the
slightest effect upon the volume OF bust
ness IN the market. This situation is
not d~isregarded by the holders OF the
steel n copper issues. who do not
affect the slightest interest In the per-
sistent but so far fruitless efforts Of
professional speculative interests to
bring about important selling OF the
various issues.
There are many sold out bulls In the
stock market who are exercising all
their talents to drive prices to a more at
tractive buying level. But they are
making little progress.
Money rates. upon which the bears
carly In the week counted for their right
bower. again moved against the theory
OF a sustained stiT loan market. call
funds not going above 4 per cent. as
compared with a hign OF Is per cent.
on Monday. Furthermore. the course
OF the money market and the Indicated
movement of currency In the week sug-
gested n favorable bank statement to-
day, Notwithstanding that not all Of the
gold received In tho week will figure in
the combined return OF the Clearing
House institutions.
II II were possible TO ship gold safely
to the neutral countries Of Europe the
United States now would be sending
the metal to some OF those nations, as
exchange has reached the point that
would warrant such n movement.