The sun., 1916-11-26
FINANCIAL NEWS
AND COMMENT
Indnstrials Strong, With Steel
Common Closing at 100,
Its Record Mark.
RAILS g A NEGLECTED
Trade Reviews Show Business
Is at About the Highest
Point in History.
RAILS AGAIN NEGLECTED

Industrial stocks we're strong yester-
day In a market in which more h a
700. 900 shares changed hands. OF Steel
common $4,000 shares changed hands.
with the net result that the stock ad-
vanced cis points to its previous high
record price Of l?e and closed there.
In the railroad shares trading was dull
and the trend was sluggish. Atchison re-
ported for October gross earnings OF
sis.5sa. 900. a. compared with s1l.-
NSs5,oo0 In October. 1915, ana s1o.ss2.oco
in October. 1914. and net earnings OF
s~5.5i6.oo0, against s 3.755.ooo in 1915 and
$3.6S6,0 0 In 1914. For the four months
OF the current ns,al year tho company's
gross earnings were ISL. so5. 900. against
SiS,6 O7 900 for the corresponding period
Of the previous fiscal year. and the net
earnings were sl9.509. 900. against s1a,-
3%J, 900. Seven hundred shares OF tho
stock changed hands. and the closing
price was unchanged from Fridays close.
Declines occurred In some OF tho other
railroad shares on which earnings are
handsome. There were losses OF u ca,h
IN st. Paul, New York Central and
NOTVneTU dsib NV .N''N N'N''
unchanged. and Pennsylvania, OF which
only 400 shares were traded In. gained
the price Of the Stock Exchange mini
sion.
The professionals on the floor contrib.
',ted considerably to the advances In the
'ndustrials. When In the middle OF the
week money ven up the floor traders
md professional operators In the offices
sold stocks heavily. The decline In call
money late Friday afternoon left them
without their main argument yesterday.
md there vas nothing to do but to buy
IN stocks ut whatever prices they could
he had.
The bank statement showed n decrease
" 32l.250.00o In surplus reserve. a cur
| 'ailment OF S32.59e.o0 in the loan ac-
cunt and a decrease OF $67.62+.0o0 In
deposits. The aggregate reserve at the
md of tho week was $685.. I36. 900 and
The required reserve 577,0S9. 600. The
| required reserve IL well below the re-
serve Of 25 per cent. OF deposits which
vas legal before the Fede al reserve act
! became legal.
1 However. bankers were not interested
SO much in the none conditions as re.
,orted In the bank statement as in well
certified reports that large amounts OF
British gold are on their way to this
l ny. W oth VI siiVNN t''
, shipment OF approximately $50, 900 900
$ forthcoming from Halifax. Other re-
ports have II that $s.o000,00o to sl0.'
o00. 900 will arrive here early this wees
rom the British gold reserve AT Ottawa
Whatever IN. source of the gold there IL
no doubt that sufficient is coming TO re-
plenlsh reserves In ample measure.
The week end trade reviews were
favorable. The only complaint was ovel
too much business. A. with tho rail-
roads. congestion in "r-ious indust.iali
8 now the sole dot .ntal factor. that
congestion n'..,sa i.y implying high
| prices and tardy deliveries. The volume
OF the countries business. as estimated
from the reports OF the Financial Chron.
icle. was seldom greater. bank cleariny'
for the week exceeding those OF the cor.
responding week last year BY 900 re,
cent.