Evening star., 1916-09-30
WALL STREET MARKET
SLOW, PRICES EASIER
Eears Active at the Opening, Bring
ing Reactions Ranging Between
2 and 4 Points.
Steels, Metals and Rails Suffer
Sharp Recovery and New Highs
on Lehigh and N. and w.

NEW YORK, September 3O.--With
the tap of the opening bell, stocks
started on a slow movement toward
lower values. The week end selling
was decidedly heavy. and extended
throughout most of the stocks that
recently scored the best gains.
United States Steel preferred drop
ped from the firm closing of Friday to
116la. and despite efforts made during
the short session to advance it the
best recovery was point from the
7 finals of last sales yesterday-120-th 2
closing today being 117B-
Most o. the munition shares. oils and
levels, with but light trading, Republic
Iron and Steel common. which had
closed at 50 Friday, breaking 10 77ie.
with recovery to S0L.
1t was a less interesting session than
any that Wall street has witnessed for
many days, almost weeks. and was re-
lieved in the second hour by squirt
in the coalers. especially in Lehigh VAL
ley and Norfolk and Western.
The big squirt in these carried Lehigh
Valley to a new high. at s5a, 2 points
above yesterdays sales, and Norfolk
and Western to 1875, or ~ points
above yesterdays close.
Bulge Not Far Reaching.
But this bulge in the coalers did not
extend to other rails nor did it give
sympathetic activity to any other coal
ers.
All in all. the net changes, other than
as noted, were not especially impor-
tant, and generally in the direction of
recessions.
ho haa ofi n, hQ mi
tial trading, just as they have been all
week whenever the slightest chance of
success offered-the professional trad
ers who have sold their stocks helping
in order to get in again on lower
levels.
Record Week for Recent Years.
tions in the stock market may be
judged from the fact that each full
session contributed from 100000 to
2,250,000 shares. a record without par
allel in recent years. This enormous
turnover was accompanied by rising
prices and new high records. notably
in United States Steel, subject. how
ever, to occasional reactionary move
ments.
The week marked the fourth consec-
utive period of high pressure and the
character of the trading as evldenced
by ITS breadth and shiftings, left little
doubt of the Increasing public interest.
Commission houses with out-of-town
connections likened the demand to the
wears which witnessed the amalganla-
ton of the United States Steel Cor
poration and other large industrial
companies.
Earnings Reports Stir Rails.
Industrial shares featured the trad
ing of the last half of the week to an
extraordinary degree. all the leading
Independent steel and iron stocks par
ticipating in the advance. Inquiry for
these issues was stimulated by the
state Of the steel industry. many of the
larger mills being booked up with or
ders into the first half of next year.
Rails were taken up at intervals,
brilliant statements of earnings by i'm
portant roads such as Southern Pa
ciflc, Atchison and Reading reviviDg
interest in these securities. Coalers
led, with a new high record for Read
ing and marked strength in Lehigh
Valley.
International financial developments
included a municipal loan to the city
OF Paris and intimations that our
bankers may be asked to assist in the
fiotation of the new French national
loan, the terms OF. which are yet to be
determined.