Evening star., 1916-09-24
HALLIDAY TRADING
ABOVE A MILLION
:
Stock Market Makes Week
{ End Record UnequaIed in
{ Many Years.
new HIGH RECORD MADE
BY U. S. STEEL COMMON
Scores Extreme Advance of 4 1-S
Points to III 1-2, Nearly Within
!: 4 Points of Preferred.

NEW YORK. September 2S.-The two
hour session of the stock exchange to-
day was a fitting climax to the five
preceding full sessions of the week.
sales exceeding 100000 shares. rec
ord unequaled by any week end for
many years. Incidentally, it marked
the fifteenth consecutive day in which
transactions approximated or entered
well into seven figures
Trading was again dominated to an
enormous extent by United States steel.
the coppers. motors and a few other
specialties. while shipping issues. equip
ments and munitions were heavy, or
at least irregular In fact, the market
was extremely one-sided, rails failing
to share in the movement to any ap-
preciable extent.
United States Stee. made an extreme
advance of 41s points to 11712. over
topping. its previous high record by
aim ost points. Its contribution to the
total operations of 1,1O0,00 shares was
almost 80 per cent. Today's maximum
for steel common puts it's nearly within
points of the preferred.
Maxi1nums for Coppers.
Other maximums included the lead
ing coppers, which were further stimu-
lated by reports of the closing of con-
tracts by foreign interests running into
hundreds rof millions of pounds for de-
livery in 1917. Anaconda rose to 80 and
Utah to 96E. with material advances in
American Smelling, Inspiration, Ken
necott and National Lead
Motors were unusually active with
new records for Maxwell at 81 and
Stutz at 77a4. Central Leather also
sold higher than before at 72A.
These gains were offset by declines
Of I to nearly 3 points in Mercantile
Marines, Bethlehem and Crucible steels.
Continental Can, Baldwin Locomotive
and Sugars.
was indicated by the August report of
the Southern Pacific Company showing
a gain of $1.0SS,000 in operating in
come.
(par yalue) of s1975. 900. United States
bonds were unchanged on call during
the week,
sIndustrials in Favor.
With daily sales ranging from 100000
to 1,500, 900 shares, this weeks market
gathered fresh momentum and many new
high records. albeit speculation ran very
largely into fndustrials. more or less at
the expense Of representative shares.
The one sided character of the trading
may be judged from the fact that United
States Steel which ascended to the new
record Of 11711, furnished more than one
million shares, while coppers and other
metals as well as motors and various
$gnc pf
tributed as much or more.
Rails were firm at times, Union Pa cific
rising to its highest price in more Ian
eighteen months. with others at best
prices Of the year. but these shares play
ed subordinate parts in comparison with
the furious activity shown by the more
speculative issues.
Coppers derived much of their stimulus
from trade conditions. the reported con-
summation of a large order by
English - and French interests in
surfing stability to the metal mar
kef for the next year and beyond.
The extraordinary demand for steel was
attributed to a variety of reasons. apart
dustry Estimates of United States Steel
earnings for the quarter now drawing to a
close are far in excess of the second quar-
ter. which established record
Contributing to Activity.
Among the developments which have
accelerated activity in stocks during the
past three weeks are cited such impor-
tant factors as the country's unparalleled
general business. the unprecedented
stores OF easy money and the widespread
confidence that these conditions are to
remain for an indefinite period.
Conservative financial interests are ad-
vising caution and applying the brakes to
reckless speculation. 80 far as this can
be done. The loan accounts of local in
stitutions show no appreciable expansion.
notwithstanding the tremendous increase
Of market operations.
More foreign loans are likely TO be plac-
ed in this market but these are expected
to take the form of credits. British gold
In further large amounts was received
here during the week.