The sun., 1916-08-24
FINANCIAL NEWS
AND COMMENT
Market Stands Up Well in
Face Of Profit Taking
and Short Selling.
STEEL CLIMBS TO 90 3-8
Sales More Than a Million
Shares, Professionals Fail
ing in Bear Efforts.
STEEL CLIMBS TO 90 3-8

Stock market values stood up re-
m~arkably we'll yesterday In the face oil
heavy realizing sales. II was quite evil
dent after the first operations that the
session was to be marked by active
profit taking throughout the list Of
prominent Issues. but It was evident also
that the market would show a great ca
pacity for taking stocks. the demand
from outside sources presenting every
indication Of in%sistencc on the part OF
commission house operators Of getting
into the bull movement, especially on re.
actions.
When stocks were offered down there
were buyeSs on hand. And there was
no suggestion In the character Of the
dealings that support from the sub
stant!al interests had been withdrawn
Sales were In excess Of 100000 shares.
Efforts by professional traders Ia
drive prices materially lower were un.
successful. Even the circulation Of a
report that a big munition company had
gone into n receivers hands failed IA
bring out stock, although traders used
tho runror as an argument for cheaper
prices. There was no basic argument
for Il decline. Technical market condi.
tons warranted n reaction. but the
losses recorded from the early high
levels were small in proportion to the
" " sclliik ielpof NNu. w
States steel common. which reached \
new high point ut 99as. was dealt in e
the extent Of more than 100000 shares
with the decline or profit taking ant
bear pressure running to only III, the
closing being ~ above Tuesdays final.
Steel common above par appears to be
oil the programme. Bulls on the stool
say: why not The leading steel trad,
authority points out that In spite OF re-
cent spectacular orders for she'll ant
other war steel, with deliveries runnins
six To ten months ahead. the Allies wan
much more steel from the United States
and that Notwithstanding the caution
shown by domestic buyers because o
high prices there is an actual increas,
in domestic business.
In connection with steel prices II Il
interesting to note that n committee rep
rcsenting agricultural implement maker,
has been unsuccessful in its efforts to ge
lower figures on steel bars. and has toiC
the associated buyers hat each must de
eide for himself how he shall proceed 10,
his steel for next year. Zig iron buyin;
is now on an enormous scale. PARTICULAR,
for stec, making grades. The bulls II
the stock market certainly have goo,
reasons for their optimism on the stce
shares. not only on United States Steel
but on Republic Iron and Steel, Lacka
wanna Steel and perhaps even Crucibl,
steel.
The extraordinary position OF the cop
per metal market, which gives indication
of becoming ever more extraord!nary
and the fact that most OF the repre-
sentative copper stocks are returnir,
double the dividends they paid ut thi
VINE last year. are beginning to attrac
more attention to the various cope
issues. both in the Stock Exchange an,
III the outside market. In yesterday
operations demand for this class Of meta
shares was heavier than recently re
ported. Perhaps II they had been bette
handled they would have given a bette
account OF themselves. so far as thel
prices were concerned. For week
speculation in the coppers has Iacke,
real leaders.
= Again sentiment was favorably i'm
messed with the nrospect for an ad
justrent Of the railroad labor situation
along lines that not only would he
concession 10 labor. but which would In
volve higher rates for the railroads. I
the railroads are 10 be compelled to pa,
out an additional $4,000. 900 or NOR,
q year TO labor without an ofrsettlng in
! crease in freight rates there probabl,
will be less bvllishrcss on the ~raIlroa,
stocks. but Wall Street believes the rail
roads Will obtain increased pay for thei
service, and In consequence the Stree
- favorably inclined toward PRACTICAL,
the entire list of railroad securities
There was good absorption yestcrda,
Of Union Pacific. Reading, New YorI
Central, Baltimore and Ohio and Eric
particularly when they sold oT on III
reaction In The general market.
From the Observers poin, OF yley
the general market made an impressly
exhibition of Inherent strength.