The sun., 1917-09-21
FINANCIAL NEWS
AND COMMENT
Trading Volume Crows Prices
Go Higher and and Outside
Buying Increases.
POOLS DISPLAY ACTIVITY
Money Market Improves, but
Bankers Frown on q Broad
Bull Movement.


ground Yesterday. with trading on . sus-
tanned volume Of activity. The advance
was Quies Vigorous On occasions and the
scarcity Of offerings in many instances
was In sharp contrast to the outpourins
At low figures . few days ago.
According to the best information. the
bslated retirement Of short contracts WAS
chisfy Instrumental in bringing about
the higher price range. Brokers re-
ported, however, that more outside buy
ing came into the market than has been
witnessed In some time. but this II not
saying . great deal. Operations Of the
professional contingent controlled the
course Of prices in the long run.
Aggressive buying by pools and their
market an appearance Of greater buoy
ancy than It really possessed. Among
the moro prominently strong Issues were
American Sumatra Tobacco and other
tobacco shares. Mexican Petroleum.
Bethlehem Steel, General Motors Cruel
BILE, Industrial Alcohol and General Eiec-
tric. United States Steel exerted upward
leadership advancing on active trading
to 111h. compared with low price on
Wednesday Of 106k.
Accepted market leaders as q rule.
however. did not score substantial gains,
and some acted rather poorly. The wide
gyrations Of handful of tho more vola-
tile securities such as attracted q large
part Of the attention Of traders in
Wednesdays dealings were considerably
neutrahsed by the subdued market for
many Of the seasoned railroad and Indus
trial properties.
More cheerful sentiment Is unmistak-
ably pervading Wall Street. As quota
ANynn m q
sion house gossip predicted higher prices
more frequently than lower ones The
cause for this was obscure and seemed
to be based chiefly on the fact that the
market had at last turned.
Undoubtedly the Government an
nouncement OF the prices 1t will pay for
copper metal will stimulate temporarily
the entire market
Sight must not be lost Of the essential
| market factor which at this time h the
attitude Of banking interests toward
! anything resembling a broad bull move
| ment According to tho most authorita-
| tive Information emanating from bank
ers bullish demonstration Is not wanted
| in securities. There IL not sufficient
| money to conduct an expanding specu-
| lative movement and at the same time
take care Of the impending Government
| financing.
1
bought stocks Mt their recent low figures
! in sufficient volume to steady the mar
ket and shorts were intimidated, fur.
nishing the chief stimulus to the for.
ward movement Excessive speculative
activity is no more to be desired than 9
! falling market, which at times in thu
last week was in q semi-demoraliset
state as old time investment securitie,
were parted with at great sacrifices
/! ha rlrn% ~vt11 ~ ho1o
essary and a gradually appreciatinl
price level will be viewed With favor b.
important interests during the Libert.
bond sale, but this Is all that IL desired
The money market IL in better shap,
than for some time. due to the efforts o
the money committee Of the local Fed
eral Reserve Bank. but 6 per cent. tim
funds are only relatively easy. Cal
loans ranged between 3 and 4 per cent
yesterday.
Mexican Petroleum added more thai
8 points to its price and was aotivel!
bought on most favorable reports o
earnings and the prospect Of an earl
declaration OF dividends. American Su
matra Jumped up points with the re
newal Of pool operations in the stoci
Tho company is reported to be earnin
profits Of about $40 a share and talk o
larger dividend was again heard
Friends Of the New Haven called at
tention to the 20 per cent. increase Il
fares announced by the Connection
Company. which Is indirectly owned b
the railroad. The Butte and Superio
situation is not 80 dark as portrayed
according to some legalists, who believ
that the appeal from the adverse dec
sion recently rendered will be satisfac
torily adjusted.
Announcement by the United State
Steel Corporation Of 10 per cent. at
vance in wages, tho NTH advanc
granted since 1916, served to attrat
further unfavorable attention to tn
labor situation. This means that mine
steel companies which will be less abb
to Withstand the additional expense vi
. be compelled to follow suit.