The sun., 1916-11-02
FINANCIAL NEWS
AND COMMENT
U. s. Steel and Crucible Lead
Market Higher on Metal
Trade Reports.
SMALL BOOM DEVELOPS
Traders Optimistic Over Pros
poets for Election Of
Hughes.
SMALL BOOM DEVELOPS

It was not a Wild outbreak Of bullish
speculation which carried prices substan-
TALLY higher in yesterdays stock market.
but II was. nevertheless. enthusiastic
buying by Wall Street and the public
that gave the movement the dignity Of a
small sized boom. Developments OF the
day affecting the actual worth Of securi-
ties were favorable to the operators for
the advance.
The promising indications for Repub-
lican success next week were not with
out decided effect upon sentiment. while
the record breaking earnings Of the
United States steel Corporation played
their part as q market factor. There
was 10 much enthusiasm In the Street
that for once the possibility Of German
undeasea activities against ships with
Americans on board causing serious
trouble between Berlin and Washington
failed TO induce professional pressure
against prices.
Professional traders did not press
stocks for sale, but In many instances
new short lines were established In spite
OF the strength OF the advancing ten
dency, which was most pronounced in
the last hour dealings. Many traders
believe the extent Of the advance war
rants short sales.
Few traders. however, appeal to be-
lieve that n period OF sustained weak
ness in prices is in the making. even
though the country ma have the mis-
fortune of four years more of the Wilson
Administration. Wall Street interests
in the greater number OF Instances
would regret extremely the reelection Of
President Wilson. but they would not
sell stocks for a long drawn out decline
unless indications should develop OF a
sudden ending Of the war. upon which 20
much Of the country's prosperity Is
based.
With the end OF the war, with no
change in the tariff and with generally
unsound economic policies In force. II Is
possible to see such a change In the
nations business that stock market val
ues would go rapidly into decline. But
the Street argues that the war will be a
sustaining influence in American indus
tries for a year more at least and that
within that time greater opportunities
will be afforded to make prorts on the
long side Of speculation. STEADY down.
ward movements are not In the pros
pect, but sharp breaks In prices based
upon the markets own weight are GER
tain to come. possibly sooner than looked
for.
Steel, railway equipment shares. ship
ping issues and OF the speciaities
were strong features. with advances run
ming from more than l point TO more
than 6 points United States Stee.
gained for the day 2is, Crucible Steel
5a. and Republic Iron and Steel :. The
known strength OF the steel trade. as re-
Elected In the quarterly earnings OF the
United states Steel Corporation. was
intensified by the weekly reports. which
showed the industry without q parallel
I'm the history OF the country.
After months OF tagging the pig Iron
market has cut loose and for the first
time Is showing likeness to the war mar
ket for steel, says the leading authority
I'm the metal trade. Much export busi'
ness IL being refused because OF the I'm
possibility OF the plants to handle II fol
the delivery desired. and further ad'
vances in prices fail to check the de-
mands OF the domestic consumer.
Money. both time and call. was easy
throughout the day, while with the eX.
ception of n further decline In Austrian
kronen cables foreign exchange move
without feature. That London intends
to continue to SEND more gold to helI
stabilize sterling and franc exchang,
was reflected In further imports of ths
metal and statements In foreign ex
change circles that there were no indi
cations OF a cessation of the inwar,
movement. A total OF $500. 900 was re
ceivcd in the day, making $4S3.500. 00t
since January !.