The sun., 1916-11-01
FINANCIAL NEWS
AND COMMENT
Steel Leads in Activity on
Glowing Report and Extra
Dividend Declared.
TRADING IS RESTRICTED
Ncarness of Election and Sink
ing Of Marina Cause
Uncertainty.
TRADING IS RESTRICTED

Basic trade conditions and easy money
have been the factors underlying the
great appreciation that has taken place
in market values. That there has been
no reaction In either and no such like
lihood for some time to come is reflected
In the current position Of the banks and
In the statements of recent earnings and
orders for future delivery reported by
our corporations.
The great trade barometer. steel. Is
moving up. as reflected in yesterdays re-
turn by ;he United States Steel Cor
poration for the last quarter. a renec-
ton OF which may be presented in
further strength In stock market prices
to-day. although In some quarters IL Is
thought realizing may carry the market
to a lower level. In yesterdays market
price movements showed great irreg-
ularity. but with many sharp advances
n . net gain Of more than 1 point by
United States Steel common.
Any corporation that can show for a
three month period a surplus Of $751;
$50. $50 AFTER providing for dividend pay
ments of $6,304.?19 on the preferred
stock and $11.43e.S sos on the common al
mOst HIdlyEe III 1IldElldtiou lud .
what the United States Steel Corpora
ton did In the last quarter On Its record
breaking net earnings OF $s5.sl7.067.
which made a total for the nine months
Of S227, 1856. 739. and a surplus for nine
months Of 132.67s.l57. The total sur
plus for the twelve months Of 1915 was
S44,260,37<. which was made after de-
Quoting only $6.353.7sl for common div
idends. rs compared with common divi-
dends in the nine months OF this year to
September 81 Of more tina $29.ooo.ooo..
According to interests closely In touch
with the concern the present policy or
paying IA per cent. regular II I per
cent extra will be maintained just so
long as war brings u abnormal
profits. Wall Street. however, doubtless
will push Steel common to a still better
market range than the best so far re-
corded, particularly as the public ap-
pears to be quite willing to buy the
issue at Its present price. which Is 80
points above the low OF the year ana
so points above the lowest minimum
price placed upon the stock after the
resumption Of trading in the Stock Ex-
change following the long holiday Incl
dent to the outbreak OF the European
war.
Although Steel common was the most
active issue In which there were deal
inRs Yesterday, few other shares among
the higher priced securities were active,
the chief business In addition to that In
Steel BENG provided by the medium and
low priced stocks In which stock hold-
ers' equities are increasing In value.
Such shares as American Linseed.
American Writing Paper preferred. Corn
Products, International Agricultural, IN.
ternationai Paper and Pittsburg Coal
were strong and active features. Gen.
erai trading was restricted by the ap-
proach Of the election. but more 80 by
the uncertainty regarding the outcome
Of the sinking Of the sBritish SHIP
Marina, with Americans on board.
Both the public and Wall Street were
not disposed to make extended commit
ments In the ordinary speculative IA
y~orites, but Wall Street nevertheless
appeared to BE- quite confident that the
election would turn out favorably for the
Republican party. as the betting aggre-
CATION easily absorbed all the Wilson
money available and at the close OF the
day could find no offerings In sight.
Many traders. however. were still
hoping for al election scare. And many
traders predicted a tremendous outburs'
OF buying one week from to-day In the
event of the defeat of President Wilson,
Money rates were unchanged. and rs
q rule those for foreign exchange, the
only important exception being provided
by a further decline in the price o!
cables on Vienna