The Washington herald., 1916-10-03
MILLION SHARE DAYS
CONTINUE ON CHANGE
World Famine in Copper Feared a:
Result of War.
Special to The Washington Herald.

Special to The Washington Herald.
New York, Oct. 2.-The chain OF mil
lion-share days. started on September D.
continues unbroken. So far, there have
been twenty-one Of these sessions, as
compared with the ten consecutive mil
Iion-share days OF last year, ana at the
moment It seems reasonably certain that
while the string may be broken the Dig
volume of business will continue for some
little time. From all indications, the
public Is in the market in no uncertain
way and is determined to buy stocks
no matter what the price level may be.
Attention continues to center very large
lv in the Industrial list, but there is a
demand for the better-class rails which
has been alike a surprise and pleasure
TO the Street.
So far, there is no sign that a pre-
election scare is in the making. But
1t should be remembered that the imam
cial ice usually becomes extremely thin
in the weeks Immediately preceding ma
tional election and this year, with leading
interests strongly committed 10 the cause
Of the Republican candidate, political
fillip might easily cause considerable
harm to the stock market. Wall Street
sees but small chance for Democratic tri-
umph, as witness the betting odds quoted
in Broad and New streets. But in other
quarters Mr.. Hughes Is not considered
so certain of victory and 1t is possible
that the Street will have cause for re-
arranging its ideas before November rolls
around. Such Encouragement, incidental
ly, would almost surely find reflection in
stock values in a way not at all to the
liking Of those who are buying at pres
ent levels.
Steel the Leader.
There is no question that United States
Steal fa lladar a fba
moment. This stock, which has risen
from around IS two months ago, to its
present height, has probably done more
to attract the public than all the other
issues combined. Steel is the great lead
er. now and at all other times. 1t Is
the biggest and the most spectacular
when it is moving and its goings and COM
ings make for more popular interest
than do those of any other single stock
Thus, with its present advance OF nearly
forty points sufficiently we'll advertised
to attract outsiders, it is natural that
there should be a public following by
now. And the public is in.
Earnings for the quarter which ended
yesterday will not be officially known
for nearly another month. but the Street
has not failed to estimate on them. These
estimates run all the way from $50 OOO.-
900, the most conservative figure, to
$lO5, ,OO0, 900, and it is not improbable that
the actual figures will show at least
s95, 10000 The state of the trade is known
to be better than ever before and. while
the realization of any of these esti-
mates would be favorable, the Street
will not be surprised II they are ex-
ceeded.
Minors Doing Well.
The minor, or so-called independ-
ent steel and iron companies, have, ,ac-
cording to popular belief, been doing
even better, proportionately, than
United States Steel Republic Iron
and Steel is expected TO show at least
$50 a share earned this year, and
there are many who confidently ex-
pect to read of earnings in excess of
$40 a share. Similarly. the other COM
pRnies in Republics class are expect
ed to publish statements OF earnings
Of about the same proportion. Whether
all this will be proven correct or not
remains to be seen. 1t will be re-
called that the extravagant estimate
of war order profits of last year were
mostly too high to fit the ultimately
published reports, and it may be that
a corresponding condition will be
found to prevail in the steel trade.
But this much seems certain: The
steel and iron companies are today
making more money than ever before
and If the Street overestimates the