The sun., 1916-11-07
FINANCIAL NEWS
AND COMMENT
Stocks Advance, With Some
New High Records, on
Hughes's Prospects
OUTSIDE DEMAND HEAVY
Steel Common Goes to 1913 IL,
While Utah Copper Is
Quoted at ia IA.

Enthusiasm in Wall STREET over the
prospects for u Republican victory to-
day were rejected In further heavy
wagers on odds favorable to Mr.. Hughes.
which in turn found reflection In an
active advancing stock market in which
new high records were reported In moro
than one issue and In which heavy buy
ing orders were placed upon the expeo-
tation that the election Of the Hughes
ticket would DO followed by sharp UP
ward price movements. 1t was n con-
ststently strong speculation In the best
part Of the day. with q long list Of net
gains at the close.
Notwithstanding technical market
conditions would suggest something In
the nature Of a sharp reaction after any
advance that may follow the probable
success Of the Republican candidates.
the financial district Is not looking for
anything In the nature of a sustained
contraction In market values. General
underlying conditions are DO overwhelm-
ingly strong and business expansion
under the influence Of war buying and
the vast supplies Of money In tho United
States gives such encouraging indica-
tons Of running IN for months that few
persons are wiilig to believe the general
course Of prices will not continue in
the direction Of higher levels. That II
is a selling market II not admitted by
the majority Of observers. yet there are
nan operators who believe that It 10
running into a very good selling market
for a period at least.
stocks were bought by u substantial
class Of operators and by weaker inter-
cate n = vVan Ont NJ fnNn dafpaUA 0voa
heavy and bankers found good invest
ment inquiry also. particularly for the
highest grade issues. both stocks and
bonds. The steel m copper shares were
strong features. Conditions in the trade
continue to reflect great earnings on
the basis OF selling prices level before
approached. except for copper In 1873
and In civil war times. United States
steel moved into new high Eround at
l23L. Its closing quotation: Utah Cop
per made q NEW record at l14k. Cruel
BILE Steel went up more than 1 point. Re-
public Iron and steel gained more than
colt Copper /.
The railway equipment shares found
buyers at advancing prices: also the
paper stocks. Central Leather. which
sold above par for the first time In Its
history. and some OF The rail issues.
notably Rock Island. New York Central.
Reading and Union Pacific. There are
80 many good stocks n so many Issues
the intrinsic worth OF which Ii Begin
ming to develop into something tnpor-
tant that the ordinary outside trader II
showing q tendency to close his eyes
and pick irrespective OF any consider
alton W. hat presented In the con-
dltions which for 10 long have prevailed
In the securities market And buying
after this manner II . very bad sien In
deed.
Money was in great abundance, with
rates showing no important change from
last weeks levels. while in foreign ex-
change the only feature was q further
decline in Russian rubles. the movement
attracting attention because Of the gen.
eral expectation that with the russian
loan announcement the decline In the
ruble rate would be checked temporarily
at least. There Is no expectation In the
financial district OF striking develop
ments In the money situation In the i'm.
mediate future. and It Ia not thought
likely that the next British loan In this
market will be ioated before the new
year.