The sun., 1916-10-25
FINANCIAL NEWS
AND COMMENT
Market Weakened by Sellers
Who Fear Election Scare
Based on Betting.
BETHLEHEM REACHES 629
Other Issues Also Score New
High Marks in q Day
Of Irregularity.

wall Street traders who sold stocks
yesterday on the theory that the heavier
offerings OF Wilson bettipg money would
bring about q general election scare In
the financial district acted at a time
when technical market conditions were
ripe for q decline and when many oper-
ators had taken their profits and were
waiting to return to the long side of
speculation at lower prices. Losses. how
ever. generally were light. And buying
on the reaction was 80 good that IN TN"
final operations shorts started In TO
cover their contracts.
II looks as II the street had no inten-
ton Of being scared over the election
outlook. Big operators are now arguing
that even X Wilson should be reelected
prosperity would run on In spite OF un-
sound Democratic policies until the end
o: the war for the reason that current
activity in our industries and the great
ease In money are wholly due To the war
and not to President Wilson. II may be
worth recalling that In the time Of the
Wilson Administration prior to tho out
break OF the war American business
was on the down grade.
The so-called election scare brought
out some weakly held commission hpusc
accounts and induced a large amount "
realizing. but II failed to bother the
Street az q whole or TO upset theories
that Just so long as money piles w
In this country and war orders expand
general trade no sustained downward
price movement in tho securities markets
is probable. II Is quite possible. how
ever. that the big street interests wouId
not stand In the way of Il sharp set
back at this particular period
| Under present conditions extended &c
actions provide "A healthful stimulau
| for the bull side OF stocks But Il Wal
not an important reaction yesterday. al
though In some instances afternoon de
clines from the early high levels ran II
! excess of 2 points. Furthermore. ther'
was no suggestion in the character o
the trading that the rich public ha'
been frightened out OF the marle, o.
that big pools and substantial ,ndi
vidual Wall Street interests had retlret
from the speculation. so far as lonl
account was concerned.
As a matter OF fact, there was muc'
evidence that strong people were a
work in many issues. notably in tn
sugar stock. Central Leather. 1nterna
tional Paper. Industrial Alcohol som
Of the low priced rails and even Bethlo
hem Steel despite its high price.
The last named issue sold 10 ney
high record at 62a. while absolute ne,
highs or highs for the year were mad
BY Utah Copper. Union Pacific. Roc
Island. Central Leather, cuba Can
Sugar, American Beet Sugar America
Sugar Refining and General Motors. tn
last named sellins-to s37 on sales o
200 shares. The sugar stocks are bein
bought on the basis Of the strong sta
tistical position OF the sugar marks
and the great earnings which the com
panies are showing and which the
should continue to show for anothe
twelve month period.
Similar buying is responsible for tn
big rise In Central Leather. for the ac
cumulRtion OF the steel and coppe
shares. for the demand for the rails am
the railway equipment Issues. And bac
OF the buying Is the war prosperity
which would come to q sudden halt /
after tho war business had to dcpen
for It's power upon the Wilson tariff
Money was easy and in abundant sup
ply. Indeed. offerings were In excess o
the demand and sixty day loans agai
could be had at the lowest point ever re
corded FOR them. More gold arrived froI
Canada. making the total since Januar
more than S%20. 00o 900. while negotia
t!ons were about concluded to eyten
further accommodation TO Great Britai
through "A collateral loan for $500 900
900. As IN the case OF former loans. IN
proceeds will remain In this country I
pay American producers for the product
the Allies are buying from them q
record breaking prices.