The sun., 1916-10-11
FINANCIAL NEWS
And COMMENT
Prices Advance in Stock Mar
kct, Alarm Over U-BOat :
Raids Partly Subsiding.
TRADERS SHOW CAUTION
Holdings Go Into Stronger
Hands as a Result Of Mon
days Reversals.
TRADERS SHOW CAUTION


bought stocks In Yesterdays market TO
IN. c-,omnac,nsr NJ .Avaoc,ps prlces
. -. ..
IN the greater part OF 'he Gay. oVe'-
night considerations regarding the value
Of the German submarine raid In waters
adjacent TO American shores az an argu-
ment for the sale OF securities appeared
to have convinced many public specula-
tors tina, they had noted without rhyme
or reason I'm their reckless liauidation in
Mondays operations. From the start Of
the trading they exhibited decided anxi-
,ty 10 return TO a posit,on on the long
side. particuiarly In the very shares
which thew had pressed for sale at any
price In the preceding days session.
Suggestions that a new bull movement
was about 10 develop were heard In
prominent quarters OF the Street, but
they were tempered, nevertheless, with
assertions that the movement might not
gain much headway to-day ecaus Of
the possible u~nwillingness OF operators to
make new commitments over the Column
bus day holiday. Although basic condi-
lions are as strong as they were before
the German undersea boat started on It's
work OF destruction. there are strong rea-
sons for big margins In current speculs-
tive transactions In stocks. The raider
: who believes that prices are to advance
without interruption and governs his
= margin accordingly unt oubtedly will.
come out on the wrong side Of the ac-
, coun,, particularly as the professional
operators appetite for lower market
values has been stimulated by his sue
cess In Mondays semi-panicky market.
A large amount Of yesterdays selling
represented realizing on holdings ac-
~cumulated on the slump Of the preceding
day. while the buying reflected both
public absorption and covering by
shorts. the latter being rather pro-
bounced In the forenoon dealings, when
many sharp advances were recorded.
There were no indications Of the pres
ence in the market OF a financially weak
Public. Traders belonging to that class.
in many instances. have been wiped out.
while those who are still able to boast
of bank accounts will not return to the
market until they receive the usual en-
couragement OF days Of advancing
prices.
There a however, a financially
ulation. and. According 10 .ome obsery.
ers. II was one OF the strongest that
u been identined with Stock Exchange
movements at any time In the last two
weeks a substantial proportion OF the
pu!ihs was TOT cash.
No suggestion OF a resumption of the
"se
presented at any time In the session,
while IN commission houses the opinion
prevailed that liquidation OF that sort
had run its full course In Mondays
ffenzied decline. There was nothing In
the international situation and nothing
IN business and finance that warranted
any other conclusion .aithouyh there
: were Nrauers weo saw reason FOR un'
easlhess III ,he reports that Ambassador
IL Oul0 - IN N INF
waning mat E~ernhahy wouid chshxs
lts submarine warfare In FAVOR OF greater
"'S,.y. - -.
80, nome'e.. were oousnt wiz
go. .""."e"e. 'nrousnou' 'he day' es'
- II. ~ 'oppe' SHARES
,.n.raI Iii. ~. wa. 'ssues "
also for saw.,a, y, soou s"ah
c;ai,,.s 1h. &c. so.aleu spe
,s.,ur., ara ,,t,s - ~ "e'e s.ront
repor,s reesc,.d con.,an,I' " a
proats for the ya,,ons nn~,ma o"'"t
High Grade Crude Oils Advanced.
p,-r ~. a
.oar, 20 hmr,u -.ontIhu'hs thei
onar,i,tes nW 'ns ienner.es the vas
or nrod,csrs tho ur,nnIn !" ,me manu-
~arencies to.Jsv a,na,nnaS t.asnn'
OF 10 cents n arr, ror ,ha n',,eaS
grades and F, cent TO- 49,, :,
new prices are. penrsvIra an
S250 Cabeu soOa. N.rcar hia.t,
Corning and New Castle 90, sorar.a,
slS5: Ragland, So cents.
Earnings must continue to h.. the rea
measure Of security values. Earnin1. q
the Industrial promiso N r,,
heavy for n long neriod IN COVE ana !,
consequence railroad returns must NOV,
in large volume also. II the i~nterna t,ona
si,,a,Io, ,,o,,a - -