The sun., 1916-10-29
FINANCIAL NEWS
AND COMMENT
Stock Market Is in Para
dOAical Position. Being Both
Strong and Weak.
MONEY FLOODS COUNTRY
Speculative Enthusiasm al
Highest Point in Present
Bull Movement.

At the close OF the week there was
more money in the country than ever
before recorded and at the same time
speculative enthusiasm In the Stock Ex-
change appeared 10 be greater than had
becn reported nj the close OF any pre-
eedIng week in the course Of the cur
fent bull speculation. The enthusiasm
vas OF two varieties.
One represented heavy buying OF
stocks by operators who could sec no
possibility OF sharp declines in market
values because Of the great amount Of
money In the country and tho prosperous
position Of our industries. The other
represented selling by substantial opera
tors who could see In the violent ad-
yances Of the week adequate reason for
taking their profits II not for the theory
that the time was ripe for a decided
reaction
There are many ovcrcxtended long ac-
counts In the market and many OF the
big men are waiting TO accumulate
stocks at cheaper quotations. Numsrous
traders who bought on the German UNI
dersen raid near the ANGLICAN coast
have taken enormous profits In the re-
cent advance. and they are quite anxious
TO see "A downward movement. although
they do not admit that tieh public can
he induced to sell at the moment or that
The influence OF certain speculative bull
pools will not be effective this week
in advancing prices To stu better fig
urcs. The situation In the stock mar
ket IN both interesting and dangerous.
onA ~ 10 both Ssynn0 and SCaAk
In the greater part Of the two hours
Of trading yesterday the general ten
dency OF market values was In the direc-
;ion OF higher levels. with rev records
being reported in various stocks. notably
in Central Leather and Utah Copper.
The copper shares were strong features
with heavy buying In Utah. Anaconda
Inspiration, kennccott and Ch.no And
in spit" of the active profit taking NQu'-
dalton their nral prices were not mate
rally of from the high points, while In
the general list the reccSsions on the real
izing wcir relatively small. The selling.
however. was persistent, and after the
close OF business IL was common gossip
In many street circles that further ad-
vances this week would bring forth the
Same sort of pressure against the mar
ket.
notwithstanding the selling tho mar
ket showed ereat.capaci;y To a X stocks.
commission houses reporting active buy
ING Ter the pubic, especially In the cop
per and steel shares. while on the floor
there were traders who were not afraid
20 60 home with short accounts outs,and-
.ns despite the bullish talk and the great
rr enthusiasm In Wal Street regarding
the u;loo Tor Republican victory Ia
November.
More god arrived yesterday. making
the total for III. week about $50. 600. coo,
while the bank statement showed further
expansion, both IN cash and surplus hold
tnGs. the latter increasing notwithstand-
ing a large increase IN loans. II com
bired excess reserve OF the Clearing
House institutions now stands at $llo,-
7sl.s30. "A gain for the week Of more
than $li coo. 900. and "A gain since the
middle of October OF upward OF $a2.-
600, 1000.
Merchan!.3e exports exceeded imports
by more than s63. 900, 600 last week.