Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-11-05
PUBLIC KEEPS OUT
OF STOCK MARKET
Prediction Trading Largely
in the Hands of the
Professionals.
BUSINESS NEWS ALL GOOD

By the Associated Press.
NEW YORK, November 4.-Specula-
tive interests were again inclined to
pay heed to political factors today. the
short period of trading being accom-
panied by more or less irreguiarity.
Important stocks, including U. s. Steel
were dull or under moderate p-es e.
with Metals, Motors, Crucible Steel.
Pressed Steel Car. Atlantic Gulf and
West Indies. Pullman and Paper issues.
Ofsettfng features were found in
sloss- Sheffield Steel. which rose
points. Columbia Gas up as to the new
record OF 45h. National Enamel ing
common and preferred. Continent !
Can. Baldwin locomotive. Mexican Pc
troleum. and Montana Power.
Rails were comparatively inactive.
the only noteworthy features bH11g
Norfolk and Western at an advance OF
la. Peoria and Eastern, which rose z
points and Seaboard Air Line e.
ferred: Duluth. South Shore and At
Ia-tic common and preferred, and To-
iedo. St. Louis and Western at ga MS
to roints. Total sales amounted to
SIS. 900 shares.
Another Rise in Coppers.
Market news of more than ordinary
signifcance included the announce
ment Of another rise in the price of re-
fined copper. the advance applying %
deliveries running into the first garter
Of the coming year, and Indications OF
still higher quotations for fab-icH ted
steel and iron. industrial centars re-
porting pig iron at a premium. Trade
conditions continued to be reviewed in ex-
travagant terms, demand being in nowise
affected by the political situation. Over
production. it is declared. is too remote
Tor serious consideration. lack of labor
being the greatest drawback of the
moment.
Foreign gold received during the
week accounted in large mea-ur" o.
the actual cash gain of over s22. 90 geo
shown by loeal banks. and the further
substantial expansion of excess re-
serves to almost sos 900 600, AGAINST
little more tran half th-t amount the
middle of September. There was
lessening Of offerings of fnte-n"t onal
bonds. but those issues were mostly fr-
regular. Tot"l sa'es (par valued
amounted to So 470,000.
Trading Largely Professional.
The most obvious feature of this
weeks fairly active market was the
preponderance of professional opera
fions. public interest being held in
allegiance by impending developments,
particularly the political situation.
Speculative specialties and low-grade
rails were again to the fore. inquiry
for the latter embracing great variety
OF issues at substantial gains.
There were numerous new maximums
in addition to those recorded by United
Sta ties Steel and Utah Copper. but these
were the outstanding features by rea-
conditions surrounding those particular
industries With pig iron at a
premium, and orders for early delivery
rejected almost daily, 1t is assumed
that higher prices soon will be an
nounced for finished products.
1ecessions in War Bonds.
Investment issues were steady to
firm. but the relative heaviness of in
ternational bonds created some irregu-
larity In other parts of that list. The
weeks recessions in existing war bonds
probably resulted from selling by hold
ers who desired to participate in the
British issue of $3o0.00o.oo0. already
fully subscribed.
Another Russian loan or credit of
$6e.o0o.oeo. unsupported by any COL
lateral has been contaminated, maxi
ing a total Of something like $1,000
O00. 900 loaned by American financial
interests and investors to foreign c0un-
tries. exclusive of South America, since
the outbreak of the war. A large
amount of Argentine notes will soon
mature. but an extension Of payment is
probable
1t IL taken for granted that gold inn
ports. which have risen to an I'M
wfeldy total will cease for a time.
This 10 in accordance with the desires
of leading bankers, who regard fur
Their inflow as menacing to the stability
Of existing conditions.