The sun., 1916-11-18
FINANCIAL NEWS
AND COMMENT
Sales Of 100000 Shares on
Consecutive Days Equal,
.... Record Made in 1904.
..N, ---- "
r'a !. LEAPS IN coPrERs
F"" *f''EfTt
Industrials Move Upward on
Glowing Reports and Divi-
dends Declared.
ZIG LEAPS IN corrERs

In the stock market Of the fall OF
1909, fe,i5wing R~oosevcit's election to
the Presidency. there were two success
sivs days Of 1000. 900 shares. Not until
Thursday and yesterday had thai record
IT, Yesterdays 100000 share day tho
characteristics Of tho market were al
most identical with those OF Its i'nmed'.
ate pfedscessor, There were buoyant
and enthusiastic upward movement In
most Of the Industrial stocks. Copper
shAres were In great demand. BY COM
paris0n ,fhs railroad shares we're dali
and heavy.
A. on Thursday. the speculative i'm.
AGinAtion. already high, was further In
spired BY the declarations Of increased
divfdends by Union Bag and Paper. Re
public Iron and Steel and Chesapeake
and Ohio. So yesterday the Increase OF
the General Chemical dividend to Q per
cent and the declaration by the same
company Of an extra dividend Of 5 per
cent. and . special dividend OF Is per
cent. all payable In cash. and increases
BY Calumet and Hccla and Crucibie
Steel further hattered the hopes Of spec
ulators Who are expecting huge income
returns from Industrial companies.
Bulltah sentiment "a also fostercd by
he vidlty with which leading business
"sce OpbOst \ IVI JUST
meas and trade. after a. we'll rs during
the. war. IS was exempuhed by the pur-
chase Of the New York shipbuildins
Company by the American international
Company. Similarly attention was ut.
tracted anew to the supreme financial
position OF this country by the oficiai
announcement Of the $780, o0. 900 Rus
sian Government loan and by the sale
OF 15.00o.oo Chinese Government obli-
cations to . Chicago institution. Bullish
sentiment on account Of tho country's
financial position may be further
strengthened to-day when II II generally
known that $50. 900. 900 bonds Of Frencl,
municipalities have been purchased BY
our bankers.
In n respect the sale OF the So
00o.o 0 Chinese Government bonds to
q Chicago banking house was the mos,
Significant OF the day. II showed tina,
there Is competition for foreign govern
ment issues between bankers In the In.
terror, and bankers In New York, aud. b,
the same token Indicated that the In.
] vsstment demand for foreign govern
ment ssues 10 keen In the interior. q:
II Is strong In New York and othel
cities Of the East.
An Interesting feature Of the ex
change situation was a decline Of ex
change on Denmark below &c. Fo
many months Inc neutral Scandinavian
countries have been superior to New
York In exchange rates. Exchange 81
Denmark three months ago for instance
sold at 6k per cent. premium. Yes;er
days decline brought the premium dow,
to SIS OF I per cent Obviously the ;ren'
Of trade with neutral countries ha
changed In this country's favor. as II ha
long been In favor Of the United State
with the beliigefcnt nations.
All OF the commission houses reporte
heavy buying orders from the interior
and the majority Of traders In III
houses displayed the utmost confidehc
and enthusiasm. The gain OF twenty
ive points In Bethlehem Steel. carryin
that stock to n new high record. wa
pointed TO as O thing that might be eS
pected In mahy other stocks. Aimo,
without exception Industrial shares No
vanced steadily. with many Of the gain
ranging between two n Ave points.
Only a six point drop In Sloss-She'
field. which for several days had bee
selected rs one Of the pool favori;es. an
a break OF. fifteen points In Drigg,
Seabury gave reminders OF the law
gravity.