The sun., 1916-11-11
FINANCIAL NEWS
AND COMMENT
street FOrgcts Politics, Sales
Reaching Third Heaviest
Total Of Year.
FLUCTUATIONS ARE WIDE
New High Prices Attract Profit
Taking-Stecl Turnover
$4,000 Shares.
FLUCTUATIONS ARE WIDE

Wall Street apparently has made ur
market is concerned. the election results
and to revert wholly for inspiration to
basic factors created by the tremendous
buying by foreign nations In the Ameri-
crease TO our gold supply through tina,
buying. II has been a war stock market
for months and II promises to remain SO
for months TO come, although this does
not necessarily mean that prices are ia
advance without interruption. Indeed,
the market has now reached a position
where technical conditions have become
weakened. while Il has become so wild In
its operations that there are not a few
persons In the financial district who are
looking for a sharp setback In the near
future.
, In yesterdays active market. the third
heaviest speculation for the year. iutua-
lions were wide and buying was In great
volume. with mar new high prices re-
corded. which attracted active sales for
the account Of interests who believed the
time was ripe for proft taking liquida-
ton. Selling Of this sort. however. did
not break prices. although at times II
caused substantial reactions.
TIL markets capacity to absorb stocks
was phenomenal. the outside buying
being so active that bearishly inclined
traders. as n rule. were unwilling tc
take many chances or the short side de.
! spite the fact that they realized the
speculative position was such as to at
tract heavy selling Of overextended bull
accounts In the event Of the develop.
! ment OF some radically adverse develop
ment.
In most quarters of the Street there
was nothing but bullishness for the Ions
run. And II was difficult for any one Ia
feel otherwise. particularly In view oi
trade advices and the latest develop
mcnts in the metal industry. Copper
metal prices were advanced to the best
range since 1873, the United States
Steel Corporation reported record break
ing untitled orders and foreign and do
nestle buying of copper was In unprec-
edsnted volume.
Big fundamental factors provided thu
motive power behind the days opera.
tons, and where losses were reported
they could not be traced to IN weak
ness in the position of the companies
represented. In the case of the decline
IN the motor stocks the street had thu
n, mort that sales of automobiles were
falling OF. but trade authorities asserted
Their. was nothing more than a tenn
por2rv Iull In their market. which was
! normal for this period of the year.
Heavy realizing was reported in th'
motor issues, in Central Leather. tnitec
states steel and many OF the wal
! stocks, while heavy new purchases were
uAaraS yltlNgnN Rnnln
ment les ues. paper stocks and Cubi
! cane Sugar. United States Steel com
mon was dealt in I, the extent OF NOR
thar 10000 shares. yet its hnal price
| was only "A changed from the day be
fore. with a range in the day. however
of az. In the last three days NOR
ilan i,345,00O shares of this issue hav'
changed hands, with the price al NJ
time above l2s or below l22ls.
Although the railroad stocks wer'
| relatively neglected. the street discussed
them to "A greater degree mar recen'i!
roted because Of what promises to be
concerted effort on the part Of the com
NAMES to upset the .Adsmson eight hou
law a reelection Of which was foun'
In the action brought by the Atchison
Topeka and Santa Fe to restrain IN
Federal authorities from making IN
measure effective and In a meeting o
railroad presidents in this city on Thurs
day to discuss steps to he taken 10 hgh
the law.
Money was easy. with call loans a
low as . per cent. and sixty day loan
on mixed collateral as low as "a pc
cont. According to the known m 1vemen
Of money in the week the local bank
have made a further substantial add
lion to their cash holdings. but It /
NJ, improbable that loan expansion ma