The sun., 1916-11-20
FINANCIAL NEWS
AND COMMENT
Market for Industrial and Min
ing Shares Advances En-
Enthusiastically.
LIKELY TO GO HIGHER
PrOpclling Force Inspired by
What Taft Called "Ecstasy
Of Great Profits"
LIKELY TO GO HIGHER


in the outside markets. advanced en-
Enthusiastically last week and very likely
will, ro higher For nropellinr force n
has a. n.nira,,on which Mr. Taft once
/ On lied the ecstasy of great proNts.
Investment returns on stocks over n
pcr,od or wears are little cousidereh. II
* doubtful. IN fact. n any considerable
I number Of the 10. 600. 600 aharea which
changed hands in the Stock Exchange
last week represented pure investment.
In the iudustrtals the market had ad.
vanced beyond the point Of purchase BY
any investor of sound Judgment. The
income expected by practically all the
tuyers Of these sharea vas the pro8t
II ON market price rather than from dlvt-
lend return.
In the market Of last year the invest
ment demand was great In the respect
that stocks were bought outright in much
: greater volume than now, II has simply
happened again that the customer buy
irg outright has mourned over the profit
he missed by buying less than he might
have carried on margin and that the
successful investor has become a o
hrmed Spectator Profits made last year
and In the earlier periods Of this years
bun market have gone into the market
"F"'' ~ nv NNotuss Va kEeut DTUutS.
wore Money In Hand.
The criticism If made that n market
without a solid investment Foundation \,
insecure. Yet ON numerous occa sions
banks have called on brokers for addi-
tional collateral or have discrimin tied
against certain classes OF collateral. and
the result has been that brokers. calling
on their customers for wider margins.
have been supplied with the additional
funds and have been able to satisfy the
most conservative banks. Thu, while
the market is mainly speculative. the
the hands ~ .necui,tors ,hsn .x.r no.
fore
In the days Immediately following the
election Wall Street sold stocks. The
interior picked them up with avidity.
just AS the election showed that no in
considerable number OF people in the In
terror voted for Wilson on the idea that
his election meant peace and hat peace
meant a continuation Of high prices. 80
the markets after the election have
demonstrated that these same people be-
lieve peace at home and war abroad
means higher prices for most industrials.
The profits from dollar corn. two
dollar wheat and hundred dollar a bale
'"'''H hrNV peel eoIHk COttHuentIy INTO
securities Of speculative class and are
likely to find their way into the sccuri-
ties markets In even greater volume.
The high wages n salaries and war
profits In Bridgeport and Pittsburg. in
Gary and Wilmington, support industrial
stocks favored In those localities. II IL
a speculation as wild and in some re-
spects rs III considered as any since the
South Sea bubble. That 1t will end
some tim Is. OF course. as true as II Is
trlte, But the person who can positively
predict when it will end must be able to
foresce the date OF peace.
\ sharp MARKET Contrast.
On the week American Writing Pa.
per preferred gained lar po,nt.. Atchi.
son los, ~. American Zinc and Lead
was up s points Baltimore and Ohio
T., ~. .G.spnsw,
lows: Anaconda. ~ Atlantic. Cult
and West Indies. 9h: Bethlehem
Steel, 30 Bethlehem Steel preferred,
l6 chile Copper. 1873 Chino 6E
Corn Products. 80 Corn Products pre-
ferred, IL CRANKY. 20 Inspiration. So
Kennccott. s: New York Air Brake
1884 Pressed Steel Car. 1lA Republic
Steel, 9i.: sheffield, In Texas
Company. IL Virginia Iron. Coal and
Coke. 1914 Utah Copper. 10; Lacka.
wanna Steel. So.
The following standard and reasoned
railroad shares sustained losses ranging
from a fraction to 2 points: Canadian
Pacific. Chicago Great Western. st
Paul common and preferred. North
western. Rock Island, Delaware and
Hudson, Denver and Rio GrAnde. Grea,
Northern. New York Central. Norfolk
and Western. Pennsylvania. Southern