The sun., 1916-11-19
FINANCIAL NEWS
AND COMMENT
Million Share Half Day Ends
q Week Of Most Fever
fish Speculation.
INDUSTRIALS STILL GAIN
Bethlehem Advances 20 Points
to 7OO-Coppers Con-
tinue to Climb.
I%NDUSTRIALs STILL GAIN

~ NtDStt8 NOcsO " y ~
by a feverish speculation as any other
week since the market In war stocks
began early last year. produced one OF
the few million share Saturdays In Wall
Streets history. From the beginning to
the close Of the market brokers were
ewamped with orders. The facilities OF
the Stock Exchange were taxed to care
for the business. The general features
OF the market were the same a. on pre-
vious days Of the week. Great strength
In the industrials. particularly In the
coppers. with extraordinary price changes
in many Of these industrlals. accom-
panied weakness and siugsishness In
the rails.
Bethlehem Steel advanced 20 points. 70
700. . new high record. further hattering
the hopes Of SPECTATORS. who believe
that stocks can keep going up to higher
prices Indefinitely. Tit search for
stocks which may emulate Bethlehem's
record was eager and daring. In indus
trial.. which have long since sold far
above a reasonable income return at
present dividend rates buying from the
OF .side public was heavy and appar-
emily confident.
Chile Copper added 8 points to It's In
petuous advance. CRANKY gained IN
points Inspiration. IN /: kenDecott. 2h
Nevada Consolidated. 2h. and Utah. 7
points while on the outside market
Cerro de Pasco sold up to AN. Prac'
tically all OF these cope shares estab'
lished new high records. There wa'
buying of them on account OF heavy
sales Of copper In the past week ant
the strength In the prices Of the metal
but principally the speculative magma
ton was famed by reports OF a copper
merger embracing a number Of the larg'
companies.
In respect to these reports. II may b,
said authoritatively that for month.
past, as is well known. there has beer
cursory discussion OF a merger OF thu
Kennecott. Chile and Cerro de fascs
companies. which are controlled by tn
| same groups OF fnanciers who brough
out the kennecott Copper Company. bu
that nothing definite had been decided
upon. and that no positive steps re
garding a merger may be expected II
the near future.
a few Of the war inflated industrial
shares demonstrated the hazard Of tn
sort OF speculation that has been II
progress. Nova Scotia Steel. q new
conner on the exchange, lost 2& OF IT,
gains on previous days OF the week.
Gulf State Steel common declined Il
JsSnts and the second preferred II
points. The closing prices for thes
shares represented = decline from tn
high OF the week OF 80 points for tn,
common and 26 points for the secon,
preferred. Spectators had an oppor
tunity for quick none on h way VI
Losses have been quite as rapid on tn
decline.
That In the Industrial shares the mar
ket has become topheavy from specuia
ton as daring as It Is inexperienced wa
$h. n,lrtnn - ,1aa.-lxa ha,lnr. 49,
brokers. At the same time II wa
pointed out that the spectators mos
heavily committed to tho bull side @
the market have made e~xtraordinar
profits In the past year and that thel
accounts as demonstrated by the shif,
ing OF loans on Monday are protecte
by margins higher than Ia customsr,
On account Of that circumstance Tn
market had. n may for some tim
continue to possess. a support which
though characterized as unsound b
conservative people. nevertheless ha
money behind It.
bumper business the country over, wit
prices continuing to advance In mo-
lines Of trade. Bank c~learings for III
week, according to the Financial Chroy
tcle's compilation. were &6.3t3.49&,l5l
against $685. 36. 259 for the previou
week and st.s03,7s2.S2s for the corr,
spending week last year As compare
with the same week last year, whic
was n week of good business ~activ!t.
the clearings showed an Increase of 20,
per cent. The ratio Of gain suppl,
SUFFICIENT commentary on the activit
Of The country's business.
As was expected. the bank statemei
showed a decrease In cash holdings ar
In surplus reserve. for n large amour
from the receipts on the $500, 900, Ot
United Kingdom loan was sent la
week to the interior In payment on col
tracts for munitions n supplies. tt
, decrease In surplus reserve was abo,
SIS. 200, 900. but with that amour
taken from the previous weeks surpl,
the surplus reserve remained close
$4,000. 900, providing additional assn
ance Of a sufficiency of funds for DO,
business and speculation.