The sun., 1916-11-04
FINANCIAL NEWS
AND COMMENT
Many Traders Put Out Short
Lines in Expectation Of
Lower Prices.
MORE RECORDS BROKEN
Late Realizing Fails to Dcprcss
Prices as Much as En-
forts Warranted.
MORE RECORDS BROKEN

Public operators are buying stocks In
the confident expectation that the ad-
v~ancing movement OF prices will run on
indefinitely. With the great motive
power OF the country's record breaking
earnings and a heavier supply Of money
than ever before reported. the public be-
licvcs II has an argument that cannot
fail to carry quotations to better levels
than any so far recorded and hat re-
c~ees!ons must be confined to unimportant
figures for months to come.
II is probable. however. that the stock
market will fail from its own weight at
no remote period. And in expectation
that technical conditions would bring
about "A substantial read justment TO n
temporary lower range many traders put
out short lines in yesterdays operations
despite the predictions of a big forward
move next week in the event OF the de-
feat of the Wilson Administration
Notwithstanding short sales and real
ling liquidation the greater number Of
stocks were strong in the best part Of
the day. with especial strength in the
copper and steel shares. Central Leather,
American Locomot!v and ZONE OF the
IN hboNh WI III "tlu WV
trail Leather moved into new high
ground. while several other Issues went
to new high levels also. notably Bethle-
hem steel, which sold at s6TS "A share,
and ~Sloss-Shefield common, which sold
at the highest range reported since 1911.
New records are SO common in the Stock
Exchange that they fail to attract any
particular notice in the street. but they
are interesting nevertheless as showing
49,. ..-.gst1n - ,,ylavlxt,v
conditions. and incidentally the rather
dangerous heights to which prices are
being carried.
Pressure OF realizing sales In the late
trading was effective in causing decided
~irregularity In final price movements and
small net losses In the few issues. but
the reaction was not in proportion TO the
volume OF the selling or the efforts ex-
erted by certain traders to bring about
materially cheaper quotations.
Money rates were easy and funds were
In greater supply than the demand.
while the movement of cur
rency in the week suggested a bank re-
turn to-day that would discourage any
hope of an immediate stiffening in loan
quotations. Gold imports apparently
have been checked for a time at least.
but that the United States is in a posi-
ton TO bring in additional amounts OF the
metal is reflected in the export trade
figures, particularly those showing our
trade with the Allies IN September and
for the nine months ended September "a.
The figures are especially interesting
at this time. as they show that although
the country has built up a tremendous
balance OF exports over imports. the lat
ter have increased to "A heavy extent, the
nine months record showing an increase
in the value Of the inward movement
OF merchandise from the Allies Of {2.I,-
434,1ja.
Both export and import figures present
much food for sober thought in relation
to what may he expected If the country
votes to Keep the Wilson tariff law in
force. Exports To the Allies for nine
months increased 81 per cent, as comr-
pared with the corresponding time In
1915. while imports from the Allies in
creased &c per ceix.. exports to,alling IN
value S3,0ol. lt2.s'3. against sl.797.33a.-
2j9 in the preceding year. and imports
totalling s7l6.i32,3jS. against si92.OlT.-
sos in 1915. OF the total export trade
for nine months - per cent of it went Ia
the nations at war. compared with II
per cent. in the same time last year
while Of the total imports SO per cent
came from the Allies.
Notwithstanding Efforts 10 build VT
rad with neutral countries our exports
are concentrated to an enormous extent
with England and her Allies. In Sep
tcmbcr. for instance. OF the total ship
ments from the United States Of s515,-
o 7.4OS no less than 40 per cent. was for
the account Of tho Entente Powers.