Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-10-29
.COPPERS FAVORED
BY STOCK BUYERS
Other SpeciaIties Make Strong
Showing in Halliday
Exchange Session.
A WEEK OF HIGH PRICES

NEW YORK, October 2s.-Stocks
were irregular almost from the outset
Of todays brief but active session.
Standard or investment issues were
moderately lower and comparatively
neglected, while coppers and those
specialties which recently figured so
extensively in the daily operations
were decidedly strong.
Utah Copper was the foremost fea-
ture, with it's wide opening of $500
shares at an advance of about points
to the new record of los, this being
later extended to 1851. Chino Copper
also made a new high on it's gain of
IN points to 62A, with gains of 1 to 2
points for Inspiration. Anaconda, Ken
necott and Shattuck-Arizona Coppers
and American Smelling.
Central Leather repeated it's almost
daily performance of mounting to a
new maximum, gaining practically 3
points at sS, and Cuba cane sugar COM
mon and preferred sold higher than
ever before at 761s and 1907, respect
lively.
Motor Shares Are Lower.
The motor group, equipments, zinc
shares and Ipetroleums were lower by
to over points, heaviness being
most marked in Studebaker and Max
well. General Electric also yielded on.
moderate offerings. with National Bis
cult and Pittsburgh Coal.
Atlantic, Gulf and West Indies were
hrm on the excellent statement of
earnings for August and the eight
months of the calendar year. but ma
rines were under slight pressure, with
U. s. Steel. Reading and few low
priced rails. Chief among the latter
were Denver and Rio Grande preferred,
Missouri, Kansas and Texas preferred
and Rock Island, the last being sold
freely on delay in the discharge of the
receivership. Total sales were $4,000
shares.
The bank statement met popular ex-
pectationS in it's actual cash gain of
about s20,O00,000. loan expansion of
almost $35.OO0.O00 and an increase of
over $1,000, 900 in reserves.
Bonds were again irregular, with
some reduction in offerings of interna-
tional. Total sales par value amounted
to $2,5G0,000.
u s. bonds were unchanged on call
during the week.
Rivals of Stock Market.
There were times during the week
when the extraordinary rise in grains.
cotton and other commodities quite
overshadowed the activity of the Sc
curities market, the new 100000, 600
British loan. soon to be offered, and the
further enormous influx of gold. Stocks
Of the better grade seesawed freq1ent
1y, but secondary and minor issues.
in years.
New maximums of the week included
q. S. Steel. which rose to 121 r.; Beth
lehem Steel. at an extreme gain of 100
points. to $50: General Motors, which
retained distinction of mounting to the
highest quotation ever attained by any
issue In the course of regular trading,
advancing 25 points. to $50, and Utah
Copper, which made gross gain of Il
points, at 1851. Other new ma ximums in
cluded the several sugar and paper is
sues. Central Leather and Atlantic,
Gulf and West Indies. whose rise of I y
points, to 104H, was followed by a bril-
liant statement Of earnings.
Based on Prosperity.
Aside from the belief that these ad-
vances were accelerated by pools and
speculative interests. it was generally
conceded that the movement had no
little JuStincatiOn In the country'S I'M
precedented prosperity.
Additions to the already large calendar
of restored. increased and extra divi-
dends were reported by industrial co
poraticns. and signs point to a similar
development in the coming week. when
the financial statement of the United
States Steel Corporation for the third
quarter will be issued 1t has long been
accepted as a fact that the figures then
TO be disclosed will establish a new
record
Foreign exchange failed to reflect in
more than a minor degree the ebb and
now Of military conditions abroad. Aus
TRAN remittances fell to a new low dis
count. and rubles and Tires were heavy to
weak. but sterling bills and francs were
scarcely altered.
The greater ease Of domestic monetary
conditions was indicated not only by
lower rates for call and time accommo-
dations. but also by the expedients en-
ployed to put idle funds to profitable
use.
According to veteran observers. the
political campaign Is exciting less in
terest than any similar event since 1896.