Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-11-08
WALL STREET MARKET
WILD AND IRREGULAR
New High Records Made on Many
Stocks, With Frequent and I'm
portant Fluctuations.
Steel Common a Storm Center-Cen
trail Leather's Big Gain-Rails
and Industrials in Action.

NEW YORK, November 8.-There was
enough action in the first ten minutes
Of the session Of the stock exchange to
satisfy the most exacting old trader ",
the street; enough to indicate a wild
! and unsettled market and more than
enough to give notice that Wall street.
| no matter how greatly interested in the
election of presidential candidate, did
not consider the success of either Of the
| aspirants needful to the activities of
| the stock market.
Every brokerage office was crowded
with customers. with really more in
terest in the outcome of the election
than in the market, a fact which SEEM
| ed to warrant the impression that the
| action in stocks was due to profess
| sional traders and not to the usual pub
| lie following.
New High for Steel Common.
With the tap of the bell minor stocks
! figured here and there across the list,
| showing half-point and point gains.
| then Steel common flashed at a new
| high. 124h. as compared with 123k
Mondays closing, with the next quota
ton at 125.
Here and there throughout the list 2
to point gains were reported, the mo-
tor shares being the notable exception;
the railroads showed strength and frac-
tional to point gains, but they, too.
dropped back, losing their advances
with Steel common. which turned back
to 1221., from where it recovered to
1928 7s-all in the first half hour.
Rest and a Fresh Start.
Then for an hour the market moved
slowly. with frequent recessions and
| recoveries for small fractional changes.
and just before the noon hour Steel
common broke loose again. and this
time made another new high by a full
point, touching 1875. The result was a
quick squirt all through the list, with
the exception of the motor stocks.
Copper and Steels, railroads and To-
comotives Joined in a wave of specula-
ton and advancing prices. with pro-
fessionals setting a pace that the pub
lie still refused to follow.
The cause of the rally was not in
evidence; it may have been politics.
but it was probably the continuation
Of the activity In war munitions
making fresh orders. contracting for
products far ahead and a certainty of
no peace in sight-that was response
BILE.
Mercantile Marine started it when it
moved up sharply and did not stop
until it touched f215s, which was prac-
tically ~ points from the opening.
Central Leather made sensational
jump of points. Bethlehem Steel
moved up Is points. American Locomo-
tive 8 and Baldwin Locomotive 2
points.
1900, 600 Shares in Three Hours.
During the first three hours of the
session the transactions totaled $780,
900 shares.
Values fuctuated up and down with
the irregularity of a weathercock in
storm. one minute up and the next
minute down, with professionals play
ing both sides of the market alter
nate1y and cashing on advances and
declines. the speculative public watch
ing the ticker in its wild action. and
utterly unable to account for the price
changes, while unwilling to take
chances in the whirlwind market.
Declines Again in Order.
Following the big advance immedi-
ately following the close of the second
hour the market again turned the
other way after 1890 and a two-point
reaction in Steel common was followed
by one to three point recessions
throughout the list with great irregu-
larity.
Slump in Last Hour.
The wild irregularity in the market
turned many holders of stocks bearish.
and they liquidated freely. taking
profits wherever possible. 1t may be
that election returns may have been a
factor in the afternoon. In any event