The sun., 1916-11-09
FINANCIAL NEWS
AND COMMENT
Up, Down, Then Up Again Go
Stocks as Political News
Sways Prices.
SALES 2,000,000 SHARES
Submarine Report Helps Break
in Wild Market-Steel
Goes TO 1928.
SALES 2,000,O 900 SHARES

In one Of the most interesting mar
ke,s that Wall Street has seen or that
the public outside Wall Street has heard
Of. stocks advanced sharply yesterday
morning to the accompaniment of n ire
mcndous volume Of buying from the In.
terior. Approximately 1000, 900 shares
were reported on the Stock Exchange
were In Steel common. That stock In
the morning touched a new high record
at 1875. declined In the afternoon 10 l217s
and. closing at l24A. showed a net gain
Of one point on the day.
The action OF Steel was typical Of the
entire list. Fluctuations Of wide range
were general and Violent Traders on
the foor and In the offices were beside
! themselves with excitement over the con-
tinuous and wide changes.
The great bulge in prices at tho open
ing n In the early trading was gen.
orally attributed to "A belief on the part
Of customers Of the big commission
houses that Mr.. Hughes had been elected
President. Thu break In the afternoon
accompanied a change Of betting odds IN
favor NJ Mr.. Wilson, but concurrcntly
with this break was a report that "A sh'r
flying the American flag had been II n
by a German submarine. so that the mar
ket looked for a time as much like o
Lusltania as a political market.
Az a matter Of fact the big swing up
ward and the big swing downward ano
the consequent rally were due 10 the cir
cumstance that brokers on the stock TX
change had received orders agsrcgatint
hundreds OF thousands OF shares to buy
stocks in the event OF MIR Hughcs's cleo
ton. Many Of these brokers did So. Al
though the great majority. AZ leis
ninety per cent. in fact. of the members
of the New York stock Exchange d.
not execute o.defs excep, on positive In
s,ructions. The ninety per cent. yester
day sent back word to customers order
Ing stocks on Mr.. Hughes's election an,
asked for a definite order to buy at IN,
market without regard 90 any cohtin
gencies.
Brokers who accepted and execute
Orderly 10 buy on this e~ventuality ~ IN
election discovered that in the event O
Mr.. Hughes's defeat they were respon
slble for the stocks. Having bough
stock on which they had received II
positive order which is recognized b
tho rules OF the New York Stock TX
change md having discovered their er
ror or risk. they sold In the Afternoon
and IL was their selling which was pr
marily responsible for the decline.
After the close of the market II wa
the opinion OF men conspicuous in III
: New York Stock Exchange that sellir
2 by indiscreet brokers still overhangs III
market. The market was fcverish in IN
late trading and erratlc movements ma
be expected to-day.
But whether the result of the clectio
He-s left aside or not. and II the tecf
ical position. always subject TO chang
were disresarded. the consensus OF h.g
banding opinion is that all essential IA,
tors are bullish. The money market WI
easy. regardless OF the outcome o: III
election. Bankers continued their wor
Of negotiating further foreign loans al
controlling the foreign gold. Reports
earnings OF railroad and industrial con
panies were great. as they have been Il
weeks and months. The banks WEI
hard put TO fnd borrowers for the
money. The principal outlet OF Il
money OF the banks. indeed. was
lending foreign nations their own none,