The sun., 1916-11-03
FINANCIAL NEWS
AND COMMENT
Bright Outlook for Hughes
Helps to Send Some Stocks
to New High Records.
STEEL REACHES 122 IL
Bethlehem Sells at 1870
Sales Recorded Of H.
616,5OO Shares.
STEEL REACHES 122 IL

Never before In the history Of Wall
Street have stock market movements
been 80 Wide or so buoyant In an ante
election period as at present. but never
before have conditions been 80 extraor-
binary ms Just now in the world Of bus,-
ness and finance. with every indication
that they will not run amuck for months
TO come. Optimism IN tho financial
district yesterday was especially
pronounced for the reason that the
political situation appeared to favor the
elimination OF he Wilson Administra-
ton. which naturally suggested tariff
legislation TO safeguard American in
dustry and American labor with the end
OF abnormal war prosperity.
Declines In market value from early
high points were recorded toward the
close OF trading in the Stock Exchange.
but the recession was based wholly upon
realizing and what might be called
hedging operations against n possible
disappointment in election results.
Morning improvement extended well into
the afternoon. and In its course new
high records were established by more
than one issue. including United States
steel common and Utah Copper. the
former moving to 122iI. although clos
ing fractiona,ly under tho final OF the
preceding day.
Temptation to take profits on the ad-
vance was Irresistible. but OF the reac-
ton offerings were well taken. while
on the Initial advance man. large out
standing short contracts were covered
by traders who recently move to the
bear side of speculation on tho belief
that President Wilson had an even
chance of reelection.
Trading was in enormo volume. with
total sales 1865 500 shares. OF which q
substantial proportion was provided by
Steel ommon. although that issue by no
means monopolized speculative atten-
ton. The coppers, the equipment is
sues and the Mercantile Marines con-
trlbuted heavily to the business. while
Bethlehem Steel on small operations con-
tributed a spectacular feature by ad-
vanc!ng rs points to n new high level
at 500 a share. Il was Il day of fea-
lures. all Of which were the direct result
Of basic conditions and brighter political
skies.
Advancing market values IN the cop
per group accompanied the marking up
of copper metal prices AMI the placing of
new contracts for the account Of do
nestle and forc.gn consumers. France
| alone closing on 90. goo, 900 pounds for
delivery next April. There is no panlcky
buying OF copper for immediate delivery
for the reason that there Is no copper
available In volume for nearby use, but
for future delivery the demand is heavier
than ever before reported In the history
OF the trade. while the same thing APP
piles to the steel and iron market and TO
many other markets. including leather.
Ov~erenthusiastic bulls in the stock
market assert that soon there will be
pan!cky buying by the shorts. but so
far as may be gathered from the ak
among brokers the short interest Is
neither extended nor weak. while OF the
other hand. there are many reasons TO
believe the market Ia hopeycombed with
weak bull %ccounts that would bc IN a
bad way In the event OF adverse de-
velorments, even though they might be
OF only passing significance.
Time money was easier and the supply
OF call funds was in excess OF tho de-
mand. No further imports Of gold were
announced. but exports Of $4,000 in
American gold coin to a London bank
were reported. the movement being Of n
special nature and having nc bearing
upon conditions In the foreign exchange
market. which was unchanged except FOR
further weakness In rates on Vienna and
Rome.