The sun., 1916-10-31
FINANCIAL NEWS
AND COMMENT
Prospects Based on Increased
Earnings Are Used to
Boost Some Stocks. .
TRADING IS IRREGULAR
Z. s. Steel Reflects Diverse
Opinions on To-day's Quar-
terly Statement.
TRADING IS IRREGULAR

High costs to the Of various
products continue 20 md reflection in
the stock market. Perhaps many stocks
have fully discounted the big profits
corporations are making on the sub
stantial margin between the cost of pro-
duction and tho price the buyer pays.
hut few days. however. go by when eome
stock or group Of stocks IL not taken In
hand and pushed to higher levels on the
basis Of increased earnings and the ex-
pectation Of those earnings bringing dec
~laration of bigger dividends or the es-
tablishment OF non-dividend payers in
the interest column. II WAS 10 in yes
terday's active but irregular trading In
the Stock Exchange.
International Paper shares, Interna-
tional Agricultural Corporation and the
sine issues were singled out a. promising
candidates for higher prices. and Vir-
ginis = Carolina Chemical also. al
though to n smaller extent. Paper com
mon advanced more than Z points and
the preferred more than 8 points. while
Agricultural Chemical moved up 81 for
the common and 8 for the preferred.
Both companies arc adding to their earn
inss n have something to sell for
which there IL a big demand. while the
position OF the stockholders a been
~ va tlftItbs tI1u It III
thing may he sa!d OF the American Zinc
Company. the stock of which gained
more than 8 points.
The general market was one of quick
changes n decidedly mixed move
tnents, with n period of rather pro-
nounced weakness following the report
that a British ship with Americans on
board had been sunk by a German SUBJ
marine. There wa much profit taking
and cautious selling for short account.
In the minds OF many traders there ap-
peared TO be a sufficient number Of un-
certairties in the situation to warrant
a position on the bear side. particularly
IN view or the steady advance of last
week n the general belief that CON
mission houses are we'll provided with
overextended bull accounts.
Selling on the sinking OF the British
vessel promised 20 run into substantial
volume. but IL was soon checked by O
further report that the ship had beer
fred upon after refusing 20 heed IN,
warning tn stop. The mere suggestion
however. that II might be another caus,
for trouble with Germany sem a chill
down Wall Streets spine and accent
uated the idea held In many quarter,
that the stock market IL in an excelien
position for n sharp drop IN the event o.
real adverse developments. as. for IN
stance. tho reelection OF President VIII
on. But on that score the Street Is no
worried, II the amount OF Hughes none,
Offering in the financial district may b.
taken as n criterion.
Further remarkable statements fron
the copper trade were effective in at
tracing increased interest in the cope
shares. but the weight OF realizing II
them prevented Anal price Improvement
And IL was the same with United State
steel. which closed moro h a a po,n
under its early high. Regarding tn
meeting of the corporations director
to-day. the Street suddenly discovere,
that the statement of net earning
might show for the last quarter but tn
paltry sun of SIS. 600. 900, az against tn
the preceding three month period, Bea
traders had the .dea that anything les
than $50. Ooo. 900 would be ample argu
ment for knocking Steel mmo
Wheat rose to a new high rccor'
above the Letter corner price OF 1885
and on the movement some heavy profit
were taken for the account OF trader
who recently bought the cereal on tn
stroncth OF big profits made in stock,
In some quarters wheat Ia still beln
bought on the assumption that all OF tn
surplus from last years crop mas pee
taken for export and that there is n
such thing as hidden supplies. but l
other quarters II Is not admitted tbs
such r. the case.
Money was Easy throughout tho day
and quite naturally 20 with last week
further substantial addition to surplu
reserves Of tho Clearing House bank
and the SIS, 900, 900 gold that came I
Saturday and $4,000. 900 yesterday, wit
tho promise of additional receipts fros
abroad. despite the dea put forth b
bankers that the gold movement woul
he checked by the latest British LOAF
Sterling rates were unchanged, but bot
u-o and roubfe eyrhappe xyaa walk