The sun., 1916-11-10
FINANCIAL NEWS
AND COMMENT
Basic Conditions Prompt Stock
Buying and Sidctrack
Politics.
A DAY OF HIGH RECORDS
L. :. steel and Central Leather
Bought Heavily by
Investors.
. DAY OF HIGH RECORDS

Varying reports regarding e~lec;!on re-
sults were not The all important factors
In the movement Of prices yesterday
in the stock Exchange. The great basic
conditions which for weeks had been
the motive behind the advancing
movement in market values again oc-
Cupied the minds Of the traders In &C.
cur!ties as the first argument for con-
slderation. the Street as a whole taking
the phiiosoph!c view that even the re-
election OF President Wilson would not
in any measure upset business prosperity
Just 80 lopg az the war ran on. And
the common belief In the Street that
hos,ili.ies would last for at least another
YEAR served to attract buying for both
accounts TO the accompaniment or gem
orally strong prices. which in some In
stances made sensational !mpr )vement.
brokers who on the preceding day
had bought stocks on orders dependent
cpon the election OF Mr.. hughes n
who had found tina. a. there was no
certainty OF Republican victory they
would he liable FOR the stock 40 rur-
ohaeed We're active sellers on tho adj
vance. their operations generally be'f'e
accomplished at figures which squared
their accounts, and In some Instances
showed profits. particularly In the cases
OF Central Leather and American Loco
motive. Eoth stocks moved into new
high ground. Ceo,ral Leather advancing
more than II points and American
Locomotive I points.
Buying of United states Steel was In
active volume. while in most depart
merts of the market trading was heavy.
although under tho great total In
Wednesdays operations. Business was
well distributed n it was representa-
tive of active public interest In the spec
ulation and OF heavy transactions for
the account OF Wall street. No sugges-
ton Of an immediate change appeared
in the movement Of prices. despite the
warnings heard In many houses that
trading was becoming altogether too wild
10 insure important advances without
the development Of a sharp reaction.
Technical conditions Of speculation are
not SO strong AZ they were a few days
ago. This fact. however. is causing no
loss Of sleep among the enthusiasts who
can see nothing ahead but an ua.niet-
rupted advance based upon the country 3
earnings and the easy position OF money.
Nevertheless many operators are con.
verting paper profits into cash.
In the last hour trading yesterday
this realizing Liquidation was heavy
without bringing about substantial re-
c~ess.ors from the high points. the chief
effect OF the movement being reflected
In irregular'ty. Commission houses re-
ported actual investment buying cf relt-
lively light proportions except In he
market for mortgage issues. hut they
found In the dcInaud for such stocks as
, United States Steel and Central Leather
evidence Of purchases by many persons
who are taking the stocks at their cur
rent advanced levels on III. theory thai
they will sell higher and that in the
meantime their Investment return 's 49,
sured. There II much OF this sort Of
short time investment under way.
Money was In great abundance and
loans. although heavy. were not large
enough 10 make an impression upon
the market to the extent Of developing
frmsr tendency IN rates. either for call
or time accommodation. In n further
decline ruhles featured the foreign ex-
change market. the movement. accord
ing 10 some foreign exchange men, be-
Ing due chiefly 20 speculative operations
IN London.