The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-09-29
lnAlGAMATEO AND :
STEEL TAKE LEAD
BOTH MOVE TO NEW HIGH
RECORDS FOR YEAR AND BOTH
CLOSE TOWARD Tor.
TRADERS ARE SELLING
---~
HANK POSITION rs STRONG AND
THERE Is NO REASON FOR ANY
APPREHENSION OF A MONEY
SQUEEZE
TRADERS ARE SELLING
sx THOMAS q. sHoTwELI..

NEW YORK, Sept. 2S.~-Steel ana
Amalgamated led n strong stock mar
ket today Both moved to new high
record prices for the year, and both
closed near the top. Their strength
toned up the entire market. and AL
though there was heavy profit-taking
the list held firm. The bank state
nent verified optimistic views of the
money situation. Buying of stocks
throughout the session was of the
best character. The trade conditions
are 10 strong that no fear is felt or
political developments.
In expectation of an irregular mar
ket for the coming week because or
the political disclosures that may
come many traders have been selling
the last few days, but their sales
have been well absorbed, and new
high records of Importance have been
established Money has gone as high
~ per cent for small loans, but
tho highest rate of the week on any
substantial amount of business was
per cent. that being charged yes
terday for loans to run over to- Mon
day. The bank position ia strong
. when the circumstances are consd-
cred. and there is no reason for any
apprehension OF a money squeeze
Next week will see the publication
OK Inc NGN N1Th AShN al Ssi i'Aht49
for August, and il liz known they
will be remarkably good. They Will
confirm ait the good tidtngs ct,fttAfed
in the reports published in the past
week by Union Pacific. Southern
Pacific. Atchison. Baltimore and ONO
and Reading. Stock OF New ork
Central began late in the week TO dis
count these earnings. hut II VIA take
months to discount the earnings OF
all the roads that are showing I'M
provenient.
Heavy frosts have made their ap-
rearaYace in the Northwest extending
dovvu into the corn belt, but the most
/. liberal estimate Of corn in danger
would not be larger than one nun
dred million bushels The harvest is
certain to be the greatest on record
and the weather Of the last three
weeks has Been SO good. tffsit even
the three billion Bushels expected
may be actually harvested Wheat
Weld In established beyond doubt
to be practically scven hundred mil
lion bushels, for threshing returns
are better than expected. Canada Is
doing equally well, SO that the crop
aftuation is all that could be desired
The only problem now ia 10 get the
crops to market
The steel business has continued TO
srow throughout the week, and earn
fngs are now so large that the fuIl
dividend is assured on the common
stock with Il material surplus at the
end OF the year. Orders on the DOCKS
have piled up to such an extent that
the year 1918 can hardly help being
a record breaker. Buying of steel
stocks has been of the best character,
and the character has improved as
the stock advanced.
The copper situation is sound ana
harmonious. except for the strike on
the Utah Copper properties That
strike carlSot interfere with business
in general, and must be settled soon.
The metal remains at high prices with
a good demand.
Many specialties have made new
records in the stock market the past
week prominent among them being
bethlehem Steel, Colorado Fuel, Re-
public Iron and Great Northern ore,
The material factors Of the mar
ket are all SO unusually strong that
II lis unnecessary to recount them at
this time Such a strong position
has not been seen since the corpora
tions made their appearance in Wall
Street The only uncertainty that
exists ls regarding political dis
closures when the congressional com
mittee puts leading men on the wit
ness stand and forces them To tell OF
campaign contributors.