The Washington herald., 1916-11-19
In the World of Finance and Trade
Utah RISES 5 POINTS;
Other COPPER High
United States Steel Continues Flight.
Slump for Gulf States. I

CBy the International News Serviee.)
New York. Nov. 1s.-In view Of the wild
trading Wall Street has seen for the past
week. the bank statement today was
surprisingly good. The average state
ment showed a loss in surplus reserves
OF 80. 81. 40. an increase IN loans OF soo,-
$4,000 and an increase In demand deposits
of s5S,01s 900. The actual statement show
ed a decrease in surplus reserves OF
1881. .170, a decrease In loans Of s6,7O2.-
900. and a decrease in demand deposits
of ~. .993, 900.
Such a statement would seem impos-
sible, except for the fact that money
movements are now so heavy and SO
many are unreported as to upset all ordi-
nary calculations.
Trading in the coppers monopolized the
attention of the street. This was the re-
suit OF an announcement that the deal
Is about completed for merger for sew
eral OF the large copper companies. Utan
was the leader with a gross advance OF
s points. Inspiration, Kennecott and
Anaconda were traded IN heavily at high
record prices also. Chile Copper ana
bonds were both active at high levels.
CRANKY Copper also broke record. Cerre
de Pasco also moved to a high level
Prices at which the various stocks
would go into the new merger have not
been announced. but action OF the Chlle
bonds suggest that Chile Copper will PROB
ably go in at about 50. The Street Is
talking $50 for Utah.
United States Steel also made hign
record, and that other star performer.
Gulf States Steel. declined as fast as II
had gone up. Trading was so heavy
that the ticker was at all times ten min
utes behind the market and customers
were dealing in the dark. Reports were
received one and two points away from
expectations in many cases. The aston
ishing thing was the vast capacity OF the
market to absorb proht-taking sales:
More than a million shares were traded
IN. and the market was strong and buoy
ant up to the very close.
New York customers who sold out
early in the day repurchased toward the
end Of the session.
American Writing Paper preferred was
a record breaker. Its rise Is said to be
due largely to the fact that the company
has finally succeeded in producing GER
tain grades of paper for pEotographing
purposes formerly purchased exclusive
" in Germany.
In connection with the rise and fall of
Gulf States Steel II was said today that
the company has succeeded in producing
its products at the lowest price of any
company in America. 1t has practically
no fixed charges. Its present earnings
are at the rate of $50 a share and these
are growing constantly. Orders are on
hand that will make them well above
500 within three months. The increased
earnings will be due to the opening for
service of the new coke ovens for which
sl.OOH.O00 has been spent out OF current
earnings. The company will also soon
reach its vast ore deposits in the Birm-
Ilgham district through the half mile in
clined shaft. 1t is now buying ore, and
thus within a few months 1t will be not
only saving at least SIS ton on its pig
iron through use of its own ore, but II
will be making a largely increased outfit.