The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-09-10
I||ftl RISES AGAIN
TO NEW HIGH RECORD
Money Appears So Plentiful That
Little Attention Is Paid
Statements.
ACTIVE DAY IN WALL STREET
Next 10 United States and Other
Stcels, Marine Issues Attract In
tsacst-Many Orders Indicate Big
Opening.
By RRoADAN WALL.

New York. Sept, AT the close OF
IN active session In which United
States Steel distinguished itself by
rising to the new high record OF l"s Z .
the banks announced that actual sur
plus at the close OF business Friday
night was s2s.o2s.o7e less than the
previous week, Loans were greater
by $Is.sss. coo and demand deposits
less than slos.sss,ooo. The average
statement showed a loss of s423oS. $50
in surplus reserves. a gain of s54,-
$4,000 in loans and "A gain Of s20.-
sss.ooo in demand deposits Money
In plentiful and friendship Of the
banking fraternity for the stock mar
ket is so evident that little attention
10 being paid 10 bank statements
Money will be furnished for every
purpose.
Steel was traded in the last hour
by what looked to he at least "a third
Of the brokers on the floor. The wild
est excitement prevailed at the steel
post and the stock shot up points
In the last few minutes closing nearly
1T the top This advance was caused
by disclosure through director or the
fact that the orders were coming in
faster than they could be nled. AZ
ter the market closed, this report was
confirmed. the figures showing an In
crease of es,7sS tons In untitled orders
as compared with month ago Based
on these figures. the estimate of sixty
per cent earned for steel common In
1916 seems very conservative.
Other steel corporations are doing
as well, Even Gulf States Steel. which
a few years ago did nothing but ruin
persons who touched It. is making n
remarkable showing. The figures to
he nnbit sh I'D ahgW
above forty per cent earned on the
common stock. Liberal dividends VIII
come matter OF course.
Marine stocks Hun HigA.
Aside from the steels marine stocks
are making a remarkable showing Just
now New high records In them are
Of almost daily occurrence. Today's
record WAS made by Atlantic- Gulf and
West Indies when II touched So Gas
ton. Williams Il WiEmore also distin-
gushed itself These stocks are be
ing bought because tremendous earn
ings Of the steel companies are due
largely TO foreign orders and the ships
must carry the stuff
The merger Of Butte Copper with
American Zinc will apparently do bet
ter for the latter than the former.
II is barely possible that the new pre-
ferred stock OF the American Zinc may
be retired In the course OF this mer-
ger This lis the stock that Was is
sued as 81 per cent dividend few
months ago.
American writing Paper preferred.
which a pool has been accommodating
for several months. made d new high
record. as did also International Paper
stocks and Union Bag and Paper.
Reading also made "a new high record
and accord with the advance Of this
stock 1t is now reported that the
railroad people have had new Wis
Ion In regard to their properties They
believe that the government has in
volved itself to such an extent that
IT viii be compelled to regulate not
only rates, but labor itself. That be
Ing the case they see greater profits
In railroad management than ever be
fore--perhaps not bonanza profits but
continuously large ones. Therefore
they are frowniug on the idea OF gov
eminent ownership and are entering
into a wholesoled campaign In rail-
road stocks confident that the COM
panies Will get a square deal
The volume Of public orders being
placed insures a big opening Monday
morning. for the professionals know
that II the market does not react the
public will begin to buy anyhow
Therefore higher market must he
expected.