The Washington herald., 1916-11-03
BETHLEHEM HITS $40;
CRUCIBLE ALSO BOOMS
Heavy Copper Purehases-Nearly Two
and a Half Million Stock Shares
Change Hands.

CBy the International News serviee.l
New York. Nov. avail Street prob
ably dwelt in two and one half rnillion
shares of stock today. Business came in
such volume that brokers could not re-
port Il all on the ticker although they
did manage to get nearly two million
shares recorded. Steel was the leader
with q new high record and It was ac-
companied with American Locomotive,
Utah Copper and several other stocks In
the group OF phenomenal proft-makers.
Several specialties were woke up and
jumped to new high prices. notable
among these being Texas Land and
Bethlehem Steel
About the only excuse given for the
rise In prices and for the activity was
a growing belief in the election Of Hughes.
This was strengthened by a report which
found verihcation at the close Of the
day that President Wilson would attack
Wall Street In his speech at the Wal
dorf
the afternoon heavy profit taking
made his appearance. The selling Of
stocks also bore the appearance Of be-
ing directed by some shrewd profession
ala Aside from the excitement in steel,
coppers were the chief things talked
about Ray Consolidated Copper. which
has been dormant for years, moved up $S
a share. About all the floating supply
has been rounded up by one house. Utah
Copper was also moved to q new high
record and that stirred the whole copper
list. Reason for this activity In addi-
ton to the general reasons already know
was that price of the metal advanced
one-fourth of a cent a pound. A sale
of 100000 pounds to France was re-
ported. 1t was also said that the pro-
ducers expect to have only about 80. 900, 900
pounds more to sell before the first of
July. whereas the demand will be a quar-
ter of a billion
Heavy Copper Purchases.
These heavy purchases of copper
naturally suggest more business
Therefore Bethlehem Steel moved ur
OF $40. Crucible Steel was buoyant
in the morning as was ALSO American
Locomotive. Westinghouse, which has
been dormant for a week. gave a
good account of itself. American
Locomotive was said to be earning al
a rate that will give 1t above $50 a
share for the common stock for the
half year ending December 81.
For the last six weeks orders are
understood to have come to 1t 10 pei
cent In excess OF its capacity. For
the present fiscal year. which will end
July 80, 1917. earnings are estimated
at $50 a share. These figures may be
trifle exaggerated but they were re-
ported as coming from official sources
and they were not deniel Reports
also went undenied to the effect that
Westinghouse will have over $8,000.-
900 profit on its rifle contract after
scrapping the entire factory.
Among other reports that excited
traders was the statement of a Is per
cent stock dividend to be paid by
Continental Can in addition to an ad-
vance of l per cent in the regular
dividend. American Can, which has
been accumulated on a tremendous
scale for the last six months is said
to be on the verge OF a very important
upward movement. The stock is far
below its correct level as measured in
other stocks.
Directors of the International Mer-
camille Marine met and discussed divi-
dends but announced no action.
Today's land certificates called the
streets attention to the amazing
growth of wealth in Texas. With cot
ton around the 20-cent level Texas Is
the only State that has had about a
normal year. The State never. was SO
prosperous as now.
Insiders of the Rock Island Com
pany are discouraging the purchase
Of the stock but stocks and bonds OF
the railroads being organized are still
considered to be among the best pur-
chases.