The Washington herald., 1916-09-26
Steel REACHES l2O;
ANACONDA HITS lO2
WaIH Street Experiences Liveliest Day
in Ten Years.
CBy the international News serviee.l

CBy the International News seryIce.l
New York, Sept. 3.-walpl Street his
torians had to go back ten years to md
a day equal to today's session in the
Street. Trading was in excess OF tive
million shares. and counting odd lots and
curb business unquestionably ran above
three million. Such was the confusion
that no two statisticians agreed on the
count
In most of the exchange houses clerks
were working until midnight. getting
ready for tomorrow,s business.
A score Of new high records were made,
but Of 221 stocks traded in on the ex-
change ten leaders furnished nearly a
third Of the transactions Steel set the
pace early in the day, by opening with
5000 shares in a single block from III
to IA In about an hour It touched 10.
This was a new high record. Its per-
formance was Immediately duplicated BY
Anaconda, with a jump to 1o2; by smelt-
ers, which sold up to III. and by other
copper stocks Of the list establishing it.
self in a new high price.
In the afternoon railroads woke up
under leadership Of Reading. Erie and
Union Pacific. Reading sold at lis IA,
which is a new high record. and Union
Pacific at 14s - the highest prize this
year.
Just before the close heavy selling of
steel under leadership Of a professional
market carried the price down points
IN as many minutes. This decline started
selling everywhere. Reactions OF from
? to 8 points were seen. The market
closed irregular with many stocks show
ing net losses for the day.
August Exports Large.
The United States government con-
tFibutsd TO the optimism OF the day by
haf haH Fnr
the first time on record gone above $780,
10000 for single month. Imports to this
country in August were such as to leave
4 balance of trade in favor of the United
States Of about $40, Ooo, 900. For the twelve
months ending August 81 the balance OF
trade on direct imports and exports ia
vors this country to the extent of 81
800, ,0Oo,o 900. In that time there has been
imported S4l0OoO,0o0 OF gold. Since the
war began gold Importation amounts to
about $50 600, 900
At the high price of 100 today steel was
selling for exactly double its current rate
Of earnings. Industrials are usually con-
sidered cheap when they sell at ten times
their current earning rate.
Back OF the copper move, Of course, is
the sale Of sl25. .Ooo 900 worth of copper to
the allies Now IL Is understood that
half that muen more 10 wanted. In order
to supply all this metal every copper
company in America will be called on for
all It can furnish up to the middle OF
next year. Thus, II the coppers neglected
to make new high records In today's mar
ket they will have their day in the near
future. Anaconda is expected to increase
its dividend TO 80 at the next dividend.
The same dividend is expected to come
on Inspiration either on the next declara-
ton or the one following
The enormous sales OF cOpper and steel
can only mean greater orders for the
munition companies and the extra tonnage
for the railroads Therefore, holders OF
rails and marines need only exercise
patience to be counted as lucky as the
copper and steel shareholders were to-
Say. Even the motors are taking on a
lsw lease Of life.