The Washington herald., 1916-09-13
GENERAL MOTORS
ADVANCES TO 642
New Highs Recorded as Enthusiasm
Sweeps Street"

CBy the International News serviee0
New York, Sept 1s.-Professionsl traders
went to Wall Street today with the idea
Of discounting the good news from Maine
according to the time-honored rule OF
the Street. They were surprised To ind
that most people in Wall Street were
more anxious to buy than to sell. The
result was another long list OF new high
records. General Motors, which sold at
plain 81 as at the beginning Of the war.
advanced today 81 points to the new high
record OF s42. Bethlehem Steel, which
sold at y 1-2 when the war began, added
q 1-2 points today and sold at 50 l-A
More modest gains were made In other
directions.
Earning reports were Issued BY various
companies that justified all that was done
and more. Wall Street Is getting tired OF
figures and beginning to pay attention 70
the human interest side OF the market
Although today was the twelfth million
share day. persons in close touch with
what is going on In the street believe the
market IL just getting well started.
OF the reports that interfered with the
reaction. those Of the American Smelling
Comapny were the most provoking. for
they seemed to show that the company
K earning at the rate Of more than 30
per cent annually. The stock went to lOs
This is the highest hgure for many
months. Copper shares were not active,
but traders who sold found plenty Of
buying orders In the market. The allies
are stln dickerins for the big block Of
metal and they must have It soon. The
coppers can earn whatever they please
this winter, for il is merely a matter Of
conscience what they charge for the
metal wanted by Europe.
MidtaIe Earnings AIIurins.
OF the earnings rumored but not re-
ported, those Of Midvale Steel were most
aIlurinE c. NJ schwab, head Of Bethle-
hem and W. B Corey. head Of Midvale,
are both Carnegie boys. The Street hears
that Schwab Is turning over to Midvale
some very important orders that he is
una Bile to handle at Bethlehem. Report
does not specify whether Schwab has
any interest in Midvale, but he probably
has Furthermore, it Is reported that Re-
public Iron and Steel. and Railway Steel
Springs. are wanted to round out the
Midvale concern. No official information
is forthcoming in regard to these rumors.
but they are believed in good quarters,
and the buying Of the various stocks
suggests something more than mere man
ipulative news.
American NICKEL continued Inc huNAnCc
begun a few days ago under official
auspices. The recent shske-out has left
the insiders without the handicap OF a
public following. The company Is max
ing more money and has more orders on
its books than ever in It's history before.
Wealth Of the country IL increasing at
such a fabulous rate that Wall Street
wants substantial business men in charge
Of the government and therefore is pleas
ed at the evidence presented by Maine
Of the sentiments OF independent voters.
Wall Street is not afraid Of Wilson but
It proposes to go ahead now and cele-
crate the election Of Hughes and q Re-
publican Congress.
Furthermore, Wall Street believes the
eizht-hour day recently enacted into law.
made many votes for the Republicans in
Maine. for high finance Is firm in its
belief that regardless Of the Justice or
injustice of the e'Ebt-hour day, tho
method OF establishing It was a blow at
good government
Any reaction that may by accident
come in the market will find thousands
Of buying orders waiting Just under the
current level and it must therefore be
purely temporary.