The Washington herald., 1916-09-15
BETHLEHEM ADVANCES
25POINTS in A DAY
General Motors Jumps to 750-U. S.
Steel Reaches l07.

CBy the International News serviee.)
New York, Sept lL-Stocks closed in
the midst Of a moderate reaction today
IN Wall Street after another lively ses-
sion in which numerous new high rec
ords were made. The volume Of trading
reached nearly 100000 shares. The pub
lie was present In large numbers, but
most of the trading was done by profes-
sionaIs and particularly by big operators,
who, before this year, always traded in
London or Paris.
So great has been the advance in the
market that some Of the popular Ameri-
can securities are selling at from two
to three times what they will earn this
year Steel is selling at almost double
this years earnings.
Bethlehem Steel. which Is caring about
81 a day net on every share Of its stock,
advanced 3 points, thereby discounting
its earnings for twenty-five days. Cen
eral Motors sold at the unparalleled price
Of $50 a share, a price never before
touched by any stock on the New YORK
exchange, except by Northern Pacific in
the panic Of 1901 United States Steel
sold at the new high record price Of 107.
Other steel shares were relatively strong.
New records were made by Republic and
LaCkawanna, both Of which are earning
ut the greatest rate in their history. Gulf
State Steel advanced s. a share to new
high record. when an initial dividend was
announced at the rate OF per cent
Crucibie Steel and Midvale, which are
really munitions concerns under present
conditions. made new high records for
the movement. So did American Loco
motive and Baldwin. Car Foundry,
American Can and Railway Steel Springs
were all we'll purchased. Colorado Fuel
which has many a wreck in its record
sold at high level before the reaction
Of he ca rrfed n hack
Industrial Alcohol Leads.
Among the liquid munitions stocks, In
dustrial Alcohol was the leader, but the
buying Of that and Distillers suggested
action soon to come for that class OF
shares Linseed may be depended on to
give a good account Of itself in the near
future. as may also American Beet Sugar
and Cuba Cane. Acme Tea, which by
reason Of its alphabetical good luck is
at the head Of the list in Wall Street,
justified its position there by selling to-
day at the highest price ever touched:
Motors were excited over the action Ct
General Motors. Studebaker. which has
sold under l2O since it touched 1876 last
year. had a sharp recovery on the pub
Iication Of the pesumably astounding in
formation that II is earning s35 share.
These earnings include no war orders,
so il is said.
-IOppeTS DID nOInhS renlaTkaDle' DuL
their owners were patient. for most OF
them are selling far under not only their
speculative but their intrinsic value.
Late in the day grain had a wide open
break on a rumOr that President Wilson
had declared an embargo against the
shipment Of wheat. AS the Constitu-
ton OF the United States gives Congress
the exclusive right to declare embargoes.
and as Congress Is not in session, the
traders who circulated the rumor took
care to release # only a few minutes
Eefore the close. Even then there was
time for the market to recover and mate
rally from the break OF cents It
caused.