The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-09-24
ST[El'S UPWARD SWING
STILL IN PROGRESS
Reaches 1fs Ia, Carrying Other Ia
Issues Along With II to New
High Records.
PUBLIC rs IN THE MARKET.
Large Amount OF Investment Buying
In Evidence, notwithstanding Ris-
Ing Priccs-Salc OF SI25,00o. 600
Worth of Copper Formally Cosed.
BY BROADAN WALL.

New York, Sept es--At the close
OF the most active Saturday session In
more than eight years, with large
stocks making new high records. the
banks issued a statement showing
that at the close of business Friday
night the actual surplus was s2e.-
1e5.is0 greater than on thu previous
Friday evening The actual loans
were increased sl4.255,0oo. and net
demand deposits increased $40, lo7,-
coo.
The loans were $4,000 greater
and the net demand De Fesits were Ia
creased $50. $50 900
Street Full of Gold.
There is so much gold In Wall
Street Just now and such an extreme
surplus of money of all kinds, and
credi: is so mobile that the bank
statement means hardly anything.
what little meaning there is in II
shows that there has been great
increase Of marginal buying OF stocks,
bat still greater investment buying
as the week progressed. Brokers
loans have not increased as rapidly
as the net demand deposits
That the public Is present IN the
market is made evident by other signs.
among which is the continuous IN
regardless Of rising quotations The
public has finally discovered that
stocks are cheap for they really are
cheap even after their sharp advance.
Steel Stiil Advances.
Steef's new high record price made
today was III Ia. This is an ad
vance Of ten points In the last week.
or measured IN money, more than
$50 eee. 600 added 70 the valuation OF
the common stock. The stock has ad-
vanced th!rty-one points since pubh-
cation OF the grea. quarterly report.
Tbs means that II has added about
sf6s. eco 600 10 it's market valuation.
This last sum Is not equal TO the
earnings for the last half year.
II Is reliably reported that the
United States Steel Corporation now
has orders running into 1917 at the
average prices, which means better
than this even should the war end.
Naturally. the other steois were
strong, but the big stock monopnlized
public attention, Anaconda. which Is
to the copper industry what United
States Steel is to the iron industry.
also made a new high record. selling
at IS rs. Inspiration, the new giant
in the copper group. also made a new
high record by selling at IS IA.
Records were made by Utah Cop
per. International Nickel, Central
Leather and Shelters Cruclbie Steel
was well bought again. but showed
loss in the later dealings,
Maxwell Motors made a good rec
ord. The stock acts as thought II
were pyramided. There is but a
small issue OF II. but men have made
vast fortunes In It. 1t is reported thai
they are In a humor to deal more.
Ssutz was another motor Issue thai
was active. The people OF Stutz made
millions in Bethlehem Steel. Their
bidding for public favor was coupled
with rumors OF dividend soon.
International Paper earnings are
growing even yet and they are now
big enough to pay off the accumulated
back dividends ip the coming year
International Nickel continues to be
well bought. although the pool dis
likes the publicity given to its plan.
In the market. The same Is true Of
Railway Steel Springs. but the deaI
in this company will not be halted for
that reason.
General Electric is making phe.
nomenal earnings, but it's officers are
afraid of a strike in the company's
works.
600. 900 pounds Of copper for the al
lies was -early announced, 1t cos
about sl25. 100000. 1t will be de.
livered in the first six months OF 1917
and all the big producers share In 1t