The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-09-15
NAIL STREET FAIRLY
CRAZY ON PRICES
g0w HIGH Marks Made and Volume
Ia Of Trading Reaches Two
Million shares.
STEEL GOES TO NEW TOP, io7
General Motors Reaches Almost IN
pas~ucaed Price of $3.50 a share.
T1ckssezs Spread False Rurnor OF
Wheat Embargo.
Ry RROADAN WALL.

New York Sept, I4.--Stocks closed
: IN a midS of a reaction in wall
Street. after another lively session in
which numerous high records were
made. The volume OF trading reach
ed nearly two million shares. the
public was present IN large numbers
bu, most of the trading was done hN
professionals and particularly by bis
operators who before this year al
ways traded in London or Paris
Persons unfamiliar with the mar
ket were utterly unprepared for the
record prices that TO well Informed
traders and others are being record
ed as a matter OF routine. and re-
corded very tardily at that.
So great has been the advance IN
the market that some OF the popular
American securities are selling AT
from two TO three times what they
will earn this year Steel IS selling
at almost double this years earn
ings. In ordinary times stock Is
expected TO sell from 10 to 20 times
what II earns in one year. Therefore
the statement may be made conserva-
lively that the advance in the stock
market at which so many persons ex-
pressed surprise Is really a quite hum
drum movement which Is tust begin
ming 20 discount the big earnings
brought about by N" war.
Earning a Daily Wage.
bethlehem steel. which IS earning
about s. q day net on every share
Of its stock. advanced % points.
thereby discourtiug its earnings for
twenty-five DAYS General Motors
sold az the unparalleled price OF $7"p
a share a price never before touched
by any stock on the New York EX
t,..N 81
the panic OF 1901. United States
Steel sold AT the new high record
price Of Io-.
Other steel shares were relatively
strong. New records were made by
Republic and I-ackawanna, both ot
which are earning at the greatest rate
In their history. Gulf State Stee. ad-
vanced S. a share to new high rec
ord. when an initial dividend was an
nounced at the rate OF per cent.
Crucible Steel and Mldvale which
are really munitions concerns under
present conditions. made now high
records for the movement; go did
American Locomotive and Baldwin.
Car Foundry, American Can and Rail
way Steel Springs were nil well pur-
chased Colorado Fuel, which has
snany a wreck IN its record. sold at
a high level before the reaction OF
the afternoon carried It back.
Among the liquid muniton stocks
Industrial Alcohol WAS the leader,
but the buying Of that and Dtsttners
suggested action soon to como for
that class Of shares Linseed may be
depended on to give IA good account
OF itself in the near future as may
also American Beet Sugar and Cuba
Cane. Acme Tea. which by reason
4 of it's alpha hetical good luck is al
D the head of the list in Wall Street
justified its position there by selling
today at the highest price ever
touched
Motors Excited.
Motors were excited oyer the ac-
ton OF General Motors. Studebaker,
which has sold under 100 since II
touched 1875 last year. had a sharp
recovery on the publication Of the
presumably astounding information
that II is earning s35 a share. These
earnings include two war orders, 81
IL is said,
+. Coppers did nothing remarkable
but their owners were patient fol
most of them are selling far under
not only their speculative but their
intrinsic value.
In view OF the great earnings Of
the industrials of every description
1t was no wonder that traders did
not lose sight OF the Marine stocks
and the rails for these profits cannot
be realized until after the stun is sent
to market The rails and the Ma
rines are absolutely sure Of the share
Of the big earnings Therefore il
was no surprise 70 see new high rec
ords for International Mercantile Ma
rine, .Atlagtic Gulf and West Indies
with good buying Of all the Marine
list and record prices for Reading and
Union Pacific Readings high OF 10.
day is the highest in the history OF
the company.
4 Sharpcr's Trick.
Late in the day grain had p wide
open break on rumor that Presi-
dent Wilson had declared an embargo
against the shipment Of wheat A
: the Constitution Of the nttei States
gives Congress the exclusive right 10
declare enbargoes. and as Congress
is not in session the traders who
circulated the rumor took care t
release IL only few minutes before
the close. Even then there was time
for the market 70 recover materially
from the break Of cents II caused
Stocks, grain and cotton closed the
day strong intrinsically and techni-
cally and much better off for the
FURRY OF protit-taking
Nexr York Money Narlyn@