The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-09-30
STEEL AGAIN MAKES
ANOTHER NIGH RECORD
With IL In Cunning For
the Top.
PURILo MUCH IN RUNNING
Rtpley's Doleful wailing, Due 20 Ad-
amson Law, Encourages Rail Buy
ers, as He Is Always Wrong in His
Prophecies.
BY RROADAN WALL.

New York Sept 29.--Cn!ted States
Steel made another new high record
price today IN wall Street, and aIl the
little steels climbed nightly. Gains
OF three five and SIX points were COM
mon. Trading approached The 2,oo0,-
GOO share volume, and the day was
very satisfactory from a constructive
point OF view. Many new public &C
counts were opened, and although
professionals took profits literally. the
stock held firm.
In the early trading railway equip
ment shares OF all descriptions were
prominent They opened IN some
cAses as much as three points above
the closing OF the previous day.
Among the most active were Railway
Steel Springs, American Car and
Foundry. Prsased Steel Car and Amer
lean Locomotive. The new high rec
ords for the movement thus estab-
1ished were improved from time to
time during the day Nobody asked
reasons for the movement, because 1t
Is now so well understood that the
companies are making anywhere from
20 to rs per cent on their common
stock
American Can Company Wise
American Can, which has been
quiet, showed some signs of activity
when 1t advanced TO the high record
price established last spring Shortly
after II did this, official announcement
was made of IL per cent advance
In the price OF its output. The Can
Company provided itself with raw ma
teriai year ago to last II through the
boom days now being experienced. An
officer of the company recently said
that at the present price of tin the
company could make more selling the
raw material on hand than In making
cans. The increase in the price of
cans. therefore. is a natural result OF
trade conditions The company is
also making shells to the satisfaction
OF the allies, and millions of profit
are pil!ng UP on that account
A feature of the day was the search
ing out and bringing forward OF
stocks but little traded in. Cast Iron
PIPE was one OF the dead ones dug
up today at a material advance over
the previous quotation. General Flee
trio, which has been a favorite among
traders who look for neglected bar
gains. continued to do well
Ripley n False Prophet
Rails were quiet. but the buying OF
them is OF the best kind President
Ripley. of the Atchison, is the victim
OF much good-natured criticism be-
plight OF the railroads The only
trouble with the railroads Just now
rs that they are unable to appreciate
their own prosperity,
MT Ripley has an unbroken record
as false prophet. In every critical
period he has been prominent with
MS doiefnl talk. and In every case he
has been wrong. The Street is there
fore very much encouraged by his
present wailing
Or course, # The railroads are going
to buy equipment heavily at present
prices, their money will not 20 far.
but the industrials are showing them
the way by paying off all obligations
and refusing TO incur new ones except
Where urgent necessity demands
win Pay All Debts
Westinghouse, Car Foundry. Cen |
eral Electric. Baldwin and a long list
OF prosperous concerns viii not dis
tribute war profits until every debt /
that II Is possible to pay off Is paid |
New York Air Brake. which has more
money than debts. is going so far as
To invest its surplus as reserve to pro- I
tect It's dividends for the future. Re |
publican Iron, which has been a star
performer this week. has laid away
so much money that. according to an
officer who was quoted today, it could /
hquidate and pay $l21 a share TO the
common stockholders
So the railroads are learning wis
dom and refusing to purchase eu,ltp-
ment until the stock now In use il |
about 10 fall 10 pieces. 1t is getting
close to that condition. and the car
equipment companies are to receive
big orders in the next few-weeks- I
Coppers were quiet. but in conner
headquarters 1t was noised about that
taey would nave their turn again In
the near future.
Anaconda has not reached the high
price decided upon for It, and II viii
iead The whole group in q new upward
surge before long
New York Markets.
New York. Sent 2a-Thn xtrnrrAh