The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-09-29
UNDER STEEl'S LEAD
MARKET HOLDS STRONG
Republic iron and Steel Was Star
Performer, Due to Its Large
Earnings.
OIL SECURITIES ACTIVE
Standard OIL Has New Valuation,
Reaching Almost Two Billions OF
DoIIarS-Narfnc To Ic Handed over
to Owners Today.
Ry RROADAN WALL.

New YORK. Sept 2S.-Act!on ~ the
stock market today observed every
one Of the old-ttr-e conventions II
opened strong turned weak ana then
under the leadership of Steel went
roaring up 20 new h.rh records 3n
several quarters although Steci ifse
did not make record The close WAS
highly irregular The new highs
made in Requbh, IRON and Steel, In
SEPARATION Copper and ohio cities Gas.
together with those If the oil group.
were enough 10 incite public buy
ing.
Republic Iron ana steel was the
star performer = rose - gross
and held most % 4 This Is II rise
of about twelve points IN two days.
II is based on knowledge that the
company is earning az the rate % at
seas- $50 a share on its com n on
stock. That stock pays no dividend.
but only a resolution ~ the directors
il now necessary - make II reat
investment issue Republic. in com
mon with other Of the smaller con-
Germs. is profting F~om the condition
of United states Steel which is filed
up 20 the end Of 1917 and can &C
cept TO orders
Wall Street was ~77rcl1 disappointed
when the Inspiration directors de
clareG ONLY the regular 81 a share
dividend for the quarter. A ten per
cent rate had been expected.
4 New Record stock
Ohio Cities Gas. the other record
breaker, was traded in on the FIX
change for the first time having been
on the curb for some months. Ii has
q production Of 5000 barrels OF high
grade petrOle11T1l daily
Activity Of United States Steel re-
vived the whole list Following in
its wake. American Can rose two
points and almost persuaded the
street that the long-awaited day OF
activity in that issue was at hand
The Can people, however, are more
interested Just now In Republic and
what was done in that issue Is a
sample of what Can Will surely dc
some of these DAYS
Motor stocks were active also. The
pool in WHY'S Overland did effective
work, advancing the prices about two
points, General Motors went up ter
points to the previous high record Of
$3.50 a share
Standard Subsidiaries Active.
Oils, and particularly those tina
formerly constituted the Standart
OIL Company, have been extremel'
active and new high records hav
made. The other Standard OIL stock
that is, the securities representing Il
have been held together and biocke
by most of the Standard OIL insider,
were selling today at the cqutvalen
OF $4,000 a share. This means tina
the Standard Oil Company now ha
. valuation of si.966.Ts6, 900
Tomorrow is the day for turnin-
over property of the Tnternationa
Mercantile Marine Company to tn
stockholders, Buying OF the prefer
red stock in particular was good to
day and insiders adopted successfu
methods of breaking II down Will
buying. The dispute said 70 have OK
listed between the common and pre-
ferred share olders has been dispose
Of through the purchase by the pre-
ferred stock holders of large block
of the common. The two groups ar
now identical. SO far as influence
concerned
II is expected. therefore. there wi
be a quick adjustment of back div
fdends Nothings in regard to div
tdends will. OF course, he done 10
morrow. for routine matters relatin
to the reorganization VIII take som