Evening star., 1916-09-25
NEW HIGH RECORD
!. FOR STEEL COMMON
Hits 120, a Jump of Three
Points From Saturdays
Top Notch. 4
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, September 25.-Steel
common made new high record on the
New York Stock Exchange today, reach
ing 120 midway in~the second hour OF
the morning. a jump of three points
from the closing at III Saturday.
On the stock exchange the wildes,
excitement prevailed. with the interest
centered in Steel common, the copper
shares and some of the motors. to the
neglect of the old standard rails.
The public was in the market, fairly
running away with its favorite specula-
tive and investment securities. There
is talk of $50 a share for Steel in the
not distant future. and those who make
the prediction seem to believe it.
Steel Orders Turned Down.
The Wall street market always goes
with the tide. Just now the inflow to-
ward higher levels is a rushing flood.
Orders for steel are being turned
down. Demand for the metal for con-
tracts on munitions is unprecedented
War orders go begging, even with as
surance of large orders. Owners OF
steel mills are hoping against hope that
the railroads of the country will not re-
quire any large amount OF rails, so ur-
gent is the foreign demand for steel
products.
Brokers' Offices in and out of the
financial district have been crowded
from morning to night. No one seemed
to care anything about the strike, the
market was the whole thing.
Shout Greets Opening Price.
When Steel started at 11s today
there was a wild shout which was
equaled only when the tape told this
story: steel common, 11SA; 500 at 5s
1000 at u, 5000 at 49," the action TAX
ing less time than the reading of the
quoted matter.
And then came the widest moment of
all on change and in the brokers'
Offices when 120 was reached, with
enormous trading, for this was the
point many buyers had. selected as the
right place to take profits. The selling
was so fast that the price again was
off fractionally.
Market Gradually Eases Off.
On this selling the market gradually
eased off to 11S% for Steel. where it
hour of the afternoon.
Earnings OF the steel corporation,
according to the best estimates obtain
able, for the quarter ending September
80, are placed at $9s,0oo.0O0. If this
estimate is reached it will mean that
the profits of the corporation are equal
to $50 a share on the common stock
All the activity of the exchange was
not confined to Steel common. although
a larger percentage of interest was
displayed here than elsewhere in the
list.
The activity was something ter
mendous, in the first hour $4,000
shares, all told. were sold: up to noon
the sales We're more than 1,O00, 900
shares, and up to l o'clock this after
noon the sale of 1,554,2O0 shares indi-
eating that more than 100000 shares
would be the total sales for the day.
Elsewhere in the market copper,
smelling, Central Leather and minor
steel stocks showed large speculative
interest and average gains Of two to
three points.
In the meantime the standard rails,
favorites in nearly every big, broad
investment market Wall street has
witnessed, were more neglected than
usual. with disposition toward weak
ness in the midst of much strength.
After the first hour of the afternoon
Steel common became more quiet, occa-
sional 100 and 200 share lots selling, where
morning transactions had been In thou
sands The price for the second hour Of
the afternoon remained around 118N.
Shortly after l o'clock the railroads,