The Washington herald., 1916-09-12
ENTHUSIASM REIGNS
AS MARKET CLOSES
New York List Strong. New Higher
Records Appearing.

CBy the International News SerVIeeo
New York, Sept. u.-AnOther session or
new higher records with Steel leading at
tracted more and more Of the public to
the market today. Starting strong, the
market grew more active and moved
higher as the end Of the day approached.
Last prices were made in the midst OF
great enthusiasm.
Late in the afternoon Wall Street bank
ers claimed to have reliable information
that the Republicans had carried Maine
by a substantial majority.
Many Of them began buying stocks i'm
mediately in the expectation that the
Mckinley year would be repeated, both
in politics and in the market.
Earnings reported were of a splendid
character. For instance, the Northern
Pacific showed a gain of 81. 100000 for July.
Earnings OF sixty-seven roads for July
were Sl6,OOOOOO greater in gross than for
July of last year and the net 5000 900
greater
All the little Steel stocks became ex-
cited. Republic and Sloss-Sheffield
moved UP sharply to new records, and
before the day closed had attracted a
large public following. Midvale Steel was
Cumulatively strong and closed at the
top price. Midvale was talked Of as fig
uring in a new merger. So was Railway
Spring.
Paper stocks of all descriptions went
still higher, but in some of them profit
taking made its appearance, as it did also
in the tire stocks. Kelly-Springfeld Tire
had attracted so much Of a following that
il was necessary to spread the report Of
inside selling to keep the public out OF 1t.
Bethlehem Steel began to look familiar
when It crossed $50 but General Motors
sold at so and thereby established anOth-
er high record. The high-priced stocks
kaV kN.n Dhaa n
One5 which Indicated that the very
strongest in this were putting the mar
ket up. The Texas Ill is being bought
again by the right people.
The rise in Great Northern Ore was
due entirely to the bUOyanCy of steel
shares in general for the company is
selling ore to the steel corporation just
the same as when it was under lease. A
legal and technical change has taken
place, but no actual one in relation to
those two companies. The law cannot
forbid a. gentlemen's agreement to carry
out a contract. That is why the govern
ment litigation against the steel CorpOr-
alton is going to fall even il II should
succeed in the court.
International Nickel, which has broken
under 20, some time ago as preliminary
to a big movement to new high prices,
has finally begun to show the influence
of the good buying that has persisted in
II all the way down. Industrial Alcohol
and Distillers are rising again after the
great aCCumulative campaign that shook
the public out of its shares.
In the Marines, new high records were
made by International preferred, in At
IantiC Gulf and West Indies and a new
top for the movement by CASTOR. Williams
and WigmOre. International Mercantile
marine stockholders will have a meet
ing on September % to adjust the fl
nanCes of that company. Some bankers
say that the common stock will be get
ting a dividend within a few months as
the result of deal now being worked
out
Railroads were quiet and some of the
railroad presidents were in the street but
could find nobody willing to listen to
their troubles. A sliding scale of wages