Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-12-24
for record production during the

for record-breaking production during the
year 1912, but at prices which will yield
only small profit, comparatively speaking,
with 100000 tons capacity still idle.
Until the limit of production is reached
1t seems unlikely that the makers of steel
will realize anything like the old-time
fabulous returns on their investment The
steel trust Is So situated that it can
make money while the independent COM
petitors will be hardly able to keep their
heads above water For these and other
reasons careful spectators are not en-
thusiastic over steel stocks at this writ
ing. Enthusiasts continue to feel bullish
on United States Steel, believing that un-
der no possible circumstances can it fail
to earn enough money to maintain the
per cent divided on the common, although
the enormous appropriations that have
been made In the past for improvements,
as we'll as the overgenerous allowance
for depreciation, may be pinched down
into small figures for the next year or
two.
They are having quite joking time at
the expense of Mr.. Frick, who is reputed
to have bought colossal lines of stee
common, taking on all ne can and being
apparetly bent on paying the highest pos
sible prices. They have ii that he is
going to Egypt for years sojourn and
capital stock as he can carry away with
him, for fear the market will boom out
of sight while he is away from instan-
taneous communication with Wall street.
- Splendid Chance to Rest.
1t would be just like heavy capitalist
Of the Prick type to go away on a pro-
tracted vacation. Juggling an immense
speculative account Such a proceeding
would insure a gentleman complete rest
from the cares of business, and that is
LN,ta ic for
cording to his intimates. He could rest
better in the shadows of the pyramids if
he could only take with him three
four trunks full of certificates of steel
common and leave behind him a marginal
account of million shares or theraDoutS.
If he has bought anywhere near as much
steel as reputed day by day he must
have at least that much on the books
of his brokers.
1t is Altogether probable that Mr. Frick
has been billboarded too much by the
bull element. When he takes a position
he Is always very strong, but he has
never been accused of stock market ia
naticism upon any single propos ton 1t
is more than likely that he is one of the
insiders who have really taken the selling
SIDE on the bulge, hav ng loaded up on
the break to so cents and the subsequent
quick rise to 60.
toward the stock market, it may be men
toned that accord ng to a compilation in
one of the financial papers of Wall street
the number of stockholders in about 800
corporatins has increased $4,000 with Il
the last six months. The increase has
been largely in the standard dividend
paving stocks, although the numerical
strength of shareholders in speculative
issues seems to have undergone no re-
duction. The public appear TO be as
friendly to ;ndustrials as to railroads.
The great industrial combinations have
gone through long and trying test with
full measure of success in a majority
of cases. They have gained the con-
fidence of investors in all parts of tne
world