Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-07-20
TEAP IN BETHLEHEM
STEEL ON BIG PROFITS
years Earnings Estimated at
40 Per Cent. on Common.
Freak in General Chemical.

uHw YORK, July 2O.--war speoialtles
~. given q rest in the trading on the
.,o.t Exchange today, and in their stead
81 standard railroad Issues, the inter-
.,,nnai ones in particular, and the COP
s we're brought out, showing the most
.avity and strength for some time past.
me switchlng Of interest to these Sc
.,siftss was very encouraging and help.
~ factor from a market point of view.
IN. war specialties again today showed
tagging tendency, with another down
rd tumble in Crucible Steel at the
.asnlnR. the drop being 2% points, and
FINALLY all OF this was regained before
-i5dav. The market, as a whole, started
IA with n show of weakness, and II was
Ia until well on toward noon that
.r,nrth developed in the rails and cop
pws.
- Yesterday. There did not appear to
= many orders on hand. and for the
rest part watchful waiting policy was
4 evdenoe The Cabinet meeting in the
mornlng. at which the rough draft of
~ reply to Germany was discussed, con-
osrned the Street great deal. Nervous
5sss over the labor troubles experienced
NJ some of the Munitions works was
sacrbed as a reason for the tagging
le1dency in the war specialtles
a the European liquidation over? The
strength in the railroad Issues would
.aem TO indicate that 1t is, for the moment
a least Judging from the tape, selling
rom abroad in the form OF forward
snles in the last few days has showed
marked falling off, and in the early
hours today no sales of this character
appeared.
Advances in the coppers ranged from a
ffactlon TO over a point, the largest gain
being In Amalgamated Copper and in the
5anroads it was about the same, the
toalers, Lehigh Valley and Reading being
notably otsnrg. U. S. Steel remained
ARA Very little attention was paid by the
street to the probability Of an appeal by
the Government from the decision of the
Supreme Court in the antitrust suit, in
view Of the Improvement in the trade
The feature of the afternoon session
vas squirt in Bethlehem Steel to
snother new high record of 1854, UP 10h
points for the day. 1t did not hold all Of
lis advance, however. There was re a
hyely more activity in the war specialties
than during the morning. but the rail-
roads continued to hold the centre OF
the stage A little OF the advance in
the coppers was Topped off From the
last previous sale there was a break of
nk points IN General Chemical. There
vas another spurt in Bethlehem before
the close which carried it to 1884, up
iyA points. Coppers eased off from the
high. The market closed irregular.
TO account Tor the sharp advance in
Bethlehem 1t was said that the profits in
the first half of the current year were
in excess of s6,OO0,OO0. This is after in
terest and all other charges, excepting
depreciation, have been deducted. 1t is
pointed out that this estimate was con-
servative. Judging from this the sur
plus available for dividends on the COM
mon stock in the first half of the year
was equal to between 30 and 35 per cent.
In the previous year 3O.59 was earned OH
the common. Some people in the Street
estimated tnat the earnings on the COM
mon for the full year would be about 30
per cent or more.