The sun., 1916-08-22
STEEL SELLS AT 90;
NEW RECORD PRICE
Common on Transactions of
169, 300 Shares Goes 1-8 Be-
yOnd Previous High.
OPENING FIGURE Is 81 1-2
Wave Of Buying Wiping Out
1909 Mark Is Greeted With
Cheers on Exchange.

United States steel common. market
leader and speculative favorite, sold w
TO . new high record price of 95 yester-
DAY. This Is an advance OF - Of a point
over the previous high record OF 94E.
which had stood as the top for Steel
since 1903. The new high price was ac-
complished OF a wave OF buying which
wal counted in thousand rather than
hundred share lots. and came just az the
stock market was closing.
A big drive In the stock vas started
ebout q week ago when Steel was selling
~ around rs. ON hat day II advanced
y point, and closed at Ss%. ON Tues
Gay IL was boosted n Of a point, while
on Wednesday II really began TO get into
It's stride and closed at 9OA. up IN
points. Thursday II closed at 92L. up
IN points. thereby exceiling the 1910
record price Of 81. Friday Il closed at
eix on a wave of profit taking. Satur-
trading for the week Amounted to 50I.6O
shares.
steel opened yesterday at oli5, sell.
sng back to Din. but from there on
Traders hardly gave the stock a rest no
eager were they to get II into new high
Ground. Yesterdays trading In II
to ls9,3o0 shares.
II 10 doubtful II m other happening
could have brought more Joy to Wall
street h a to see steel break all pre-
vous records for high prices. The new
TOP was saluted with volleys OF cheers
eoth on the Stock Exchange and on the
Consolidated Stock Exchange. AZ a
matter Of fact IL reached it's new hieh
on the little board first. selling there at
ss. while It was still quoted at siS on
the big board.
In 1915 Steel sold ms low as 3s under
the official minimum then In effect on
the Stock Exchange. though sales were
said to have been made In what was then
known as the gutter market at As low
A. 80.
In 1914 the corporation paid only ,
Per cent. In dividends on its common
stock. yet Il showed a dencit OF S1s.-
sIl.9S3 for h yea against a surplus
OF S1b.5s2.ls3 the year previous, while
ehe earnings for 1914 were only $751;
1871. against S~l37.1sl.3t4 for 1919
For the year 1915. however. earnings
amounted TO $40. 250.0s6. and the sur
plus after the payment OF dividends, only
IN per cent. being paid on the com
non during that period. wa $4,000 7t
The coming OF 1915 showed a grea,
so'osusAoH III pTuepeTItN, tne earnings
FOR the hrst half year amounting 10
e1ll.e9s.s7? after deducting interest on
the subsidiary companies bonds. or a.
the rate Of 92~s?.S79.34l a year. The
Indications are. however. that the cor.
poration will show earnings far In OK.
ce2 OF this estimate based on the earn.
inn Of the frst two quarters Of this
year. and there are some people IN Wal
Street who expect hat the earnings
for the September quarter will be $780,.
900. 900 or more.
In July OF this year. when the June
quarter earnings were made public. the
statement showed that they were $751;.
1SS.0<s. far beyond the widest dreams
Of the financial district. and the cor.
poration also declared an extra dividend
Of I per cent. Not iths;anding the fac,
that the dividend disbursements for the
June quarter amounted 10 sl7.741,725
thc corporation showed u surplus fol
that period OF $i7.9s4.535.
Steel common has had It's ups and
downs In the fifteen wears since the late
J. p. Morgan fioated the corporation. Ir
1901. the yea Of its inception, Stee
huctuated between - and SIS, but durinl
the year 1909 II went a. low as 81. the
bottom price for the stock BY 1905
u had won back all its lost ground and
was selling at 947s. a record which stood
for seven years, At that time II wa:
paying only "a per cent. "A year. II
1910 1t sold ~ high as 81.