The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1916-08-26
STEEL CORPORATION
EARNINGS 1916 TO
Be $3OO,OOO,0OO
Common Stock Once Sold
for Less Than Nine Dol
lars a Share
MAY GO TOPAZ
IN NEAR FUTURE
All Steel Companies in United States
Expected to Run at Full Ca
pacity for Some
BY HOLLAND

New York. August Especially i'm
the last year of the life of Abram s.
hewitt, what seemed to be a complete
collapse of the United States Steel COR
porations common stock took place.
Quotations for the stock were a LITTLE
lower than 50 per share. Mr.. Hewitt had
taken great interest in the organiZa-
tion OF the United States Steel corpora
ton. He often spoke of it as rejecting
the opening of the new era when com
binations of magnitude involving assoc
citation of great capital, high ability and
skilled labor would gradually but sure
~ open new opportunities for Aineri-
can business life and the DEVELOPMENT
OF the resources of the United States
MT, Hewitt spoke with high author
lty. He had been for 25 years recog-
nlzed both in the United States and
Dreat britain as an authority without
superior upon iron and steel produce
ton in the United States He was the
nrst to predict that the time was near
at hand when the United States would
surpass Great Britain in the manufac-
ture of iron and steel commodities.
The increT lous English manufacturers
smile' When they heard Mr.. Hewitt
m .e this prediction. But the day came.
I some years later, when they acknowl
edged that his forecast was accurate.
AT the time the quotations for United
states Steel common stock, in 1903.
were eight and fraction, Mr.. Hewitt
SAID that what was then in progress
fully justified his belief that the public
need have no apprehension respecting
what is called "watered stock" pro-
Vided the issuing of the capital stock
did not involve fraud, for the day would
surely come when if there were anv
water in the stock it would be squeezed
out.
Although Mr.. Hewitt doubted wheth-
er if all things were properly con
s1dered there was any real water in the
United States Steel common stock.
nevertheless he said the public sus-
pected that the stock was almost all
water, and he was when he thus spoke
occupied in squeezing the water out.
After this use of the sponge, so to
speak, had been completed Mr.. Hewitt
looked for general recognition of the
fact that no longer was there any wa
ter in the stock of this corporation He
dld not live long enough to see his pre-
|diction verified, for he ventured to as
| sert that within a few years the quota
lions for the common stock of this cor
pordtion might toucn par Mr.. Hewitt
was no Spectator. He looked at organ
|izations like the United States Steel
corporation from the point of view of
manufactures of iron products, as he
was, and also as profound student of
American economic conditions.
The quotations for the common stock
| of this corporation reported on Monday
' of this week justified some astute OBJ
SERVERS in saying that the time may
be near at hand when par or better will
be offered for this stock. If that should
be the case, then IA years after ex-
Mayor Hewitt ventured his prediction
| his forecast will be found to be accu-
rate.
WHAT APPRECIATION MEANS
Of course, in studying movement in
the direction of appreciation of an inn
|portant stock there should always be