Evening star. [volume] (Washington, D.C.) 1854-1972, 1918-04-21

Railway Steel Spring Company arc uh-
derstood to be running in excess OF the
average Of last year Without taking
into consideration the 100000 de-
Quoted for purchase of bonds and I'M
provements. Railway Steel Springs IN
1915 and 1917 showed surplus for COM
mon equal to about $33 a share.
McElroy-I look for u good stfn
rally in cotton.
Josephthal & Gothic general aspect
of the war news continues favorable
and the market is expected to proceed
in good tone and with rising trend.
Steels and specialties are favorites for
the moment We expect favorable
news on the rails before lcns and seel
that commitments in this list Will sno"
good results.
to discourage holders OF stocks. There
are signs OF peace in the time money
market, which is a favorable factor.
look for continual improvement win
occasional moderate recessions on
lie steel. Bethlehem B.. American Can
and U. s. Rubber.
Dow, Jones & Co-Atlantic Coast
Line declared regular semi-annuai OF
21a per cent on preferred stock;
New York News Bureau-Unless the
necessity becomes more urgent, no leg
isIation fixing the price of raw cotton
will be passed by Congress at TINS ses
sion. A general price bill. wh's''
ucts will probably be presented to the
House within few weeks. Admins.
tration leaders in the House today let
1t be known that they would not sup
port the Emerson bill.
The Spanish government has created
a committee to regulate all business IN
cotton in that nation. 1t Will have
power to regulate the m nm,tnn otoe sna
to Ak the selling price, to act as arbi-
ter In all disputes regarding contracts
and to advise the government regarding
restriction Of exports OF articles man
ufactured from cotton.
Moler-If the news II as encouraSing
next week as it is at present. higher
prices are expected for the general In
Steel and the related steel and iron
stocks, the railroad equipment issues
and specialties like American Can,
Corn Products. Distillers, Enamel. Ma
rine preferred, Mexican Petroleum and
Anaconda.
The general industrial list has had
such a good rise the last few days.
however, that more conservatism ana
discrimination is being suggested In re-
sponsible quarters regarding further
purchases at the moment pending the
war news over Sunday.
Morse-Between now and Monday
morning the fate of the universe for the
next century may be indicated by war
office reports. We think the successful
resistance of the allies indicates that
the story will be to our entire satisfac-
ton. II it turns out to be Waterloo
in the cause of right there is no limit
to what our market may do.
The entire list is cheap IL the Ger
man aggressive has been stopped. We
will hope and pray. Our all is at stake.
The Lackawanna and Republic quar-
terly reports indicate earnings for L.
s. Steel to fully justify maintenance of
a large extra dividend Other industrial
concerns, such as Can. Paper. Allis-
Chalmers. California Petroleum and the
General Coppers group are also IN line
for improvement.
The copper mems meeting with the
war industries board in washington a
week from next Wednesday is likely to
produce results that will be Of material
help to the companies.
Something a bit out of the ordinary
appears to be doing in Baldwin Locomo-
tive. We have suggested propriety Of
a stock dividend to bring the capitaliza-
ton of the concern more into line with
real value of property and earnings.
We know of few companies where the
two sides are less evenly balanced.
New York News Bureau-The buy
ing of Mexican Petroleum during recess
sions is of high grade. Inquiries in
specialist channels indicate a similar
condition. Data obtained elsewhere.
com bined with hints, strongly suggests
Washington is approaching an ener-
getic activity with regard to Mexico
and that surprisingly favorable de-
velopments may take place over night.
Commission houses say there is a
! smaller amount OF marginal money be-
ing used for speculative purposes in
brokerage institutions than at any time
during the past two years. With the
turn of the semi-annual disbursements
T,,1x f11l l1o
paign and income tax payments. time
funds are expected to ease materially
and in some quarters of the street the
view is held that the market is dis
counting such a condition in advance.
Predictions are being made Of ten
point rise in Republic and Bethlehem
B stocks 1t is intimated that large
speculative denominations have been
effected during the past few weeks.
Logan & Brynn-The exceedingly
strong financial status of the equip
ment companies with prospects of fur
Their improvement in the same. grow
ing out of prospective large business
in this line. engenders the feeling in
rent prices of the shares of companies
coming under this heading do not meas
ure fully up to intrinsic value.
Disclosures of the past week regard
ing steel trade conditions, especially
the remarks of Judge Gary, and the es-
i
Republic Iron and Steel Company, have
created a more confident feeling as to
dividend of the current year and in
good quarters the belief is enter
tanned that this will be reflected in an
elevating tendency in the price of the
shares of the more substantial steel
companies.
An added factor in the strength of
the general market is the rather well
liquidated state of affairs and the tech
nical status of the market itself. as
behaved during the dark days of a
short while ago. We think 1t will assert
itself as a marked influence In further
enhancing prices. unless. of course, the
news from abroad becomes distinctly
unfavorable.
S. h. Chaplin & Co.-Repubuc Iron
& Steel Co. gave its property valuation
December 81, 1917. as ss2.331976. Add
to this the balance after subtra citing
mains a total of s95.050,915, subtract
preferred stock of $4,000, 900 and there
remains a balance of S70.O5O9 15. equal
to S25S a share on common stock. In
this connection. however. it may be
said that this is only theoretical book
value. The actual book value could
not be obtained without thorough ap-
praisement of properties and plants.
Republic Steel has expended for new
construction since organization a total
of approximately $4,000. 900. Adding
this to working capital of s2s.121,s30, as
of March 81, 1915. gives a total of
$50, 121, 500 Subtract bonded debt Of
900. 900 from total spent for new con-
struction and working capital and
there remains a balance of $21,71S939
equal to about $50 share on COM