Evening star., 1921-04-27
STEEL EARNINGS
AD|SAPPO|NTMENT A
March Figures Especially
Responsible for | 1-2 Points
DecIine-Strong Spots.
BY STi ART 4. WEST.

n,
market spent the first hour this
morning trying to get over the un-
pleasant impression made by the
quarterly report of the steel corpo-
ration. Steel common came down
point and a half right away. because
the financial district had not looked
for such violent slump AS occurred
in the March earnings, Hhis unset
tied the rest of the list for a time.
but there was no important selling.
Around midday numerous special
ties Were taken up. among them
American Wool Famous Players.
ers, General Asphalt and American
Tobacco. the last named on the re-
sumption of cash dividends after
long period of distribution in scrip.
These specialties mives. along with
the buoyancy of the coppers. brought
about an irregular recovery.
Again il was hard to discover IN
the markets. either here or abroad.
any sign of uneasiness because OF
the rejection of Germany latest
offer on reparatIonS. Some weakness
appeared in the English oils. but this
was due to the refusal of the railway
men to handle coal, AS a measure OF
help for the miners unions. Londons
favorite oil induStrials. with an inter
national market. were, on the other
hand, actively bought. and they were
the quarter where misGiNlngs over
international political Developments
would have been most - snow.
Both sterling and continental eN-
change rates were somewhat lower
but the reaction WAS slight by COM
parison with the recent rise.
The displeasinG feature Of the
street showing was the severity OF
the slump between January earnings
and those of March. The March total
of S7741. .000. as against Slo.l3i.eoe
in February and S1i.3S1.oeo in Janu-
airy. was a much worse comparison
than the street had been reckoning
upon.
1t meant that the common share
dividend last month had not been
earned. with prospects for a sun
larger deficit during the current
month. Considering the fact that
the steel statement came in the ma
ture Of an unpleasant surprise. the
market it was felt. did very well.
A check was given to pool opera
tions which were vigorously under
way at the close last night, steel
corning from 81 to S3ie.
There was considerable short SELL
ing of the independent steels. espec-
tally Republic and Bethlehem h. out
these stocks were supported on their
reaction by the knowledge that the
bethlehem Steel report would be out
tomorrow and that it would snow
something like s3,000,000 net for the
quarter
The Asphalt pool was the first to
resume activities. and pusned the
stock across 20 with considerable
ease. Famous Players was the next
one taken in hand. then American
Wool. The fact that the main move
ment in specialties was aitoeetner
upward despite the bear ammunition
afforded IN the steel report. mace
highly favorable impression in spec
ulative circles.
American Tobacco Pays Cash.
American Tobacco is one case wnr,e
it has been better for the stockno!u-
ers TO have the dividend paid in SCRIPT
than to receive cash. This * brcaus
American Tobacco script mas ai"SHS
comma nded a premium. NeNertne
loss the announcement today that
c.sb dividend had been resumed on
both classes of common stock hao
an Immediately favorable enect, pe
cause il was interpreted as indica'
ing that the company no iohsI
found need of conserving lts s
resources. and that so far as 1t was
concerned. the period of strain was
over sympathetic advances
Cured in Retail stores and In TO-
bacco Produts.
ROYAL Dutch Higher.
,-, .dy.nce in ROYAL Dutch. which
,,;od IL ahoye 81. was based on the
reports that the company Is makIns
Good progress in its drilling Operations
in Mexico. and that IL has !. go as
hroupht in A ''Spouter." which II was
forced TO cap because it had not the
necessary equipment to take care OF
tho flow. This well, ii was learned
should show in the neighborhood OF
20 900 barrels day.
American WOODEN Activity.
American Woolen at the present time
is reported to be onerat1nS AT close 10
c3pacity The company has heen max
ing big strides toward TINS point 10.
the mast few weeks. owing to the iact
tbs, its manufacturing season. due to
da,aved openings has been curtalleu
two or three months. Boston IS au-
thoritv for the statement that the
dividend on, Wool common Is assured
as the company is earning this dlVl-
dend from current manufacturing or
nra,;ons directors are scheduled to
,,,aet for dividend action in about SIX
weeks
Miami Copper's New High.
Miami Copper. which got into new
bicb f-rourd TO-DAY %" tho year. and.
in fact. close to . high of 26 for
1924. is different am the average
producer. accordinf '" the statisticlan
of a Brooklyn commlssion mouse
which has prepared a circular on the
compauv. The Miami continues a low
cast nroducer and actually reduced cost
of operating at the mine during 1920
sbout cent a pound under 1919. The
cost ner pound for 1920 was 11.s cents
on a production of 55.5Sl.S2S pounds.
The company is said to nave no ac-
of refined copper to tie up
canital or neceSSitate borrowing and
is fully sold up for future delivery.
Operations for last year showed earn
ings of approximately 81 share on
the close to 100000 shares outstand-
ing.