The evening world., 1922-04-11
AS THE
MARKET
OPENS
By X. r. Bdtson.

|
New York Stock Exchange, taken in
the aggregate, have appreciated in
value more than $4,000, 900, 900 since
the first of the year, optimism re-
garding the markets outlook seems
TO be greater than at any previous
, time since the rise first got under
way.
| Many stocks have tnpled in value
A far greater number doubled in
value. Yet, bankers who are known
for their conservatism in such mat
ters continue eagerly to accumulate
these stocks.
II is daily becoming more apparent
that even men who are in the best
position accurately TO forecast indus
trial Developments underestimate
business improvement. An instance
in point Is the United States Steel
tonnage statement issued yesterday
II was known that since the first OF
the year the corporation had increased
its production from go per cent TO a
per cent. of capacity. Except in the
innermos. Steel Corporation circle II
was believed that this increase In
production Offset the increase in busi-
ness. But it is shown that despite the
enlarged production untitled orders
gained 1854, 900 tons.
This means that the corporation Is
now booking orders at the rate of
l 900, 900 tons month. Up until the
| issuance OF the Steel Corporation
statement the most optimistic esti
mate placed incoming business at the
rate of 10000 tons a month.
When II is further appreciated that
prices OF finished steel products have
| risen several dollars a ton, ii is not
difficult TO analyze the reason for the
steady accumulation OF steel stocks.
II means that in the third quarter OF
the year probably every important
steel company will be showing a sur
plus for dividends, whereas in the
first quarter every company with one
exception showed deficits after pay
| ment of taxes and charges.
Business improvement has spread
to the motion picture industry II the
| earnings of the Famous Players Com
pany is n reliable indication
II Is understood that last week the
| company paid Off 81 900, 900 of bank
loans and that current earnings arc
| higher than they have been at any
| time in the past nine months.
Every time the copper situation
seems to have definitely turned for
the better, and that the belief grows
prices will surely gradually work up
ward, there comes to light an un-
favorable condition OF which knowl-
edge had not previously been had.
II is now stated that the Navy De-
partment has a large stock OF copper
metal accumulated during the war
time period. Its exact amount has
not been definitely learned, but 1t Is
understood to be sufficient to add ma =
terially TO the size of surplus stocks
and to act as more or less of a check
on price improvement.
| Many of the domestic oil shares
have been distinctly backward during
the current market boom. In thi:
connection one of the leaders in the
OIL INDUSTRY states.
"As much as would like to see oi
prices work higher, | am of the
opinion that talk now being heard o.
an increase in prices has no more
foundation than the reports current
n month or so ago to the effect thai
n radical price reduction was theT
Impending.
THE amount of oil now in storage
Is not generally known. Its exten
can be appreciated by the fact tina
banks in the South and Southwest ar,
carrying loans Of approximately $500,
900, 900 against oil in storage
Stockholders of the Replogle Stee
Company can have the satisfaction Of
knowing that that company can a
last be classified as producer o
steel.
But the company enters the pro
ducing class through the acquisition
OF the Empire Steel Company, an,
not through output of plants pre-
Iviously owned.
Since it was first organized, thre,
years ago, Replogle has consistent,
shown deficit. Not a pound o
steel has been produced. But asid
from the acquisition of the Empir
Steel Company the promise is semi
officially made that the Wharton fur
naces OF the Replogle Company will
soon be working.