The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-03-17
Street Features
CRUCIBLE STEEL.
BY STUART p. WEST
tCoyprfght. 1921


Some selling of Crucibie Steel
came at the opening on the. an
nouncement of the passing OF the
dividend, but it was small, and the
stock soon rallied. Evidently Cru
chile shareholders were ready TO
accept his statement, business has
been picking up. The most inter
esting part of the circular is the
reference to the low selling price
OF the preferred. 1t appears that
the reason is technical one-the
liquidation OF some large blocks
by persons formerly connected with
the management, who on severing
this connection were Withdrawing
their investment from the com
pany. This selling is gradually
being absorbed by small investors,
and the point Is made that the Cru
chile assets are 800, 900, 900 as
against only $25.000,0 900 par value
of preferred stock.
SUGARS UP AGAIN.
Sugar stocks moved forward
again, following the announcement
by leading refiners of another ad-
vance in refined sugar prices, this
time from $3.50 to $40 a hundred
pounds. 1t was the third success
sive rise in little more than
month. The initiative in the lat
est marking up of prices was taken
by an interest which has been most
bearish of any on the sugar trade
situation and which up to very re-
Gently was insisting that the salts
teal outlook was altogether de-
pressing.
PENNA AND b. & o.
Students of railroad earnings ex-
press the opinion that both the
Pennsylvania and the Baltimore a.
Ohio have turned the corner. Penn
sylvania shows net operating in
come for January, 1922, of nearly
S5,000,O00 against $37,S56 a year
ago. This is at the rate OF $3.50
per share against the 81 now be-
ing paid. Baltimore & Ohio COM
mon will show earnings for 1922 OF
$40. These figures represent sub
stantial improvement over results
OF 1921. The same authorities are
confident that the February state
ments will show an even greater
proportional advance
hENNECOTTs
With the turn arrived in the COP
per industry rumors already are
heard regarding resumption of div
idends. One of the companies men
toned Prominently as being near
payments is Kennecott. This COM
pany, during the period when most
of the other copper producers were
closed down entirely, continued to
operate and is said to have Shown
profits. These were made possible
by the lower cost of production.
kennecott in February increased
( its production schedule materially.
Those in a position to know be-
-lieve Kennecott's ownership of
Mother Lode is factor of impor-
lance in connection with the posi-
BILE resumption of dividends. Moth
er Lode has shown large earnings
and is in a position to declare a
good sized dividend, more than half
of which would go into the Kenne-
colt treasury. Kennecott's holdings
OF Utah also are a factor. The
company has substantial cash |
balance on hand and liberal sur
plus which would enable it to make :
distribution to the stockholders |
by the middle of this year at the
latest According to reports the
payment talked of in official cir
Giles is 81 or possibly Sc.
JONES BROTHERS TEA.
The annual Jones Brothers tea
report made public today was about
forecasted earlier this week. The
directors at their meeting yester-
day voted to retire $4,000 of the
100000 outstanding per cent
preferred stock which is callable at
no. Regarding the resumption of
dividends on Jones Brothers COM ,
mon. this is now said to be pos
sibility in the next quarter. earn
ings for the last quarter with
March estimated greater than in
any previous quarter The COM
pany owes no money at the banks
and all expansions were financed
from 1921 earnings. /