The Washington times., 1922-08-17
4asPGsa HAHR@ BUSINESS AND FINANCE
Market Comment

NEW YORK. Aug. 17.-Successive
and substantial advance In steel
prices have taken place In recent
weeks as result of the curtailment
OF mill operations, due to the fuel
shortage. the increased demand for
steel products for immediate delivery,
and the probability of continuation
of this demand during the remainder
Of the year. -
In the short space of one week
the price for bar plates and shapes
has been moved up from 1.80 nomi-
nal to 81 per hundred; Youngstown
sheet and tube black pipe has gone
up almost $50 a ton; Pittsburgh steel
wire products have been marked up
81 a ton; the demand for tin plate
has been such as to exhaust the sup
plies OF the companies which had
been quite heavily stocked up. There
is also a scarcity Of pig iron.
The market for steel stocks has
had plenty Of special stimulating
factors during the past few months,
not the least important Of which
have been the various mergers and
near-mergers which have been keep
to q high tension Statisticians have
been using up their pencils in figur-
ing up the potential worth of one
stock or group Of stocks provided
some other group measured up to
certain standards. Diagnosticians
have been predicting increased new
dividends, and in most cases are pre-
pared to answer in advance; II not,
why not?
The Crucible Steel Company di-
rectors took no action on the ques-
ton of dividend disbursement on
the common stock and mads no
announcement as to plans for fu.
ture financing at it's regular direc-
tors meeting this week. Did they,
however, approve the merger with
the Lackawanna Company and de-
clare the regular dividend on the
preferred stock. The last dividend
on the common stock was paid
January 81, 1922, at which time
the disbursement was on a four
per cent. annual basis, and the
stock was selling around $55 a
share. Since that time II has moved
up to $95 on the promise Of better
days in the steel trade and pros.
perity in particular for Crucible.
After about six weeks Of COM
parative inactivity the stocks Of
the various Standard Oil companies
have become more prominent in
the trading lists. Some of the re-
cent demand has been reduced by
reports Of greater liberality on the
part Of the directors to their stock.
holders, but thus far there has
been little evidence thereof. 1t is
stated that the Standard Oil Com
pany Of New York, which at the
end Of 1921 had a surplus Of over
$167 900, 900, is considering the
declaration of a so per cent stock
dividend, and OF dividing the pres
ent $100-par shares into s25-par
shares. In taking this step, Stand.
ard Oil Of New York would be fol-
lowing the lead Of the Standard
Oil companies Of New Jersey. In
diana California and Kentucky, all
Of which increased their popularity
! with the trading public by this
step. Standard Oil of New York is
one Of the biggest marketers Of
gasoline and refined oils in one Of
the most prosperous sections Of
the country.
While the date is somewhat far
advanced for consideration Of the
effect OF preferential coal distri-
button to the public utility compa-
nies. public utility stocks have been
in big demand on the leading stock
bourses of the country. On the
New York Stock Exchange, Public
Service Corporation of New Jersey,
Peoples Gas and Electric. Columbia
Gas. Consolidated Gas and other
stocks OF this group are now selling
at the highest price for this year,
and some Of them for two or three
years. The ending of the strike
will, Of course, remove any appIe-
hension that may have existed as to
the probability OF their receiving
sufficient fuel to enable them to
function at capacity. Public utility
corporations, as a rule, have en-
joyed a more steady income in times
Of business depressions than enter
prises which may be classified as
competitive.