The Washington times., 1922-08-25
j. 5. STEEL At
HIGHEST MARK
IN TWO YEARS
Common Stock at Above 1o5
Is Best Since Early
- in 1920. "
By w. s. COUSINS.

Copyright, 1929. by Cosmopolitan News
.*r service.) = .-.
NEW YORK, Aug. 25!-On a com.
paratively smaller volume of bust,
ness the stock market was firm and
steady in the early trading today. The
well-defined movements In certain
groups of stocks. upward in some
and downward in others. was carried
one point further today, and the ship,
ping stock experienced another sink.
ing spell. while the oils and steels
and considerable portion OF the
rails went forward to a higher price
level Motor and equipment stocks
also were inclined upward from the
start.
The, big feature of the morning
session was the advance in United
Steel common to. above l05, the
highest price since early in 1920.
Despite the fact that prominent
steel company officials deny that
increases in wages are. to be fol.
lowed by similar action in the prices
Of their products, it is general
feeling that steel prices will be
lacked up somewhat in the, near
future. As, a matter Of fact, some
Of these attendant companies haye
already taken. this. action and steel
billets We're marked up from $3.50
to Sc ton for finished products. a
new record for the current year to
date. Pig iron at Philadelphia Is
now quoted at $34.35 a ton, com.
pared with $31 ton last year and
$21.2S earlier in the year. The indie.
Of ha
lead of the big corporation and
gains OF a point or more were
registered by CruCible. Vanadium,
Republican and Bethlehem "B."
A good impression WAS created by
Secretary Hoover by his statement
that 6,000.OOO tons of bituminous
coal would be mined this week, equal
to about IS per cent OF normal, and
that this production would he i'm
proved on next week. He asserted
that the biggest problem was that
of securing coal cars. which suggests
more business for the railroad and
equipment companies. There was
also much encouragement In the
fact that the railroad labor confer
ence did not end in an explosion, but
that conservatives on both siCes are
still angling for settlement.
All Of the equipment stocks sold
at higher figures today. Baldwin ad'
vancing ~ 10 l27i3, American Loco
motive up ~ TO 12lL and Lima
Locomotive up 2 to 6l u. a new high.
Lima announced the receipt of an
order for forty-five locomotives from
the Missouri, Kansas and Texas
railway.
American Telephone and Tele-
graph recovered its COmposure suffi'
ciently TO sell up to 12ll2. almost
equal to the position from which 1t
dropped on announcement Of the
intention of the company to issue
$115, 900 900 in new common stock.
The rights to subscribe to the new
stock were sold in good quantity
around pa.
Leaders in the speciality group to-
day were Famous Players. at new
high at 9lSs, Mallinson at 1914
Retail Stores at the years high
mark, Consolidated Gas at a new
high above 1870. Allied Chemical
around SLY and Electric Storage
Battery at AN. Railroad stocks
marked time in the morning session
traders hesitating to increase their
commitments pending the settlement
of the shopmen's strike. Studebaker
was quite active and sold up more
than a point. Mexican oil stocks
were also inactive. but sold at better
prices than at the previous close.
Call money was in good supply at
3a per cent.