The Washington times., 1924-02-02
AND RAIL
STOCKS SHOW
STRENGTH
FIourishing Condition Of In
dustry Helps Entire List,
Says CIeWs.
Bx JAMES b. CLEWS.


WALL STREET, N. Y, February
2, 1924.-Declaration Of an addi-
tional extra dividend by United
States Steel at the rate of so cents
per share for the quarter has
to the share list just as the earlier
dividend advance three months ago
did. In spite Of the unsatisfactory
political situation in Washington
and the pessimistic forecasts con-
corning foreign prospects which are
constantly issued in various quar-
ters, 1t remains true that there has
been some clearing Of the atmos.
phere both abroad and at home,
and that prospects are at least bet
ter than they have been for an
undisturbed years business. The
month Of January now closed has
compared very favorabiy with the
corresponding month in recent
seasons.
FlOurishing Steel Industry.
The steel industry Is unquestion.
ably in an improving position as
the figures made public by United
States Steel for the last quarters
returns, which brought earnings to
1850 per share and as the current
figures for increase Of business
plainly show. Both UniteN States
Steel and the principal independ.
ents are now operating at a high
percentage Of capacity and the de.
mand which they are feeling both
from the automobile trade and from
the oil industry is strong, while the
equipment orders Of the railroads
kre proving decidedly good as q
business builder. In the oil indus.
try it would seem that the low
point of depression has been passed
rising prices clearly demonstrating
the better adjustment of demand
to supply. Readjustment Of the
capital relations of various Of the
companies has added a special ele.
ment OF strength to that which
would come to them in any case as
result Of the better industrial
position of the business and at the
same time growing demand for cop.
per for use in building and in the
manufacture of electrical apparatus
has tended materially to strengthen
prices for copper shares. Attack
by the Government on several of
the electrical companies in connec.
ton with their alleged monopoly
upon the radio business has not re.
suited in disturbing the price level
of these shares in any material de.
gree, comparatively little attention
being given by most Of the interests
In the Street to this particular epi.
sode.
Railroads i'm. Constructive Position.
More and more does it seem GER
tain that the railroads are placing
themselves in a constructive posi-.
ton. Congress has become i'm.
mersed In other matters and Is
perhaps less likely to undertake
anything that would be hostile to
the best interests Of the carriers.
Earnings returns that are coming
forward from day to day are show.
Ing that the good results Of work
for 1928 are even more positive
than had been supposed, not a few
soads which had been expected to
make a rather poor showing put
ting out better figures than antici.
pated. Among the railroad group
interest has naturally been fixed
in no small measure upon the
cheap" lines, particularly upon the
bonds of these roads, some of which
have been actively moved up in
price within the past week or two.
The traffic returns of the railroads
as a group, although never as good
In mid-winter as at other seasons of
the year, have shown a decided
growth and power Of holding their
owen during the past week or two
which places them in a peculiarly
favorable position, comparatively
speaking. Carloadings for the week
ended January 10 were S95,276.
Conditions in the Northwest have
again been the subject of rather
anxious attention on the part of
the Government at Washington, the
railroad managers among other
members of the business commu.
nifty being asked to cooperate in
improving the status of the farmer
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