Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-07-22
Wall Street Briefs

Wall Street Briefs
New York, July 21.-Surplus
freight cars in good repair and i'm
mediately available for service on
July totalled 359,191, an increase
of 2,S0o cars over the number re-
ported on June 80. the American
Railway Association reports. Nir-
ported.
Shorts in United States Steel
were id difficulties when a sudden
burst of buying carried the premier
steel stock to its highest price since
last March. The next quarterly
meeting of the corporation will be
held July 90, and Wall Street is
chiefly interested in what the direc-
tors will do regarding an extra dis
tribution and the extent of earnings
for the second quarter. The company
earned $5.04 a share on the COM
mon stock for the first quarter. 1t Is
taken for granted that results for the
second quarter were by no means
so good. However, the action of the
stock today suggested that perhaps
bears have under estimated United
States Steers earning power.
Copper stocks got under way in a
long-aWaited movement. the group
generally assuming a buoyant front.
Response to higher London quota
tions was soon effected in the price
schedules Of producers and selling
agencies and the advance over the
week END was something the con-
struCtive factors in copper stocks
could not well overlook. Producing
companies marketing their own out
put admitted there had been no sud-
den squirt in demand, although it
was said improvement was expected
If price raising could create such a
stimulus.
]. B. Warren, president of the Penn
Seaboard Steel Company, announced
completion of installation of a sixty
ton basic open blast furnace at the
Newcast plant. one of three to be
built, which will improve capacity OF
the plants at the lowest possible
operating cost. MIR. Warren stated
that the slump in alternative orders
had been overcome and new business
was coming in for the account of the
automobile producers. Another fur
race has been started at the New
castle plant.
Buying Of Chicago and Eastern
Illinois appeared to be based on mer-
ger possibilities rather than earnings.
The expectation in financial circles Is
that the road ultimately will he align
ed with the Missouri Pacific. giving
the latter an entrance into Chicago.
Such a combination, it is thought,
would be mutually beneficial. Net
earnings of the Chicago and Eastern
Illinois the first five months of this
year were less than 100000 contrast
cd with more than s1,500.oo0 the cor
responding period last year. The
company was reorganized only few
years ago. 1t earned nearly Ss a
share on the preferred stock last
year. but has paid no dividends since
organizations.
American Can. which. II gossip be
true, had been under quiet accumula-
ton around 116 for weeks. was taken
in hand today and bid up to a new
high price for the movement. Ameri-
can Can earned nearly $40 a share on
the common stock last year. 1t is
paying 5 per cent annually. 1t is said
earnings this year are running about
as they did last year
American Smelling and Refining
common still had its speculative
friends who were convinced that any
material improvement in the demand
for copper, coupled with higher prices
and greater inquiry for silver, would
Re reflected in increased earnings for
the company. In the first half OF the
year these ran at the rate Of between
SO and s12 a share on the junior
stock.
Rubber stocks. although not active,
maintained the strong undertone
which has characterized them for
several days. L. S. Rubber preferred
registered the highest price at which
1t has sold since the regular dividend
was declared some weeks ago. The
common stock also was higher.
Among the low priced rubber stocks
Ajax continued to show frmness with
sales at the highest level Of the cur
rent movement. It was said the
company's sales were running 80 per
cent ahead of last years.
Chinese Flies Swatted