Evening Star Newspaper, May 24, 1937, Page 22

STEEL RATEHOLDS AT HIGH LEVELS Operations Up 21/, Points to Equal Year’s Peak, Set in April. By the Assoctated Press. CIEVELAND, Ohio, May 24— Magazine Steel said today that no alarm is felt by steelmakers because of lessened buying. The publication pointed out the steel market was facing a “natural tebound from the artificially stimu- lated demand for steel a few weeks ago, when & rise in price was expected, | and also the effect of a seasonal lull at midyear.” “Though buying is consistently less fhan shipments, volume of current orders, when added to mill backlogs, 3 sufficlent to assure activity well tto the Summer,” the review said. The change of automobile models, & seasonal factor in Summer decline in demand, is not likely to be as strong this year as builders have heavy orders for 1937 models and new models are to be brought out earlier, thus ghortening the period between seasons, tt was disclosed. The magazine said the national operating rate rebounded 2', points to 911> per cent of capacity, equal to Shat of April, the highest level of the 7ear. Pittsburgh increased its rate 13 points to 96 per cent, Chicago added one point to 85, New England | 13 points to 100 and Cleveland 2!, points to 82 per cent. Youngstown lost three points to 80 per cent, Buffalo fell off two points to | 88, Detroit was down one point to 99 and Cincinnati was off four points to 90. Operating rates were unchanged at pet Wheeling at 94 per cent; Eastern |G ylvania, 7312; Birmingham, 83, pet and St. Louis, 94. Despite reduced buying, mills were I reported making slow progress in re- | § ducing backlogs and making prompt gelivery passible. Best deliveries on |S bars now range from four to six weeks, and on plates three to four weeks in the case of some producers, while most mills can offer 8 to 10 weeks, the magazine said. Scrap continued to decline, but more slowly, indicating, the publication said, 1 that the bottom may be near. The |2 camposite of scrap prices dropped 73 Market Displays No Effects From Rockefeller Death By the Associated Press. NEW YORK, May 24.—The passing of John D. Rockefeller had no visible effect on the stock market, which opened quietly today with prices tend- ing to. higher levels. Brokers sald the oil magnate had not been a factor on the exchanges in recent years, although his inter- vention during the crash of 1929 had a potent, if temporary, stabilizing ef- fect. It was just before the close of trad- ing on October 30, 1929, the day after the first paralyzing tumble, that Rockefeller issued a statement which said: “My son and I have, for some days, been purchasing sound com- mon stocks.” The market steadied immediately, only to fall later. In the early years of the century the Rockefeller family had an im- portant part in the transactians of the New York Stock Exchange. They have not been active recently. o INVESTING COMPANIES NEW YORK., May 24 (.—New York Becurity Dealers' Association: ! Am Ins Stocks Bancamer Blair Bankers Nat Inv Basic_Industry Broad St Inv Bullock Fund Corporate Trust Corporate Trust AA Corp Tr AA mod ___ Corp Tr "Accum Ser_ Corp Tr Acc Mod Cumulative Tr Depos Bk Sh N ¥ Depos Ins Shrs ‘A’ Depos Ins Shrs * Diversified Tr C Dividend Shrs ~_ Equity Corp $3_pf Fidelity Fund _In First Boston Corp_. Fixed Trust Sh A Fixed Trust Sh B Found Tr Sh A_ Incorp Investors Instl Sec. Bank Group _ Instl Sec, Insurance Investors Fd “C" Inc Keyston Cust Fund B-. cents to $17.87, the level of the second | ¥ ¥ B week in January, practically the low for the year. The iron and steel com- posite declined 8 cents to $39.97 on | lower scrap prices. The finished steel composite remained unchanged at | $61.70. NEW YORK, May 24 (#).—Opera- | tions in the steel industry for the current week advanced 1 point to 91.0 per cent of capacity, compared with 80.0 per cent last week, the American | 8 Iron & Steel Institute estimated today. A month ago operations averaged S 92.3 per cent of capacity, while a year ago the rate was 67.9 per cent. NEW YORK BAR SILVER. NEW YORK, May 24 ()—Bar silver steady and unchanged from Friday, May 21, at 447, this GREAT NEW VALUE before you . BUY! s. Insurance_ s’ Machinery N Y Stocks, Steel ___ " North Am Bond Tr ctfs Nor Am Tr Share: = Nor Am Tr §h 1¢ Nor Am Tr Sh 18 Nor Am Tr Sh 1958 Plymouth Fund Inc Quarterly Income S| Selected Am Sh Inc | Spencer Trask Fund Stand Am Tr Shrs Supervised Shk Trustee Stand Inv C Trustee tand_Inv Trusteed Am B Trusteed Industry Wellington Fund Myers, F. E. & Bro., Co—Common share earnings, six months ended April 30, were $3.13 against $1.97. 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