PRICE OF STEEL

Press, Volume CI, Issue 29797, 13 April 1962, Page 11

PRICE OF STEEL

Rise, Fall In Shares (N.Z. Press Assn. —Copyright) . NEW YORK, April 12. The announcement of an increase in steel prices sent stocks into their sharpest advance of the' year on the New York Stock Exchange yesterday, but only for a short time. The rise dwindled to the point where popular indexes showed a loss for the day. The six dollar a ton price increase on basic steel announced by the United States Steel Corporation after the market close on Tuesday sent the price of steel companies' common shares upward after their first appearances in trading shortly after the opening of big board dealings By noon, some of the advances were disappearing Three hours later about the time that President Kennedy was attacking the steel companies’ action at his press conference the situation was:—

United States Steel, up 2 dollars 75 cents a share in first dealings, up only 50 cents for the day; Bethlehem, up 1.13 in the first hour, up 50 cents: Republic, up 1.11 cents at the opening, up 63 cent.- at the close; and Youngstown, up 3.13 cents when it first showed. 88 cents at the end. Leaders in other fields had followed the early rise of steel. But United Press International said they caught the downward slide as ‘he day wore on—in spite d what could be considered the inflationary pressures of a steel price increase and they too either lost then gains or in some cases showed losses for the session.

American Telephone and Telegraph one of the true stand-bys of the securities markets, dropped a dollar by the end of the day.