Steel & Motors

Announcement made last week by E. I. du Pont de Nemours & Co. that it had invested $14,000,000 of its $21,436,642 surplus profits in 114,000 shares of U. S. Steel common stock at an average of $122.80 per share, caused a stir in Wall Street. Current reports that Pierre Samuel du Pont, head of the concern and chairman of the board of directors of General Motors Corp., and his associates had bought many shares of U. S. Steel with private resources stirred mild rumors to the effect that Mr. du Pont was seeking Judge Elbert H, Gary's chairmanship in U. S. Steel. Bankers closely connected with Judge Gary, now in poor health, denied those reports.

Viewed in the light of a shrewd investment, the du Pont activity had a strengthening effect on the stock market last week, as did the news that General Motors profits for the first six months of 1927 were $129,250,207, the largest net earnings of any U. S. corporation since the abnormal World War profits.