Business: Condensed Steam

Already alarmed by the way their shares had condensed on the New York Stock Exchange last fortnight when dividends were passed (TIME, June 14), the unhappy preferred stockholders in New York Steam Corp. must have felt last week as if their corporate fires were about to go out. After the break which carried Steam's two preferred issues down 20 points in one session, the stocks rallied briskly, the 6% series having climbed by last week to $96 per share, the 7% series to $104.

Then at the opening of the market one morning the Steam...

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