Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-10-23
TREND UPWARD IN
L|STLESS MARKET.
shippings, Oils and Utilities
Are Outstanding Features
in Trading.
BY STUART p. WEST.

WALL STREET. N. T., OCTOBER
90 Especially Trading dragged along
at a listIess pace through the
two hours of today's session. Prices
changed very little, but what tendency
there was was upward Shares of gas
companies and Of some of the other
public utilities were again in demand
and new high figures for the current
movement were reached by Consolidated
Gas, Peoples Gas, Philadelphia Com
pany, United Railway Investment, pre-
ferred and common, Laclede Gas and
Montana Power.
On the other hand, the New York
city fractions were subject to further
profit-taking on the idea that the I'M
Favorable decision yesterday in the in
creased fare case would interfere with
operations for the rise, at least tenn
porarily, in these stocks and bonds
Shares of telegraph companies, which
are included in the category of public
utilities and which stand to benefit by
reduction in commercial prices, were
also strong, especially Western Union.
United Fruit Features.
Buying of United Fruit in antici-
patton of very large extra divi-
dend forced that stock up sharply
and Houston Oil on what was evil
IDENTIFY special buying was feature.
On the other hand, steels were very
dull and railway shares were in
clined to be somewhat heavy. Specu-
lation in this quarter is awaiting the
receipt of the first September earn
ings results to see whether the high
hopes entertained regarding operat-
ing expenses with the roads restored
to private hands will be realized.
The news from London was con-
sidered rather better. as 1t seemed to
that the sympathetic strike
of the railway men would be post
poned until it was seen whether the
coal miners would be more faVorably
inclined now than they previously
we're to the Lloyd George proposal
IF a wage increase. provided produc-
ion is increased. The result of the
of this proposal for a set
.lement will be known over Sunday.
sterling exchange and cotton options.
10Th of which have been moving
much more than the stock market in
with developments in the
strike situation, were moderately
higher.
The sudden run-up in Associated Oil
his week has finally been set down by
Wall Street, as due to the report that
here is some talk of divorcing the
property from the Southern Pacific. |
which owns two-thirds of the capital
stock. Associated Oil owns or controls
over $4,000 acres of oil lands. located
mainly in California, besides refineries
md pipe lines The company has been
n operation since 1901 and has aver
lged over 81 on it's stock for the past
en- years. Earnings for 1919 were SIS
, share after taxes, depreciation and
depletion. Charges for depreciation and
depletion have always been liberal.
amounting to 3S cents a barrel, pro-
luced in 1919. Net after all charges
or the first six months this year was ,
1918 a share.
Houston Oil began today to make
more response to the disclosure made in
his column Thursday that important
developments are impending in the at
airs of the company. Formerly every
1pturn in the stock was ascribed to
IN imprisoned short interest, but now
t appears that it is something more
han short covering that is responsible
or the strength in the stock.
Bond Market.
There was very little to be said of
oday's bond market. While there was
fair volume of business price
hanges were insignificant. Recent
avorites in the railway group, IKE
few York Central debentures at 93h,
Northern Pacific As at 7SA and Union
oacific IS at 99h, were unchanged
rom yesterdays final. There was
;ome further pressure against the
raction issues coming from specula-
i've interests which had been follow
ng the recent advance and were
.fraid that after the unfavorable de-
ision in the application for increased
ares for New York city their profits
night get away. The Interborough
Rapid Transit 5s were actively dealt
n around SIS, at which figure they
we're down az points from their high. |
The PETERBOROUGH Metropolitan 41as
t % were off similarly. They had
old at 24E yesterday. United Rail-
way of San Francisco As were in de-
nand around 80. in sympathy with
he strength of United Railway In
estment stocks.
While other governments were sub |
Jtantially unchanged. Pennsylvania i
per cents were taken at their top |
evel of los.
Curb Market.
A firm tone was displayed at the |
pening on the curb market today.
ut within short time selling
aused recessions. The fluctuations,
ow limits when compared with pre-
'ious days of the week. Business was
N a small scale, there being mod
rate outside buying and some cover
ng by the professionals in the first
lalf hour but thereafter dealings
ropped off perceptibly and at the end
he market was as dull as on any day
n some time.
Mining shares were comparatively
luiet and price changes were small.
Bonds continued quite active and
leld steady.