Evening star., 1921-04-16
TAKING Of GAINS
HA[TS THE UPTURN
Oils, Gas and Smelling
Shares Show Better
Strength.
BY 8, p. WEST.

NEW YORK, April 16. In this
mornings brief business period, the
markets generally held their gain of
yesterday and went ahead bit fur
ther. There was another sharp up
turn in grain options. a perfunctory
response at length to the emergency
tariff measure. Sterling exchange
and cotton options moving as usual
together, and both rejecting the
prospect of an early defeat for the
British miners, now that they are
left alone in the field, added moder-
ately to the improvement OF the pre-
vious day.
Stocks opened up rather sharply. as
a rule. then ran into heavy pront-
taking, which was quite natural after
such a rise as yesterdays. This sell
ing after the first hour, checked the
forward tendency and brought about
some shading Of prices with a return
to comparative dullness.
Railway shares had done most OF
the responding to the welcome news
of the abrogation OF the natlonai
wage agreements
Some Of them went higher at the
outset, but in the later trading the
disposition was plain to await de-
velopments. first. as regards the pro-
posed revision Of rate schedules; sec
ond, as to the outcome OF the wage
conferences on individual roads. about
to be resumed in compliance with the
order Of the labor board.
Oils and Smelters Firmer.
There was another upturn in the
Michigan oils and American Smelling
was strong in consequence or reports
that its Mexican plants were starting
up again. All the copper group were
noticeably firm.
Shares Of electric companies were in
demand and SO were the gas stocks
under the lead of Peoples Gas Of Chi
cago. --..
Attention was drawn several days
ago to the fact that the earnings OF
this company under the $1.1s rate, and
with its reduced labor and fuel costs.
will be a very different story this
year from what they have been for
the last few years: that they will ap-
time. when Peoples Gas was rated as
standard dividend payer.
Cesden Oil Higher.
Cosden Oil responded Immediately
to the favorable report put out by the
company this morning., covering the
l1920 period. Cosden showed net
profits after all charges and federal
taxes of $13,552.107. The gross in
come for the year was close to sixty
million dollars. The amount put into
surplus. after payment; M sa:23o,a5s
for dividends. was 1900. 900.
Cosden is one of the high-class
minor oils and officialS claim 1t has
one Of the best REIN eries in the south
west. An announcement OF a favora-
BILE nature is expected in the near fu-
ture. .-.---
7 " Auto Aecessories Gain.
The turn for the better which has
come in the automobile trade has
been Of much benefit to the makers
of automobile parts and accessories,
according to reports now being made
by these companies.
One report. which has come to
hand, covering the first quarter of this
year, is that of the Spicer Manufac-
turing Company. which makes uni
versaI joints. frames and axles. spicer
reports that it did $750.000 Of busi-
ness in March, as compared with
100000 in February and s25o.ooo in
January. The figures for March show
the company operating at the rate of
! 50 900. 900 sales for the current year.
as compared with a volume in 1920
Of approximately $1S,000.000.