Evening star., 1921-04-21
STOCKS ARE FIRM,
DESPITE BADNEWS

NEW YORK. April 21.-WaIl street
came down to business this morning
with two bits of really unfdvorable
news and another supposedly unta-
Yo-2ilc one.
Passing altogether of the divide nd
on GCC drich Rubber was not 4 sur
prise. although there had been some
thought that the turn in tie tire in
dustry might have come in time to
encourage a less drastic police.
Republic SteeIS earnings for III"
Quarter were in line with aaticira-
tons They showed a bare SlUi SEQ
after bond interest as aEs!ns. ST.
7.7.bo0 during the same three months
.ast ear But the 30, II was mat
even If expected IN ase Two develop
.lcnIS were distinct. bad and as su, h
a lr:aj for the immeGia : position :'f
the stock market.
The third feature in the mornings :
news s-tfe statement attributed to
the president of the Standard Oil
Company of New Jersey that wages
and dividends must come down-Was
denied by him, but not before it had
had some temporary effect upon
Standard OIL shares.
The market under this test demon
strated again, as it has so often dur
ing the last few weeks. that the worst
possible news in the shape of earn
ing statements and dividend action
has been well discounted al the pres
ent level OF prices.
Republic Steel opened down point,
unsettling the rest of the steel group.
Goodrich shares also dropped off a
point Standard Oil, after losing five
points. rallied promptly. Thus even
in the quarters where a decline was
most to be expected. the loss was in
considerable
Traders Are Encouraged.
The general market plainly showed
the encouragement derived from the
successful resistance in these direc-
tinnS
The buying movement was resumed
with some enthusiasm in the low
priced oils. based. as on the previous
days. on the indi ations that the turn
for the better has come in the oil
trade, and that the advance in prices
announced at the start of the week
is only the beginning of Il recovery
which is to he broad and general
Cosden Oil. following it's excellent
report for 1920. had the sharpest
move OF any. but il was closely fol-
lowed by Union Oil. Sinclair and sev.
eral other similar issues.
The strength of Studebaker. which
PA'hi-' sifNuGf ITS previous III,
fitted in with the intimations which
have been made for some time that
two large capitalists have recently
bought heavily into the company and
are soon to be elected TO the board.
American lee Strong.
American Ice common today went
through IFS high for both this wear
ana last. which was quite an achieve
ineht IN such a market There has
peen quite good deal of switching
INTO Ice preferred by people who had
losses IN other Investments and felt
,ne\ had better chance of making
lneSH losses up in Ice preferred than
IN me stocks they were carving How
ever All through tho unseftIcment
ana depression Of the last two months
very Nttle Ice preferred has been Of
leied TOT sale, and the common like
wise mas been hard to buy. There
ls no cnahge IN the business outlook
OF me company. which as already
pointed out is exceptionally favor
abie OWING 10 the unusually mild win =
| Yer ana In" shortage which this meant
IN IN" natural ice crop. The season
lS no" approaching where the big
earnings begin. and this is showing
| /" 'he market movement OF the stocks.