Evening star., 1921-10-11
STOCK LIST SOFT;
OIL SHARES FIRM
Independent SteeIs and Food
SpeciaIties Weak-Money
Higher on Withdrawals.
BY STUART p. WEST.

NEW YORK, October 11.-Prepara-
tions for tomorrow's holiday were the
governing influence In all the mar
kets today. The natural speculative
impulse to even up outstanding con-
tracts led to many cross movements
in prices-in commodities and ex-
change. no less than in stocks. The
short interest In sterling having been
pretty well run in during the re-
markable upturn at the close of last
week and carrying through the great
er part of yesterday. the tendency
was toward decline On the other
hand. spectators who had been SELL
ing cotton short on previous days
were inclined to cover.
The stock market was mixture be-
tween small losses in some direc-
tions and gains in others. The
strength of the main body of stocks,
however. was at all times unques-
tionable.
/ An advance In gasoline and kero-
sene prices by Standard Oil of New
Jersey was announced after the close
of business yesterday. 1t was an
extremely important news item, not
that the rise of a cent a gallon was
of so much consequence in itself, but
that for the first time the Standard
Oil interests in the eastern district,
which had taken the lead in all the
drastic price readjustments of the
winter and spring, had felt justified
in reversing its attitude. Wall street
logically expected the announcement
as confirmation from the highest
quarters that the turn in the oil
trade is a real turn and not a mere
flash in the pan.i
Fresh confidence was impaired all
4 Il -
oil shares. Standard Oil of New Jer-
sey on the stock exchange and other
members of the Standard Oil group on
the curb exchange took the lead.
Their strength was, initiated by Pa
cific Oil. Texas Company and Califor
MIA Petroleum. The Mexican oils, as
Is becoming more and more realized,
are in a wholly different position
from the American oils. Their rally
later in the day, after another period
of weakness at the start, seemed to
be due to nothing more than the re-
holiday.
Steel Shares Heavy.
The market for steel shares was
getting ready today for the reports
for the third quarter. There was
quite a bit of pressure for awhile
against Midvale. Bethlehem B and
Republic. all in anticipation that
their statements will be very poor,
vious years, but also with the first
two quarters of 1921. The Lacka-
wanna Steel, the first to report, lost
$1,208,0 900, or nearly as much in three
months ending September 80 as in the
six months ending June 80. This
Of the independents came out. They
have been doing larger business
in the last thirty or forty days, but
are not yet making money out of 1t.
This is the essential point. The
Steel Corporation is in a different po-.
sition inasmuch as its business rs
much diversified. 1t has benefited
more than any other concern by the
recent advance and greatly increased
demand for the lighter steel products
wire and sheets. 1t is altogether
likely that its figures for September
will reflect this improvement
If September is shown to be better
month than August and a much bet
ter month than July, it is doubtful If
the street would regard the quarterly
report as anything but bullish, regard
less Of the fact that for the entire
might have failed to cover dividend
requirements.
Sugar Stocks weak.
On the eve of the American Sugar
meeting, at which action Is to be
taken on the preferred dividend, a
great variety of opinion was ex
pressed. American Sugar stocks were
weak and the tape thus seemed to say
that the dividend would be passed.
On the other hand. some people who
had been inclined to predict the omis-
sion of the dividend swung around at
the eleventh hour and declared them
selves the other way. Other sugar
stocks were disposed to be heavy, al
though not particularly weak.
Cuba Cane Sugar preferred had one
of it's false run-ups, now become fa-
miliar, which was followed. as usual,
by prompt decline as fresh block
Of stock was thrown upon the mar
kst. E =.