Evening star., 1921-10-07
OILS MAKE GAINS
. 0NPR|CE ADVANCE
Whole Market Assumes Much
Better Aspect, With Some
Fair Gains.
M STUART r. WEST.

NJ STUART r. WEST.
NEW YORK. October THE stock
market today turned almost wholly
upon the strength Of the oil shares.
Another 25-cent advance in Pennsyl-
vania crude-the third successive in
crease within little more than a week
-was the governing cause. lnasmuch
as tho action Of tho Pennsylvania
operators on tho two other occasions
was promptly initiated all over the
country, it was assumed that this
third advance would also be uni
formly adopted.
A full explanation for this astonish:
ing change in the oil situation VIII
probably appear when the September
figures of new production are avail
It has been stated unohicially that
the curtailment Of output was ex-
tremely sharp. But at all events tne
Is per cent raising anns Of OIL Prices fa fas 1hs
inventory values Of the oil companies
and has thereby effected a similar
change in the market rating OF their
stocks.
Todays market was very largely .
repetition Of what happened Just g
list was rescued from an uncertain
and somewhat wavering price move
ment by a sudden upward swing In
the oils and coppers. Today the cop
pers were not as prominent as tney
were last week, but the oils assumed
the same sort Of leadership.
Even speculative interests which
have been most bearish were forced
to admit that the general run OF
stocks. taking the past week, has
Welded very little to operations or
the short side and that outside OF
very few stocks these operations had
been improbable.
Rise I'm Oils.
All the American oils were in demand
with advance Of a point to two points
IN numerous instances.
This proved to be the initiative which
the general market had been looking for
Operations for the decline were ap'
ruptly suspended and instead there was
a hurried effort to buy in short con-
tracts, and along with this some re-
newal Of special strength in various in
dividual stocks.
Missouri Pacific, on talk Of dividends
New York Central, on what was sup.
posedly further buying for accounts OF
the employees. and New Orleans. Texas
& Mexico, on prospects OF increased tra1.
fic with Mexico, were the leaders Of
the rails.
another IS q ton advance In sheet stee
to take effect a. week from now. The
coppers felt the influence Of the stead
ily hardening metal prices. which In turn
is the result of the heavy inroads
which are now being made In the sur
Plus supply.
Missouri Pacific.
Al,< N;~,ourf Dor{An nra-
ferred was unusually active and
strong as compared with any OF the
other rails naturally revived discus
sion of dividend prospects.
AS pointed out while ago. every
thing depends, so far as the dividend
outlook is concerned. upon what the
road does during the last quarter
of the year.
During the first eight months earn
ings were barely enough to cover
fixed charges. The Missouri Pacific
president. however, is on record as
having said that further improve
ment was looked for during the re-
naming four months because this
was the period of maximum traffic
Chandler Motors.
Chandler got into new low ground
for the year Immediately 'after.the open
ing on the sale of a large block of the
stock by single brokerage house. II
appeared to meet support around it's low
point and had slight rally. Chandler
Is one Of the stocks which has always
depended on inside buying for its moves
but the insiders have contented them
selves for the past few months with
simply taking stock on a scale-dowr
and not attempting any forward move
They have even allowed the stock tc
take care of itself when Studebaker was
being rushed forward. Chambers cur.
rent operations. according to a source
close to the inside. are the best in three
months. 1t was further declared there
Is no change in the dividend prospect. >
Studebaker, 1t is expected. will have q
disappointing quarterly report late this
month.
Foreign Exchange.
Sterling and French exchange were
somewhat stronger, the former up ,
cents in the pound from a week ago
On the other hand, German marks
went lower, indicating no disposition
to become enthusiastic over the latest
story of huge American loan, based
upon the security Of German indus
trial enterprises. This would be the
obvious solution Of Germany's des.
perate plight as it faces the next in.
stallment of the reparation.
1t is the attitude of the American
market toward such a loan which il
the doubtful quantity, especially ir
view of the continued enormous out.
pour of new security issues at home
A German bond tender would scarce
ly stand much. of chance, no mat
ter what inducements were offered
with bond issues like the $4,000, ,OO(
Queensland Z per cents and the Rio
= To-