Evening star., 1921-10-29
STOCKS ARE FIRM
| AND FAIRLY ACTIVE
Oils Show Pronounced
Strength-Steei Shares
Are Stronger.
BY STUART p. WEST.

NEW YORK, October 29.-The stock
market today appeared to be working
| under the same Influences that have
been noticed for more than a month
past When it was seen that a lead
ing issue was getting somewhat tired
from its rapid advance, operations
| were switched into other channels
and stocks which had not enjoyed
their full measure of progress were
taken in hand and brought more into
line with the erstwhile leaders.
The list as u whole showed firner
tone at the opening, several Of the
rails getting up in the early trading.
But the main activity centered in the
oils and industrials. PanAmcrican
and Mexican Petroleum were active.
but there was some profit-taking in
the other members of the oil group.
Steel common got into new high
ground for this movement. but there
was little change in the independent
steels. despite the rumors of impcnd-
ing mergers. In this connection IL
can be said that leading operators.
while looking forward ultimately TO
a combination of the Independent
concerns, believes that il will not
come in the immediate future.
On the whole. the trading was of
means that there was some evening
up going on. This was to he expect
ed, however, in view of the rapidly
| of the advance. American Woolen
got active toward the end of the first
hour on buying from houses with
New England connections.
The foreign exchange market was
higher with sterling and francs up.
but lire and marks were unchanged.
Sales for the two-hour session. 300
600 shares.
Steel Merger Gossip.
Steel merger talk is once moro in
the air. with most of the Independent
| concerns mentioned as possible par
| ticipantS. Some of this talk comes
| from Pittsburgh, and the latest runors
have Pittsburgh origin. II is d fore
| gone conclusion that the independent
| steel companies must some day COM
| bine in order to Offset the advantage
| which the United States Steel Cor
poration enjoys through its owner
| ship of railroads and plants scattered
4 all over the country. In this way il
| can sell in any market with compare
lively low delivery rates. This has
l been reflected in the earnings this
year. All of the independent conf
panies mentioned in this merger
refuse to talk. but the belief is that
| while some of the smaller companies
may get together in the near future.
| the large independents would not be
able to effect any combination for
year or more.
Philadelphia Company.
| a 10 per cent increase over the
present operations. which are esti-
| mated at so per cent of normal i'll the
| ron and steel business served by the
Philadelphia Company, is Immediately
| in sight. according to the most recent
estimates. This will mean c"rre-
| Spondingly greater volume of natural
gas consumption. Philadelphia Com
| pany has more customers on its books
now than ever before. but there has
been large reduction in gas sales,
| particularly in the last four months.
| October will show an Improvement.
but this improvement is the result of
| normal seasonal changes. Although
the company is in very favorable
financial position. the comeback in
the natural gas business is proving to
be slow.
| Philadelphia Company officials are
| optimistic over the general situation
and expect to make a satisfactory
| earnings report for the current year.
| "ith substantial margin over the
dividend requirements.
| american Wooden.
| American Wooden was taken in hand
! and pushed into new ground for this
1 move on better understanding of the
| situation in the textile industry. All
| along there have been reports OF the
| progress ma de by individual companies
| toward getting back into production.
but the latest word from the American
Wooden Company is that this concern
is now operating at upward of 30 per
| cent of capacity. The other textile
companies are affected in the same de-
gree.
| Gasoline Prices Higher.
| With the advance in crude oil il was
only question of how long II would
be before the refiners advanced III"
prices of their product. Standard Oil ui
1 New Jersey was one of the first 10
mark up its quotations. and this morn
1 ing announced an increase OF one cent
a gallon in the wholesale price Of gaso
line in New jersey and cents a gallon
| for the states farther south.
GTn(kG