Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-10-28
SPECTALTIES ON
n. Y. CHANGE
SHOW STRENGTH
Railroad Strike Situation Has
Good Effect on Stock
Market.
OILS HOLD LEAD IN RISE
Special to Indiana Daily Times
and Philadelphia Public Ledger.
By MONITOR.

By MONITOR.
NEW YORK, Oct. 2S-The stock mar
ket, although showing an increase in ac-
tivity. displayed strength chiefly among
the specialties. The most striking ad-
vance of the day was scored by Pacific
Oil, which advanced 5 points on a large
turnover. It's affiliated company, Asso-
ciared Oil, also advanced to about the
same extent. Other issues in this group
which were strong, were Union Oil and
Standard oil of California. The steels
were heIned by expectation of a favorable
Bethlehem statement and United States
Steel closed a fraction above 60.
The stimulating news of the day. of
course, was provided by the more favor
able turn in advices concerning the rail
road strike The firm stand of the labor
board carried the conviction in most
quarters that an actual walkout would
not take place, as it would be in de-
fance of Governmental authority and in
the face Of public sentiment. The rails
as a rule held steady, but advances were
fractional or barely over a point. Never
theless, the undertone in this group was
firm. Some improvement in traffic is
reflected in the decrease Of more than
q, 900 in the number of idle cars.
Aside from the relief that the railroad
strike would not occur, sentiment in a.
markets was more or less confused. Com
modities particularly showed decided
irreguIarity. Wheat closed somewhat
lower Cotton opened off and then ad-
vanced. The only exhibition of a ce-
cided tendency was in the coffee market
where a sharp advance took rlace.-Copy-
right, 1921, by Public Ledger Company.
WALL STREET GOSSIP b. MONITOR.
Interest in the trading was divided be-
tween the proceedings at Chicago and the
statement Of the Bethlehem Steel Cor
poration, which was made public after
the close In anticipation Of the favor
able exhibit, the steel stocks were strong
and active in the last hour, L. ). Steel
crossing so, while Bethlehem B. at of12
closed at the best prices of the day.
President Grace N his remarks TO
stockholders at the Bethlehem Steel meet
ing. said earnings for the third quarter,
IS for the previous quarters or the year,
were in excess of dividend requirements.
Orders on hand as of Sept. 80, he val
ned at $4,000. coo, as compared with
SS4. 600 600 June 80 Total plant opera
ton is about 40 per cent due IN large
part to the activity of the tin plate and
Sheet mills. He declared no important
EXPANSION is possible until the railroads
have money to buy needed materials, and
the present wage scale in the building
trades is reduced Fuel costs. both labor
and transportation, must be reduced, he
said, before the steel Industries can ex-
perience any considerable increase in
activity. The regular dividends of IL
per cent were declared on the and B
stockA
During the early part Of the day, the
market was subjected to professional
pressure on uufavorable reports OF the
strike When covering began, Pacific
Oh was made the leader and advanced
more than points to new high record.
The advance was accompanied by re
port that an increase in the dividend rate
has been decided upon although conhrma-
ton could not be obtained.
Royal Dutch was firm on semi Of
fetal statement that the company has
prepared plans for the construction OF
s. pine lines from the properties of the Gen
eral Asphalt Company in Venezuela. Gen
eraI Asphalt was comparatively weak
and traders report 4 that profit taking
sales for the speculative group which
handles its market were in evidence.
It was gossip in certain banking offices
that the plan for financing the United
States Food Products Company had been
abandoned. There are reports that an
investigation by bankers Interested led
them TO withdraw.
Officials of the United States Rubber
Company denied any intention of reduc-
ing the prices of their products, and
branded as false, reports that tire prices
were TO be reduced by the larger makers
The Pennsylvania Rubber Company an
nounced it will establish a lower price
list Nov. 2.
The report Of the Gulf State Steel Com
pany for the quarter ended Sept. 30
shows an operating deficit of S44,G4S, and
after all charges, deficit OF $t31 ,534.
The copper market which has been
practically without feature for more than
a week, became suddenly weak and there
was liberal offerings Of the metal at 12a3
cents and for delivery through January
at 1875 cents. The foreign demand has
not developed as had been expected by
mihe operators. The Shattuck AriZOna
Copper Company whose mines are closed
reported for the quarter ended Sept. 81
net expenses OF $45G5..
There are persistent reports Of a mer-
ger-of steel companies, which, however
lack official confirmation. The report:
include the Youngstown Sheet and Tube
Company, Republic Iron and Steel Com
pany, Inland Steel Company, Lackawanna
Steel Company and AIidvale Steel and
Ordnance. Firms which specialize in the
steel stocks admit that some sucn Organi-
cation might be perfected, but profess
to have no positive knowledge concerning
it.-COpyright, 1921, by Public Ledger
Company.