Evening star., 1921-10-28
HIGHER PRICES ON
NEW YORK STOCKS
Market Scores Good Gains
on Passing Of Strike
Threat-Notes.
BY STUART r. WEST.

NEW YORK, October 2S.-Trading
today. both in the investment and In
the speculative markets. was the live
liest since the turn came. in the late
summer. Today showed the broadest
bond market and the broadcast stock
market seen in the last two months
Trading also gave the most striking
exhibition on all sides Of rising prices
One group of stocks after another
was taken up until the movement COW
cred almost everything Of Importance
on the list.
Bond prices reached the highest gen.
i eral average for 1921.
More immediately of course, this
was an expression of relief on the
part of the investment community
that the business of the country was
not to suffer the interruption and
possibly severe losses of u general
railroad strike. But inasmuch as the
greater part of the share list has been
moving ahead for the last week, just
as If there was no strike threat to be
considered. it could not be said that
this was the essential cause of today's
advance.
The truth is that the stock market
has been shaping its course for the
last six weeks with steadily increas
ing confidence by the evidence that
tn" business situation is on the mend
and that there is no question of the
p.rmanence of the change for the
better which set i'll in August.
Buying Back Holdings.
From Il technical standpoint, the
important feature has been that,
while the public have not been do
ing much buying. wealthy individu-
ais on the inside of company affairs
have been taking back stocks sold
out. as Il rule. at higher prices while
the great slump WAS on. 1t was be-
cause this accommodation was in
progress that the market was so in
different to the strike order. These
buyers were not of the sort to be
deferred by the thought of partial
tie-up of transportation facilities
which could not in any reasonable
calculation delay for more than a
brief time the movement of business
recovery.
The railway shares had most of
their advance at the start of the day.
! They were neglected in the later
dealings. while one set of industrials
after another were bid up. This was
a logical enough development. as
there is no disputing the benefits to
industrial concerns from strike set
tlement. There is reason to debate.
however. whether leaving the situa :
tion the way it is with months be-
fore the carriers will he allowed to
reduce wages-if they are permitted
to do SO at all-is an argument in
favor of railway investments.
Texas Company.
Texas Company dividends for the
wear were more than earned in the
first six months. according to latest
estimates. After the payment of
dividends it is further estimated that
| 100000 to surplus. and this on low
| priced oil. 1t was declared today that
| the recent advances in oil should
render unne necessary any large inven-
| tory adjustments at the md of the
wear. The working capital of the
company is said to be around S5 per
! cent of the business done in 1920.
There is still much talk regarding the
sulphur deposits of the company and
what these mean to the tockholders
in the way of future rights and privi-
leges.
Steels Very Strong.
All the steel shares were helped by
the statement of the Bethlehem Steel
president accompanying the declara-
ton of the regular dividends that the
present schedule of steel prices rep
resentS more than full liquidation as
| compared with pre-war prices and
conditions.
The fact that the Bethlehem cor
poration should have earned enough
common stock, where every other
stool cor"o-r. ,ct evceptir~ tho steel
corporation, had been compelled to
draw upon surplus. was regarded as
a very remarkable achievement. Beth
'-ho ~'rnnrd IN r,,o-a than a point
and was the leader of the independ
ent steels. Crucible moved in a way
in+ipna flows that its
market position is similar to that in
Houston Oil. where insiders gathered
in most of the loose stock some time
! ago.
COppers More Active.
Tie move in the coppers had no
significance except that these stocks
were having their turn in a market
which was broadening out and TAX
ing up one group after another. There
was no trade news to account for
the rise In fact. recent develop
ments have been rather disappoint-
ing. The expected advance in quo
tations for the metal has not ma
terialized Instead of getting through
the thirteen-cent level, prices in
some instances have been shaded in
order to secure business. AS usual.
Utah Copper went up the easiest of
any, but Anaconda was not far be-
hind There was evidence again of
the presence of pool in Seneca.