Evening star., 1921-10-19
RAILS AND OILS
STRONGEST STOCKS
SteeIs and Farm Specia|ties
loWer-PuIIman Gives
Bears a Shook.
BY STUART p. WEST.

BY STUART p. WEST.
NEW YORK, October 1s.-There
were conflicting tendencies displayed
again on the stock exchange today.
Professional operators were engaged
once more in efforts to bring out
weak spots. They succeeded In driv-
ing down a few specialties like
Sears-Roebuck. Harvester and Amer
lean Agricultural Chemical. on the
theory that these companies were
affected by the farmers demand. and
that this demand was likely to he
further weakened by the recent
break in the wheat market.
some headway against the steel
shares, anticipating the Republic
Steel report, which was due later in
the day.
Bear" propaganda received a very
bad shock when directors of the Pull
dend for the quarter and served
notice that there had been no basis
for yesterdays speculative gossip, by
providing the regular dividend for
the next quarter also. The punish
,ment inflicted upon the short inter-
enough to cast a damper upon opera
tions Tor the decline in other di-
rectionS.
Action in Pullman.
The experience in Pullman stock
yesterday and today furnished an
illustration of how unsubstantia1 are
many of the selling movements in
the present market. The stock had
been made to look very weak last
night. 1t had broken over four points 8
on a fairly large volume of trading.
~ ha divid DO nS&
declaration. had seemed to support the
Wall street idea that the rate was
to be cut. Pullman shares loaned
fat in the market this morning.
An hour or SO before the directors
meeting intimations were coming
there was no foundation for the
stories of dividend cut. The stock
went up gradually. then hesitated
around 90h until the action of the
directorate became positively known.
The Pullman board not only applied
turned them around when they voted.
not only the regular 81 for the
quarter. but another 81 ahead to be
paid on February Is.
Farm supply Stocks.
There was simultaneous weakness
today in the shares of companies
which are most dependent for their
patronage upon the farm population.
AT first II was thought that the weak
ness in Sears Roebuck and in Har-
vester was an effort to help the shorts
in Pullman. But this explanation was
discarded when the selling spread to
the fertilizer shares, especially Amer
lean Agricultural Chemical Then it
became evident that the farm supply
stocks were going down as a group.
The reason for this was the recent Sc
we're fall in wheat prices and the dis
closure that there still remains a farm
reserve only 100000 bushels less
than year ago.
steel shares Lower.
Selling of the steel shares started
with the sudden throwing over of a
block of Republic steel preferred.
which broke this stock to new
low for either this year or last. The
selling quickly spread to Republic
common and later. to Bethlehem b.
and Crucible. The break in Republic
Steel shares was preparatory to the
issuance of the quarterly statement
later in the day. which it was known
would be very bad.
The Steel Corporations report for
the three months ending September
80 will be out next Tuesday, and
mere the main point Of interest will
not be so much the result of the
quarter as a whole, but how much
of an improvement has occurred in
september as compared with August
and July. Steel common went down
with the independent steel stocks.
but good deal more reluctantly.
Rails steady.
Railway stocks as ii rule held
steady. but were neglected. Few
cared to do anything IN them one way
thrown upon the probable outcome of
the strike situation.
The oils were consistently strong
Ind so were equipment shares. The
tobaccos held their ground under the
read of Retail Stores.
In the motor group. Studebaker and
Chandler continued to be we'll sup
ported. Altogether. it was a market
which. despite the cross-currents, was
showing for the general body of
stocks an unquestionable ability to
resist the pressing incidents affecting
individual issues.
Three months ago quarterly state
ment like that of Republic Steel
would have produced a wave Of SELL
ing throughout the entire list. Moth
ing of the sort happened today, and
this is further indication that the
market is in a very different position
from what 1t was early in the sum-
mer. and is able to differentiate be-
tween the shares of companies, which
have turned the corner and those
where the earnings position is still
unfavorable.
Atlantic Petroleum.
The buying limits on Atlantic Pc.
troleum were raised today. and for the
first time the stock got through 90
There is more significance to the
recent operations in this stock than
that it has been simply a move in re-
Election of the Improvement in the oil
trade. 1t is reported now that At
lantic Petroleum Is going into a
merger. The interests back Of this
company are much the same as those
which have the say In Cosden. At
lantic Petroleum pays the same divi-
dend-$2.50 a share-that Cosden pays.
The initial dividend was declared last
December
The latest earnings statement.
which was for the Ave months ending
May 81, showed a net of $418,160, and
at the close of May 1t was reported
that current assets stood at $727,5O2
as against current liabilities of
s145.592.
Cast Iron Pipe.
Operations have been increased
considerably in the plants of the
United States Cast Iron Pipe Com
pany. Those in the east are main
tanning capacity output, according to
the latest information. while those in
the south are running on reduced
schedules. Resumption at the South
ern foundries Is due to a steady in
crease In new business. Quotations
on pine are higher than those durino