Evening star., 1921-10-20
WALL STREET LIST
IS MUCH F|RMER
Shorts Trying to Get Under
Cover Advance Prices.
Exchange Higher.
BY STUART p. WEST.


NEW YORK, October 20.-The mar
kets had furnished a clear enough les
son by the close of business last night
that it does not pay to sell on strike
news.
What the markets today saw was
mainly efforts by the short sellers OF
last week and Monday trying to undo
their Improbable operations. rms
meant an ail-around advance, IN
which railway shares bore their part.
But in this movement the market
was not committing itself TO an eN-
precision of opinion one way or the
other regarding the outcome OF the
efforts to avoid the sudden tie-up. III
WAS simply registering the judgment
that. strike or no strike, there WAS
no reason for selling good stocks at
present prices.
The thing that counted today more
than anything in the railway situd-
ton was the practical proof OF the
extent to which recent bear cam
paigning has been based upon false
rumors and predictions. This proof
was furnished yesterday by acton OF
the Pullman directors N declaring the
regular dividend for this and the en-
suing quarter. and by the statement
from American Sugar headquarters
that the story Of the passing OF the
preferred dividend and OF immediate
, new tinarcing had been made out OF
whole cloth. 1t is a new departure 10
give such rcassuranceS. but II Is
very excellent one. Had other COM
pallieS. whose securities have been
| the object Of misleading propaganda,
taken the same action ii would have
been welcomed by the investing pub
! lie.
Sterling Higher.
Another sharp advance in sterling
exchange WIS the direct result OF the
British premier's speech in the house
! of commons last night, in which he set
! forth the new plans for stimulating
export trade. Particular inStStence
was placed in this speech upon the
unSettlement of the exchanges as one
of the primary causes of trade de-
preston, and this gave color to re-
ports in Wall street banking circles
that the British government has had
Il hand in the remarkable twenty-nNe-
cent advance in sterling during the last
three weeks. At all events, sterling
exchange today got back all the ground
| lost from the time last May when
/ operations connected with the German
| reparations began TO be Il factor in the
| market. 1t was within easy striking
distance of the 81 level reached III the
early part of the year.
Other exchanges were carried along
j by the upward sweep of sterling. The
Recovery in marks was obviously Il
response to the disclosure in the Bank
of Germany statement that the eN-
! pansion of paper note issues had
slowed up very notably.
Further Rise in Oil.
| Expectations of a further advance
| in crude oil were realized today when
| the price of the Pennsylvauia prod
uct was raised another IS cents IA barrel
| TO $3.50. This was probably influenced
/ by the complete figures of gasoline
| consumption given out for August,
! which showed a 10 per cent increase
/ in exports. as compared with July.
and a reduction OF stocks on hand to
! 61.3i5.J4S gallons, as against 6Si,-
! 80, 693. The leader in the group of
oil stocks WAS Pacific Oil. which made
It new high for all time when it
! crossed Az. The Standard Oil inter
est in this property is now no longer
j doubted and the motive assigned to
! the buying is that a lucrative con-
! tract with the Standard oil Of Cali
| fornia may be announced at any time.
Woodwork.
| 1t has been plain for some time that
som ebody was trying to pick up the
| Woolwortr stocks Bids have been
! out bringing ont offerings. Yesterday
| the buying in the common stock came
! out in the open and the stock ran up
rapidly. There has been some talk
| that Woolworth would follow the ex-
! ample recently given by krrSge and
cut :; melon. Another theory advanced
! is that the option TO call in the pre-
! fcrred stock at l25 may be exercised.
| This would account for the :.ppar-
entity urgent demand for Woolworth
preferred. and would adequately ex-
plain likewise the upturn in the COM
mon.
| Other Chain Stores Stocks.
/ Other (hnin Sfores
/ The jump in Woolworth gave the
! cue to Il resumption of buying in other
| chain store stocks. May Department
Stores. in which the dividend is either
| to be raised or an extra declared. was
| in considerable demand. So Were
| shares of the tea companies. Now
! that Jewel Tea has fixed up its bank
| loans. there is talk of the preferred
| stock going back on a dividend
! basis. Jones Tea has almost cleaned
! up the commercial paper put out dur
| ing the bad times year ago, while
! its earnings are back to a pre-war
! basis.
! Corn Products.
The Corn Products statement for
/ the third quarter. which is expected
| within the next ten days. will show
| in the neighborhood of S2.25 a share
| earned on the common stock. This is
| good margin over the dividend of
sl.o0. The earnings for the Septem-
| ber quarter were the best for the
year. Operations and earnings have
| shown consistent expansion since
| the first of the year. At the outset
| OF 1871 the company was operating in
! the neiehborhood of 80 per cent of
capacity but this was increased in
! the quarter just closed to above So
; per cent. Corn Products preferred
| got into new high ground again to-
i day. 1t is a we'll known fact that
the company is buying up the pre-
/! ferred for retirement purposes.
! FOREIGN EXCHANGE.
Selling checks-Dollar values at noon today: