The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-01-04
Stock Features

BY STUART p. WEST
tCopyright. Iez2.)


in the oil shares, but they were
no weaker during the time the mar
ket was going down than the aver
age OF the list elsewhere. The
street recovered from the shock
of surprise received yesterday on
the announcements of the price
cuts. 1t was more inclined to ac-
cept the view put out by repre-
sentative oil men that there was
no great Significance attaching 10
the fifty cent lowering Of crude,
that 1t was mainly an adjustment to
correspond with the gasoline, which
had not gone up as much and that
ed to get better again. There is
no doubt that the record breaking
Mexican oil ships had something
to do with yesterdays action. But
the best Judgment is that this ex-
ceptional movement out of Mex
ico-the January output, it is an
ticipated, will run several million
barrels ahead of the month last
year-will prove only temporary.
An increase in the Mexican export
tax is on the cards, and the idea
! is that production had speeded up
in order to get as much oil from the
country as possible before this IN
| crease takes effect.
Cocoa Cola.
The annual report of the Cocoa
Cola company will appear around
the middle of the present month.
: 1t will show between Sc and 81 a
share earned because the high
priced sugar was still being work
ed off while the price OF cocoa
cola's own product had been re-
duced from 50 to $3.50 a gallon
But at the close of the year nearly
all of the high cost sugar had beel
used up. The company will begin
/ 1922 with most of its sugar bought
/ on two months contracts and for
the first time, therefore, its earn
/ lngs will feel the effect of the
very low prices of its raw material
Its 81 dividend, under these cir
cumstances, is undoubtedly safe
while there will quite likely be
talk later on OF a larger distribu-
| ton.
Special Movements.
Before rallying at all Kelly
Springfield broke another 21s
|
out of town resources which had
not known about the passing OF
the stock dividend until after the
close of business yesterday. To-
bacco shares were all of them help
ed by the resumption of cash divi-
dends on tobacco products which
had been paying in scrip since May
two years ago. The sugars gave
about the best account of them
selves of any group in the market
especially American Beet Sugar
and Punto Allegro. Their behavior
was in keeping with the, view thai
the sugar trade has begun to turn
But besides the market position OF
these stocks is very strong. be.
cause the public interest has beer
very thoroughly squeezed out
American Hide and Leather.
For the third quarter in Ameri-
can Hide and Leather is expected
to show profits of around 5000, zoo
or " per cent on the preferred
stock. However, only two of these
quarters are in the company's ifs
cal year, which ends June 80, bu
these two bring earnings, half veal
to date, up to approximately 81 {
share on the $13, 000, 900 preferred
Those in close touch with the com
pany's affairs declare that the hide
and leather business as it affect!
the American Hide and Leather
: company is continuing very good
These same people also look fol
the preferred stock to be put bacE
on a dividend basis this year.
Pig Iron Production.
There are those who say that &
very accurate forecast of the stee
industry can always be seen in the
rate f/pig iron production. If thi,
be the case, the steel industry i!
daily growing stronger, because pit
iron production in December show
ed further increase and the tota
for the month was the largest since
last February There was a decid
ed squirt in pig iron buying in th'
south last week and several largt
contracts were placed at arounC
SIG ton.
Parish and Bingham.
Parish and Bingham is anothel
automobile accessory which look
for 1922 to show kood profits. Par
ish and Bingham does lot of worl
for the Ford compny, nd with TIN
starting up of operations by tn,
Ford factories next week larg'
scale operations will be begun.
The company got through 1872
with a very modest inventory ant
is in good financial position.