Evening star., 1922-04-21
OILS ARE FEATURES
Of STOCK TRADING
Some Pressure in Evidence
and Dealings Shift After
Opening.

4. NEW YORK. April 21.-Mexican oils
We're the strongest features at the
opening of today's stock market on
denial of reports that the Tampico
district showed salt water deteriora-
ton.
Mexican Petroleum made an initial
gain of y points. and Pan-American.
Sinclair and Texas Company were
fractionally higher. Union. Houston,
Standard Oil of New Jersey and Barns
dali "A" gained / to almost points.
Gulf States and United States Steels
hardened. but most of that group and
the equipment division reflected mod
crate pressure.
Coalers added to yesterdays gains
and transcontinentals strengthened.
Higher quotations for the leading for
eign exchanges accompanied over
night advices of more hopeful de-
veiopments at Genoa.
Early Gains Are Held.
Oils held their early gains. but trad
ing shifted soon after the opening to
the rails, motors, utilities, shippings
and food specialtieS.
Canadian Pacific, Texas and Pacific.
Norfolk and Western, Pittsburgh and
West Virginia and New York, Chicago
and st. Louis common and second pre-
ferred rose l TO 2 points. Studebaker.
Electric Storage Battery, Mack Truck,
Consolidated Gas, Manhattan Elevated.
Market Street Railway prior preferred.
North America and American Express
also gained l to 2 points.
Postum Cereal common and pre-
ferred, Coco Cola, United Fruit, At
lantic Gulf. and American Woolen
were conspicuously strong.
Usual leaders in the industrial group
lacked their recent prominence. Call
money opened and renewed into next
week at 3 y per cent.
Upward Trend Continues.
The upward tendency again predom-
mated today, but with the usual
amount of variations as the specula-
ton Shifted from one group to an
other. Foreign exchange was some
what easier. money rates continued
at the minimum of the season, while
the commodity markets were strong
er. especially the wheat market, which
rose rather abruptly
1t was conceivable that the par
tIai check upon the rise in invest
ment bonds had some connection with
the soldier bonus situation in the
Senate. If the favoring majority were
10 get together in a proposal to raise
the funds through short-term Treas
nry issues. it might easily become "A
cennite market factor. But at the
satisfied that the President will ad :
mere to his attitude OF hostility against
any bonus scheme not carving a tax
provision. and that the Senate will be
unable to pass it's bill over the veto.
Aliis-ChnImers' Rise.
Ihe Use in Allis-Chalmers stocks is
partly response to Improvement in
current earnings and partly a better
recognition of the strong position
shown in the annual balance sheet.
me companyS business reached the
bottom of it's slump in October, when
total bookings and billings were
81. 900. BY February there had
been a recovery to S2,000,00O. while
Tor March the preliminary estimates
point TO still larger aggregate In
view of this showing the recent ad-
vance in Allis-Chalmers from around
of surprise.
Advance in Norfolk and Western
across 101 for the first time was in
spired mainly by the earnings situa-
tlon or the road and the ability.
should ii choose. to restore the extra
dividend of l per cent. which was
dropped in 1917. Norfolk is one of the
few roads whose loadings have not
shown slump in April, AS the result
OF the coal strike.
AS it drives its coal business chiefly
from non-union mines. which have been
going fuli tilt. its April results promise
TO be better even than those of any
month so far.
Burns Bros. Again Active.
Burns Bros. stocks. which for some
time have been holding back in the
market. came to the front at last and.
going through l3o. the "A stock moved
ahead sharply. AS the equivalent of
a 10 per cent issue, Burns "A" has been
selling out of line with other indus
trials of similar earning power. The
increased earnings which have occurred
as the result of the consolidation with
the Farrell Coal make it probably that
the distribution on Burns Bros. 81
will gradually be enlarged. and mas
much as the "a stock shares equally
in any such distribution, this will mean
gradual raising of the rate on the latter
New Highs for Rails.
The rise in the Telephone and
Telegraph stocks and the new highs
made in a few of the dividend paving
rails We're likewise instances where
investment rather than speculative
capital was at work. In the specu-
lative quarter, it was agreeable to
note, the same as on Thursday, the
subsistence of the extreme excite
ment that. had marked the trading at
the start of the week.
Public interest showed no signs of
slackening and there was enough
outside buying to absorb the sales by
the large investors and spectators
who Were shrewd enough to foresee
last autumn and winter the change
which has come over the business
situation, and to gauge it's effect
upon security values.
But there was no repetition of the
violent up-bidding such as occurred
over the last week end in the oil
shares and in some of the motor and
equipment stocks.