Evening Star Newspaper, October 29, 1921, Page 16

'PRICE MOVEMENTS OF STOCKS SHOW FURTHER CONFIDENCE While the Public Has Not Figured Much in Trading, Repurchasing Has Been Pro- ceeding Slowly in All'the List. BY STUART -P. WEST. NEW YORK. October 29.—Wall Street was never very seriously con- cerned over the rallway strike order, and, while relieved at the outcome, {8 inclined to ‘reat it as something that was quite expected. The price move- ment of the past week has represent- ed matters of much more fundamental fmportance than the question of whether or not the railway workers would carry out their threat to strike, has been a further expression of confidence in _the business outlook and in the reality and permanence of the change which came over the situ- ation two months ago. The public has not come back into the market to any extent. The prin- ¢ cipal buying has originated with men ! high up in company affairs who sold . end. ‘s is well a long while ago, resolved not to back until they were sure that period of depression was &t an This repurchasing has been go- ing on all through the share list, and it has been supplemented by the re- vival of activities on the part of various speculative cliques. The movement of crops to market, known, has been earlier this year than usual. In consequence, 200 Addison out buy the the financing of the harvests will have been complated ahead of the customary time. Ordinarily it is not until the end of November that banks in the agricultural sections get through drawing down their balances at the reserve centers. But this year the peak of the crop demands already has been reached. Bond Prices Up. It is plain enough that still easler money conditions are in prospect and that the markets are getting ready for them. This is shown by the course of bond prices, which stand now at the highest of the year. The fact that the latest issue of Treasury certificates was taken at 4% to 4% per cent, or a full 1 per cent under the rate of last spring, is very sig- nificant. If the banks are ready to accept as low as 43 per cent on their money in this form of investment, they soon will be ready to accept a similar reduction in other forms. On October 22 1920, the total of bills discounted at the federal re- serve banks stood at §$3,049.948.000. On October 26, 1921, this total was only $1.371.000,000. At this time last year federal reserve notes outstand- ing were $3.356,000.000. Their present amount is $2,408,000,000, while the re- Heights 12 Minutes to 12th and Pa. Ave. Over 800 Lots Sold in Virginia Highlands and Addison Heights Only 60 of the Most Desirable Left Over 100 fine homes in ments. this section with improve- Some lots have large shade trees. Now is your last opportunity to secure the foundation of your future home. '$10 Down $5 a Month - Take Alexandria car at 12th and Pa. Ave., get off at Va. Highlands, ask for Mr. Price, residence on grounds. purchaser. Colonel Roosevelt and General Wood Permitted to go to France? Have under construction one 5-room bun- galow for aboit $4,500.00. Change made to suit - serve ratio has advanced from 42.7 to 70.8 per cent. gt September rail figures Have shown as a rule some further slight im- provement in gross earnings over August, while the net results have been about the same. Much Is still sald about maintenance dccounts be- ing skimped, and,that it is only in this way that net earninge are able to appear so well. The point missed in this criticism is that the roads can afford to appropriate less this year than last for maintenance pur- poses, because they are getting so much more for their money in the shape of cheaper and more efficient labor and the lower cost of suppiies. However, this does not take away from the essential problem confront- ing the carrlers. They will, of course, at once go ahead and apply to the labor board for another 10 per cent wage cut. It will be months before a decision is rendered. Rate Reduction in Prospect. In the meantime, the Interstate Commerce Commission, acting upon the principle enunclated in the de- cision of a week ago, will proceed with its rate reductions and put it up to the roads to offset these by re- ducing their costs. The probability is thus suggsted of & considerable in- terval during which the companies will be operating under conditions less advantageous than those at pres- ent, with their revenues cut down by lower rates and yet where they will be enjoined from reducing payrolls until the authorities have had the chance to go exhaustively into the merits of the case. In the meantime, there is still the unpleasant fact to face that a number of important roads, even with rates as they are, are unable to cover fixed charges. Reports that the November install- ment of the German reparations pay- ment had been put off until next spring have not been confirmed, and are certainly at variance with the course of the German mark, which during the week has again drawn close to its extreme low. (Copyright, 1921.) ASK TO HAVE ROAD SCRAPPED CHATTANOOGA, Tenn., October 29. —pPetition was filed in the United States district court here asking for a decree ordering that the Ten- nessee, Alabama and Georgla railroad be scrapped and sold as scrap. The Sage estate is the holder of the first bonds of the railroad. The petition of the executors points out that the road under the present receivership has been operating at a loss month after month and that on petition of Price & Co., Boston bankers, the court on July 2. 1921, set August 6, 1921, as the date of sale. Postpohements fol- lowed. und at the last sale date no word was recelved from Prince & Co., it is alleged, and the next date for offering the road is now fixed as November 15. Novemberids. B Wi T IE IOl 135 Kentucky & Avenue S.E. Open for Inspection Sunday Here is an opportunity to get one of the best 6- room homes Southeast. All modern improve- ments: garage; beautiful condition throughout. ¥ S 3 £ x 3 For price and terms see Mr. Gaddis, on premises all day Sunday. Chas. D. Sager 923 Fifteenth Street N.W. Main 36 Lttt A A A b A bbb Why Were Not HE answer to this historic question will be given in the first installment of Joseph P. Tumulty’s story of Woodrow Wilson, beginning in The New York Times tomorrow and continuing every day for thirty-seven days. Nothing equal to the Tumulty narrative has appeared in American history or biography since Nicolay and Hay’s Life of Abraham Lincoln. For the exclusive newspaper rights to Mr. Tumulty’s work in the Middle Atlan- publication. Among the many tic States, The New York Times has paid the highest price ever paid for such a controversies over Woodrow Wilson’s public life, none has Woodrow Wilson Disclosed by His Secretary EVERY DAY FOR 37 DAYS The Nem York Times WARNING! BEGINNING Newsdealers cannot return unseld to their regular demand. N Friends and critics of Woodrow Wilson will have to discuss the stories told by Mr. Tumulty, for they been argued more bitte District of Columbia and Maryland— Increasing cloudiness and warmer to- night, followed by rain early tomor- row morning or afternoon, increas- ing east and southeast wind: Virginia—Rain late tonight and to- morrow; warmer tonight; increasing east and southeast winds. West Virginla—Rain tonight and tomorrow; warmer in east portion tonight. Records for Twenty-Four Hours. Thermometer—4 p.m., 68; 8 p.m., 61; 12 midnight, 51; 4 a.m., 48; noon, 67. Barometer—4 p.m., 30.21; 8 p.m., 30.23; 12 midnight, 30.25; 4 am. 30.23; ¥ a.m., 30.26; noon, 30.25. Highest temperature, 69, ocourred at p.m._ yesterday. Lowest tempera- ture, 45, ocourred at 5:30 a.m. today. Temperature same date last year— Highest, 53; lowest, 41. Condition of the Water. Temperature and condition of the water at 8 am.: Great Falls—Tem- perature, 58; ocondition, clear. Tide Tables. (Furnished by United States coast and geodetic survey.) Today—Low ‘tide, 12:36 a.m. 12:52 p.m.; high tide, 6:25 a.m. 48 p.m. Tomorrow—Low tide, 1:27 a.m. and 1:41 p.m.; high tide, 7:17 a.m. and 7:38 p.m. and and The Sun and Moon. Today—Sun rose, 6 a.m.; sun sets, 5:12 p.m. Tomorrow—Sun rises, 6:33 a.m.; sun sets, 5:11 p.m. Moon rises, 4:54 a.m.; sets, 4:30 p.m. Automobile lamps to be lighted one: half hour after sunset. Up-River Waters. HARPERS FERRY, W. Va,, October 29.—The Potomac and the Shenan- doah rivers were both clear this morning. Weather in Varlous Cites. e Cloudy Portland. Fortlan Nan Anfonio. san_Diego 8. Frun St. Louts. udy st s BERLIN OIL DIVIDEND. BERLIN, October 29.—Although the petroleum business is sald to have been operating at a loss, the Ger- man-American Petroleum Company of Hamburg has announced = 25 per | cent dividend. The previous divi- dend was 91§ per cent. ' rly than the ques- tion, “Why weren’t Colonel Roosevelt and General Wood permitted to go to France?” Mr. Tumul story for the first time. Another subject of dis ty tells the inside pute has been the relationship of Mr. Wilson to his cam- paign manager, the McCombs. The recen late William F. tly published Mc- Combs book was a violent attack. Mr. Tumulty now tells about it. whdt he knows In the first installment of the- Tumulty story, tomorrow, will be the chapter on ‘Colonel Roosevelt and General Wood,’ and the chapter on Combs. TOMORROW are always short when there is ‘Take warning—place your order at once with your dealer if you want the Tumulty articles. Back numbers will not be available. You will not wish to miss a chapter of the Tumulty story of ‘Woodrow Wilson. It is startling in disclosures, historical in data, and entertaining in contents and style. It reviews the most important incidents of your time and reveals hi: will be the topic of conversation everywherg. In the WASHINGTON TERRITORY, the Tumulty Story will be obtainable ONLY in THE NEW YORK TIMES. Subscription by mail; $1.50 for 37 days—Address The New York Times, Times Square, New York. of The New York Times, so their orders are ‘William F. Mec- -~ adjusted strictly an unusual call for The Times. istory in its making. % Temperature. @ 2 55 28 The number of General Motors Cor- g a1 BX poration stockholders October 3 was stations. % 2 .= the largest in the history of the com- 3 5% 5 the total being 66,837. an in- b RIS of 1,513 over tho preceding : P | ut g The Reardon Smith Line announces Abilene, Tex. 30.10 " Clear that it will operate a monthly line of :ul-.u:; G S b :Lenmeri ':m'l ?rhmmmon 51? Ham- wbul ark urg, with freight carriers. The first Atiane Gty 20 a8 Cefey | Is the Leeds City, bound from the Birmingham 6 Cloudy | far east by way of New York, to be Ittamarck 58 26 Clear berthed November 21. Hotato w o Ciosdy | The greatest bond iskue on reco.d Charleston 62 Cloudy | will be made November 1, when Ger- 1¢ w56 Rain many hands over to the reparations 70 o4 ‘.-"’"n""a» commission in Paris bonds with a &7 oY | face value of 38,000,000.000 gold 5 marks, or $9,031,600.000. This is se- - ries B of three issues, to he made by b= Germany to cover indemnity. Helena .. 3 52 Central Leather for quarter cnded la iiie. ? HOREY | September 30, 1921, reports deficit, Kaueas Cit. 35 008 Clouds ) after charges and taxes, of $1.540.083, i | Clouds | compared with deficit of $6.264.192 in Seattie 3 proximately . per cent on WASH., D.C. average outstanding common. PARIS BOURSE IRREGULAR. BUSINESS MEN OPTIMISTIC. PARIS, October 28.—Prices maved NEW YORK, October 20 —Business irregularly on the bourse today. Threr | men from all parts of the country per cent rentes, 54 francs 30 centimes | were optimistic in discussing the axchange on London, 53 francs 88 cen- | future prospects of the . country's times; 5 per cent loan, 81 francs 45 cen- | business at the annual meeting of times. The dollar was quoted 2t Iu|the National Foreign Trade Council francs 63 centimes. here. The prevalling sentiment was DEPRESSING INFLUENCES CHICAQO, October 29.—Rallies due to- ‘the settlement of the railroad strike kLiave largely offset the in- fluence of depressing factors in the wheat market this week. Compared with a weék ago wheat quotations this morning were unchanged to 1 cent higher, with corn up 1% to 2% and oats at an advance of % Lo Xa%. Iwprovisions the net changes varied from 32 cents decline to a rise of 40 cents. With the rail strike constantly In the foreground and alternating in its effects as the likelihood of & settle- ment grew and waned, the wheat mar- ket fluctuated nervously and trading lacked the usual volume. Prospective delays in transit made shipping con- ditions extremely uncertain and for the time being, tended to Kkill any chanco which might have developed for u revival of export business. An unexpected falling off in the United States visible supply total, however, helped as a counter balance, and so, too, did an apparent disposition at rural points to hold back receipts in order to take advantage of reduced freight rates. On the other hand, Montreal was sald to have shipped wheat back to Toledo at a profit. Sub- sequently, complaints of dry weuther in the domestic winter crop belt, to- gether with a bullish estimate of the yield in thirty-nine countries this sea- son, assisted the upturn which followed the news that the strike call had been cancelled. Corn and ' oats, being on a basis of less than the cost of production, were relatively firm. P'ackers support upheld the market for lard, but other provisions were dull and inclined to sug. FINANCE AND TRADE NOTES. A Philadelphia Stock Exchange membership has been sold for $3,000. an increase of $500. 1 56, the preceding quarter and § in the corresponding period, Through prominent Japanesc mer- chants in London. Japan expects to; buy 800,000 tons of rails during the next year, says a London dispatch. Mexican Petroleum Company for six months ended June 30. 1421, shows net profits $8.304,117, compared with net profit of $9.773,898 for the entire vear of 1920. Profits for the first =ix months of 1921 are equivalent to ap- the that the turn for the better in busi- ness had occurred and that there would be a substantial improvement by spring. The hope was expressed by several speakers that the results of the com- ing armament conference at Wash- ington would be Such as to assist in -hecking the inflation, especially of vaper currency. which is now pre- venting restoration of sound condi- tions, particularly in Europe. James A. Farrell. president of the United States Steel Corporation, was res 2lected president of the council. NEW DEAL IN COTTONSEED. CHICAGO, October 29.—Cottonseed oil was bought and sold on the board of trade here for the first time n his- although Chicago is the largest et for the product in the world. The first sales for May delivery were at $8.65 a unit of 60,000 pounds, while the closing price was $8.75. March delivery sales were at $8.66. ASHER " KEEPS BILE] ASHER FIRE PROOFING CQ __SISSOUTHERN BUILDING, _ | We Are Tearing Down the Large Temporary Office Buildings en 6th st. just off Penns. ave. The government ~requires us to remove these buildings in three montha’ time. We re hauling this ma jal to both orage yards—and the same ma- may be purchased at either Offics Oamp Office. 6th & C Sts. 5th & Flo: Av. southwest northeast At both of these yards we maintain competent salesmen. Present prices are about one-half of last year's. Lumber 2c Foot |2'2¢ Foot 2x10, 2x12 2x4, 2x6, 2x8 Sheathing and Flooring Heavy Timbers Speculative- Bullders, Atten The 2x12s are 18 to 18 feet long and The fixtures which go to make uj this set are of very good make an in_excellent condition. This set con- sists of a_white, low down, vitreous toflet outfit, a “Standard"’ lavatoty with_all fttings and white enameled m bath tub with fittings, com- Mail orders accepted on this New material [from our largest wrecking job has made our stock of building materials_complete. We have Doors, Window and Porch Screens, Window _Shac ‘antonment Sash, Plaster Boai 1 Board, Roofing, Window _ Frames, Radiators, Pipe, Kitchen Sioks, Tanks and Blectrio Fix- ures. NOTE THESE PRICES Bcreens, e, Window Bhades, best guality. Reclaimed Wall' Board, per ft. Steam _Radiation, per foot. Certainteed Co.'s *‘GUAR] ROOFING, 1 ply, 2 ply, $2.00; 3 ply. Sidney L. He M’er Housewrecking Co. TWO OFFICES: 6th and C Sts. S.W. 5th and Fla. Ave. N.E. - “Opem Saturday | Afterncons jdium grades are in demand &t good {prices and the American Woolen Compiny ix said to have hought large !drug trade has started on what gives THE WEATHER |RALLIES LARGELY OFFSETIREDUCED RAIL RATES OF MORE | TRADE SIGNIFICANCE JUST NOW Temporary Rail Strike Not So Pertinent to Business Progress as Lower Freight Charges. Bpecial Dispateh to The Star. NEW YORK, October 29.—That weli used line “There will be no strike to- night"" always was good for & round of applause in the days of the old m dramas, and the decision to call off the raitroud strike was reccived in circles | throughout the country with its due need of enthusiasm. Now, however, the | gudience of the business world is set- ting back in its seats deeply intent on whut the next act will bring forth with regard to the reduction of freigint rates. For the reduction churges carri far deeper interest with_ business and industry than the possibility of a temporary railroad tie- ‘matter how compl Business hes received within th four hours show that there is ay ing that even had the stri become a reality the struggle would | not been long drawn out, wher the complete return of trade commerce and industry 10 normal prosperity can- nof be accomplished until freight rates have come down. The preparation did of transportation strong. ssible strike line n some other for a time, the v lines were h but with_th - me way business is flowing in its tomed channels and with increasing volume. Betterment Ix General. 1 { Betterment in conditions is being con- stantly noted throughout the countr and this increase in production, distr bution and sale hus ceased to be noted in single line Recovery now has progressed so far that startling spurts of activity have given way to a steady I of pace. There stll are a few dark spots in the business firmament, but they are few and far hetween. ! This trend is perhaps as well ex-3 emplified in furniture as in any other line. For many months the furniture trade failed to respond either to ad- vertising or price reductions. Now, however, furniture manufacturers are unable to keep deliveries up with their orders, and are adding to their puy rolls and increasing their produc- tion limits. The position of the wool market has bettered all over the country, in spite of the fact that the Austraiiun clip will by to arrive shortly. M alon amounts of these wools within the last week. Shoes in Active Demand. Shoes are in active sections production +d only by capacity. Many fac- < have sufficient orders booked ahead to assure capacity production well into next vear. This activity has had a correspondingly encouraging effect on the leather market. The demand and in is being ever vi ness Lumber continues to advance stead- fly in price, with southern pine in especial demand ports of lumber are increasing and the foreign orders are including ties in large quantities. The paper industry, which has ber stagnant for some time, is brighten- ing up. Domestic demand is increas- ing steadily and considerable paper is being booked for shipment to for- eign countries through American ports. appearance of being a real re i after a period of extreme dull Bullding on Incrense. Building on the increase. and that fact is emphasized by the awakening demand for hardware and tools which had failed to move in any quantities for many months Building costs are decreasing somewhat and construc- tion is being encouraged by every possible means. Buying of oil maintaining its pace and drilling operations are be- ing resumed in a dozen different fields with consequent demand for pipe and machinery. The steel companies con- tinue to increase output, with some excellent orders in prospect. Mosg significant of all, however, is the steady, dependable increase in re- tail trade, which gives added point to the statements that unemployment is on the decrease. This buying still is conservative, notably so in the grai growing states, but it Is undoubtedly on the mend. Commodity Reports From Various Sections Gloves. NEW YORK. October The first auction sale of gloves un- der the auspice of the American Glove Auction Sales Corporation, com- posed largely of Gloversville, N. manufacturers, will be held here No- vember 15. About 15.000 dozen pairs will be auctioned off. retailers and is 29 (Special). “The Best Homrs in Takoma Park” TAKOMA PARK HOMES $1,800—New 3-room house, 2 lots: water, sewer and electric lights. -room house, with improvements in street. Rlock from Marrland line. Bmall cash payment. $4,200—5-room _ bungalow, built, well 1 electric lights. water and g lot. $6,760—6 rooms, all improvements; fur- mace’ heat; mew: large lot; near cars. $1.000 cash. ,950—New S-room bungalow. Very at- traciively finished: oak ficors, ivory trim, mahogany doors; Iarge basement; all im- provements in h. $8,000—Bun large wooded lot. Terms. rdoms, semi-bungalow, two baths; breakfast and sleeping porches: fire- ace. Very desirable location. Garage. two_baths, hardwood garage. Terms. orhouses specially adapted for_rooming and boarding houses. $9 to _$11,000. Two building lots, short distance from car line, $800. LILLIE & HENDRICK 23 Carroll Ave. Takoma Park Col. 892-W. 5 “The Best Values én Takoma Park” manufacturers having opportunity to make their own prices, Machinery. SEATTLE, October 29 (Special).— Stocks of machine tools and heavy machinery continue to pilé up here. Prices have been reduced 30 per cent. but there is little demand except for second-hand machinery. Shipments of new supplies from the east are small and negligible. Automobiles. DETROIT, October 29 (Special).— The Oakland Motor Car Company has added 500 men to its pay roll and in- creased the capacity of its plant here 1o 100 cars a duy. Dry Goods. NEW ORLEANS, October 29 (Spe- cial).—Sales of dry goods have drop- ped off considerably in the last ten days. Jobbers are not surprised at this in view of the record-breaking sales of the last two months. The slump is believed tem- porary. to be only PHILADELPHIA, October 29 (Spe- ul).—There have been decided in- creases in the amount of grain reach ing this port for export to Europ There are more vessels in harhor than at any time for months and this activity has given emplovment to many workers about the docks. on. TULSA, Okla.. October 29 (Special.)— The lifting of the embargo on new de- velopment by the Oklahoma Corpora- tion Commission hus resulted in re- sumption of many drilling operations. The ban was put on in June because of overproduction Wool. BOSTON, October large quantity of fin tory wool is bought by Company. h 9 (Special).—A clothing terri- reported to have been the American oolen The company is said to purchased all such wool that offered at prices ranging about 7 to 70 cents a pound. iture. CITY, Mo, October 29 (Special) —Furniture manufacturers in this section report a decided in- crease in demand, with also an in- crease in the cost of lumber. SAS Perfumen. NEW YORK. October 29 (Special).— The largest shipment of ambergris received here in vears has just ar- rived from the Philippines. The sub- tance, which ix used in the manu- acture of rare and expensive per- fumes, sells at about $26 an ounce Notes. ST. LOUIS, October 29 (Special).—Th: savings of people of this section have in. creased remarkably in the last year in spite of business depression and unem- ployment. A survey of the situation of the suvings banks in St. Louis, Louis- ville. Memphis and Little Rock. repre- sentative of conditions throughout Mis- souri, Kentucky, Tennessee and Arkun- sas, shows that savings deposits in fift four leuding banks totaled $109,870.667 on October 1. an increase of $13,667.12¢ over the total on the same date las year, or 14.07 per cent. Since July 1, when unemployment has been more marked, the deposits decreased only $1.704,346, or 1.5¢ per cent. SEATTLE. October 29 (Special).—For the firet time this year savings deposits in Seattle banks show an increase. The figures now available show a net gal S0 far this month of about $250,000 ove: withdrawals. The betterment of condi tions is also reflected In the falling off in the requests for collateral loans by workers, both skilled and unskilled. DIVIDENDS DECLARED. Stock of Record. Amer. Brass Co., q, & Oct. 31 Beth, Steel Corp. A, a, $1.25 Dec. 15 Heth. Nteel B. q. $1.25 Dec. 13 . Pay- ble Nov Jan. Jan. 23 ... Oct. 28 Oct. . 10 Dec. 1 a. & Dec. Consol. € Dec. Consol Dec. Elec.. §1 Steel Co. pf. q. $1. Coca_Cola 51 Col.Fuel & Tron Diamond Match Co., 4, & lette Safety Razor KRESGE TO INCREASE STOCK. NEW YORK. October 28.—Directors of S. S. Kresge Company have de- cided. subject to ratification by stoc! holders. at a special meeting in De- troit November 15, to increase pre- ferred capitalization from $2.000,000 to $3,000,000. Sebastian 8. Kresge, president, in a letter to stockholders says: “Since Incorporation of the original company in 1912 the amount of au- thorized and issued preferred stock has not exceeded $2.000,000. Funds for the development of the business have been raised from the sale of notes and common stock and the re- investment of surplus earnings. Since 1912 the company has opened 112 new stores. The sales have increased from approximately $10,000,000 to over $50,000,000, and the earnings before taxes from $673.000 in 1912 to an es- timated $4,000.000 for the current fiscal year. RECORD LARD SALES. CHICAGO, October 28.—One of the leading packers reports the largest ex- port sales of lard to Germany and the United Kingdom the past week in the history of the aonoern. The United Kingdom Is taking hams freely and the domestic trade 1so buying heavily. For Colored Professional Man 1004 Rhode Island Avenue N.W. Near New Colored Y. W. C. A. Nine rooms, usual bath, hardwood floors and trim; hot-water heat, corndition. electric lights; perfect Price, $10,000; Terms Open From4 P. M. GOSS.,.,;“ to 6 P. M. Sunday Main 4752 STOCKS ARE FIRM AND FAIRLY ACTIVE Oils Show Pronounced Strength—Steel Shares Are Stronger. BY STUART P. WEST. NEW YORK, October 29.—The stock market today appeared to be working under the same influences that ha been noticed for more than a month When it was seen that a lead- ing issue was getting somewhat tired from its rapid operations were switched into other channeis and stocks which had their full measure of prog taken in hand and brought more into line with the erstwhile leaders, The list as « whole showed a firmer tone at the opening, several of the rails getting up in the early tradinge But the main activity centered in th oils and industrials. Pan-Americ and Mexican Petroleum were ictiv but there was some profit-takinge the other mcembers of the ofl Steel common got into new higl &round for this movement. but there was little change in the independs . advan not enjoyed s wers in steels, despite the rumors of impend ing mergers. In this connection it can be said that leading operators while looking forward ultimately to a4 combination of the indey ut concerns, believes that it will not come in the immedia ! On the wi of the usual means that up going on. This was to be exj ed, however, in view of the rap of the advance. American Wo ot active toward the end of the hour on_ buying from houses New England connections The foreign exchange market w. higher with sterling and francs but lire and marks were unch Sales for the two-hour scssion 000 share i w. uy eel Merger Gosip. Steel merger talk is or e the air, with most of the independ it concerns mentioned as possible ja ticipants. Some of 1) k from Pittsburgh., and the latest rumors have a Pittsburgh origin. a fore- I gone conclusion that the independent steel companies must some day cos bine in order to offset the advantags which the United States Stcel Cor- poration enjoys through its owner- ship of railrouds and plants scuitered ail over the country. In this way it an sell in any market with compara- tively low delivery rate nis has been reflected in the arnin this year. All of the independent o in this merger but the belief is that »f the smaller compaunies mention to talk. while som: may get together in the near future the large indej nts would not b uble to effer combination for a yeur or more. Philadelphin Company. A 10 per cent inerease over the present operations. which are estl mated at 50 per cent of normal in the ron and steel business served Ly the “hiladelphia Company. Is immediate] in sight, according to the most rover -stimates. This will mean a pondingly greater volume of nu ax consumption. Philadelphia ¢ any has more customers on its book now than ever before, but there has been a large reduction in gas sales, varticularly in the last four months October will show an improvement, but this improvement is the result of normal seasonal changes. Althoush the company is in a very favorable financial position. the comeback in the natural gas business is proving to be slow. Philadelphia Company officials are »ptimistic over the general situutio and expect to muke isfactor -arnings report the vear, ith A sulstantio) 1 the ividend requirement American Woolen. American n was taken in hand and pushed new ground for th ve on & b understanding of 11 tuation in textile industry. Al along there have been reports of the progress made by individual companies toward getting k into production, curr, in over the ba but the latest word from the American i= that this concern is now operat 1t upward of ) per ent of capacity. The other te companles are affected in the s sree. Woolen Compuny Gasoline Prices Higher. oil it was With the only be ric New Jersey mark up its quot ing announced un incr a gallon in the wha ¢ Jersey and states farther _— CURB STOCKS. Quotatious furnished by W. B. Hibbs & Co. —Close Bid. Asked. 12 13 i - in crude how long dvan and the fi of and this a0 o price of gaso- conts a g south one for the Aetnu Explo Allied Ol Arkansas N Rig Ledge Roone Oil Boston and Montana . Boston and Wroming. Caledonia Calnmet_and Jerome. . Carbon_Steel .. Cities Service (new). Cities Bervice (old) Commonteaith Finance ........ Commonwealth Fiuance pfd. ... Consoliduted Copper .......... Continental Motors Cresson_Gold ..... Davis Daly . Dominion Ofl . Durant Motors. Elk Banii Engipeers’ Petroleum . Fureka Croesus . Farrell Coal Federal 0il Fensland 011 Gilliland Ol Glen Alden C¢ Glenrock Ofl . Guffer-Gilles; nada Ol . Hecla .. Hercules Paper . Intercontinental Rubber International Petroleum Jerome Verd (newi . ! r G Magma Copper Maracaibo 5} Mason Valle: Merrit Ofl Aidwest Ofl Midwest O!l pf Midwest Refining Mountain_Producers . Nevada Ophir . w Cornella giasing, Mins le Ofl and Ga rth Amer. P. Northwestern Ofl Omar Ofl (new). Pennok Oil_. Perfection Tire Producers_and Radio com. Radio pfd i ol Hercules .. Consolidated ¢ Salt Creek Producing 30 o Bait Creek (new) BN Sapulpa_com. 3n, Simme. Petrol - U. 8. Light and Z U. 8. Light and % Unlted_Profit Sharing. 3 an 8. Bkip Corporation. . m 21 ; Steamuhip. . 2B 3%, United Detail Candy 5% 6l United_Texa ) B 1% I Warren Bros. . West End Cons. Wright-Martin |, CHICAGO— ) Armoss Lether prd. 5 Armour her p s i & Swift & Co. Union Carbide . a4 ‘Wabl “%