The steel business is gaining momentum
and there are rumors of big mergers in I
the automobile and oil industries, which,
when they become operative, will speed
up business still more. Added to these
we may expect the rail situation to be
taken care of along the same lines. New
York Central was especially strong today,
moving up to 104. It is expected thkt
they will want to do some new financing
in the near future an dto do this they
must retire $5,100,000 bonds and the stock
must sell at 100 to do this successfully
Reading is another one that looms up
Among the oils special strength was
noted in Phillips Petroleum and the
Pan-Americans, also slight recessions fol
lowed. Maxwell Motors A, which has
been very erratic lately, dropped off 4
points, while Cast Iron Pipe advanced 3.
Davison Chemical wae up to 7'J.
The market was forced to absorb con
siderable selling at a time both for profit
taking and other reasons which gave it
an Irregular appearance.
In the afternoon Baldwin and Lima de
veloped a strong tendency and was in
fairly aetive demand.
The oils made greater gains last week
than at any time since last spring when
the first cut was made and all indications
point to a better outlook for the list.
Copper stocks while firm appear to have
difficulty in getting under way.—Fenner
& Beane.
Cotton Letters
hubbard bros. a co.
