Evening star., 1920-04-13
HIGHER MARKET ON
7PER CENT MONEY
Trading More or Less Re-
. stricted by Industrial
Conditions.


following the opening this morning 8
firIner feeling developed. induced more
through the covering of short lines put
out yesterday afternoon than through
any decided improvement in the rail
road industrial situation, which is far
from satisfactory.
Brokers expected money would oper
at Z per cent or thereabout and they
were not disappointed. this action be.
ing factor of Importance
There have been large number oil
heavy drafts on New York balances by
interior banks during the last few days
In addition to this. s25. .o0O,0 gov
eminent deposits were withdrawn from
this center in order to meet the April
l. interest payments on liberty bonds
which is believed to be about the las,
cash to be called from here for the pur-
pose named.
Gold to Argentina.
Once again the export to Argentina
OF $10.ooo.0oo gold is reported and Lon
don cables that the movement between
London and hore and here and Argen-
tina will be about an Offset Any ease
III the money market result of the
gold importations is, therefore. about
over
As the session advanced into and
through the third hour of the morning
not followed by any recession but rath-
er by waiting attitude on the part of
traders and comparatively steady prices
on the great ma jority of industrials
with here and there a rather sensa-
tonal upturn.
Sugars Much Firmer.
The sugar shares furnished the
best movement. SO far as prices were
concerned. with to 20 points up
u-ir hn ";
leaders
Equipment shares did much better
on the assertions made of the needs
ot the railroads during the coming
Near-1n0.000 freight cars. 5000 pas
senger ears. 1000 locomotives to say
nothing OF the large quantity of new
rails that are sadly needed.
These shares as a group moved up
10 points: shippings added . to 6
points to their records and motors
and rails for the time being were
releGated to the rear. with very light
trading and less important fuctua-
tions
The average industrials in the
active groups added l to points to
their closing figures of yesterday. this
gain being noted in Texas Oil. Nana-
dunn Steel. Mexican Petroleum. Co
lumbia Graphophone common. Beet
Sugar. Studebaker and other stocks.
Steeia F1rMer.
steel common was firm. Republic
gained better than 8 point and Cruel
BILE also moved up materially
The unfavorabe feature of the day
was the establishment OF new lows
in the foreign exchange market and
for liberty and victory liberty notes.
sugar stock Boom.
The sugar stocks were the leaders.
as they had been yesterday. Cuba
american Sugar. at $500 a share. and
Punta Alegra up nearly twenty points
from yesterday morning. American
Beet Sugar crossed par and an urgent
demand for American sugar and Cuba
cane at advancing prices We're
measure of the power of the appeal.
which the possibilities of the situa-
rion in the sugar trade has made TO
speculative imagination.
Corn Products as the most repre-
sentative of The sugar substitute
stocks made new high.
Fertilizers Also Better.
The fsrtfsfzer stocks which have
not been doing much Of late. came in
for more attention. with International
Agricultural Chemical and Virginia
Chemical the features
American Tobacco securities was
steadily bought in anticipation of
some announcement rega riding the re-
ported stock dividend on the old
American 1ooacco at next thursdays
meeting and other members of the
tobacco group were sympathetically
strong.
Less attention was paid in late
trading to the equipments and the
steels. but enough of a short interest
had been freshly created in these
stocks TO keep them steady
hTere was good buying in Pan
American shares. particularly the "R"
stock, and Royai Dutch responded to
the news that the capital stock of the
company was to be Increased which
viii mean stock dividend 10 its
present holders.
Among the minor specIalties stew
art Warner. Replogle Steel and Loew
were prominent