New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-23
Uneven Movement
I'm Stock Market
On Light Trading
Sugar Shares Break Sharply;
Rails Display Better Tone;
Decline in Foreign Ex-
changes Disturbing Factor

exchanges, sharp rise in the July cot
ton option to a record high price and
decentralization in the raw sugar mar
ket were developments yesterday that
overshadowed the happenings at the
Stock Exchange, where the market
moved along in the same professional
rut it has been travelling most of the
week. Stocks were extremely dull, but
showed marked irregularity in price
fluctuations. Certain groups, like the
sugar issues, which slumped again as
the commodity fell further, exhibited
weak tendencies, while other parts of
the list showed signs of increasing
firmness.
1t was the kind of market which
battles the trader seeking to find
definite trend upon which to base OPP
erations. For the first time the rail
way shares seemed to be responding to
the assurances that the railway en-
ployees will accept the wage award of
the labor board. Generally speaking,
the rails closed higher, with Reading
among the leaders. Reading led the
whole market in point of activity, with
Southern Railway close behind. Della
ware, Lackawanna & Western Jumped
points, while Central Railroad of New
Jersey closed 7 points up. The un-
usual strength in the shares of the So
called coal roads gave rise to rumors
of early announcements relative to
segregation plans.
For time the sugar stocks broke
WITT, great violence, touching new low
levels for the current movement. but
they rallied before the close, recover
ing much of the ground lost. The
weakness here was due to special in
fiuences, namely, the great unsettle-
ment existing in the raw sugar market.
where prices have fallen in sensational
manner. Cuban raw sugar was quoted
Yesterday, fof example, at 1914 cents
a pound, against the high record of
% II cents made last May. The dron
apparently is another sign of the
steady trend toward dehation. Stock
market observers said the fact that the
rest of the list did not give wav when
the sugar shares were Welding So
sharply under the pressure of selling
supplied an excellent test of market
conditions and spoke we'll for the
ton. poot~
Products Renine w sPH!s T dsn7 Corn
sustained strength on buying which
looked like accumulation. The report
OF the company for the first half of
the year is due to-day and the Street
looks for a highly favorable SHOWING
Republic Iron and Steel made a some.
what disappointing response to The
pupllcat1on of its quarterly earnings
statement. After the close of the
market announcement was made bv
.ne head OF the Bethlehem Steel Cor
poratlon that the plants of the com
pany are operating at about 80 nor
cent OF capacity with new business
moving IN at rate equal to production.
wal Street will read with interest
the observations of Judge Gary. chair
ma man OF the board of the United States
Steel corporation, who is sailing to-
day for Europe. He leaves with m
expression of optimism as to the out
looh Tor business and industry. His
remarks remark. apropos the present labor
SITUATION are especially striking. In
.ne STOCK market yesterday the speech
OF acceptance of Senator Harding. Re-
publican Presidential nominee. was re-
garded as constructive and thereforo
bullish. 'i'o1 eiole
Inc most disturbing influence yes
tterday perhaps was the fall in the
foreign exchanges. Rates on London
broke below $3.50 for the first time in
months, while francs and lire also re-
nected the pressure of increased offer
lngs OF exchange bills. Sterling was
at the lowest point since April. In
creased purchases of commodities from
abroad no doubt are the governing in
lluence IN the exchange market at the
moment. although there are MANY
other factors contributing to the
weakness, not the least IMPORTANT Of
which is the strained credit position
mere. Reports were current Yesterday
OF negotiations for new foreign loan
hotations here, reference being had
specincally to projected S50,0O0,OOO
loan so to Japan and one of $25,0Oo'00O
10 Soo,o0O,OOO in favor of Denmark.