Evening star., 1920-03-23
STOCKS ARE UNDER
NERVOUS TENSION
BY STUART p. WEST.
Correspondent Of The Star

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BY STUART p. WEST.
Special Correspondent Of The Star
WALL STREET. n. Y, March "a
The temporary pinch In money rates.
which many had expected as the re-
suit of government Withdrawals, did
not materialize today. At least there
was no marking up of the renewal
rate, which remained at per cent as
Ut mad stood since the middle of last
week. The early part of the stock
market session was given over to
Proht taking of the same sort that
mad appeared late yesterday after
noon. This selling was not at ali i'm
portant- 1t Indicated no change in the
attitude Of the larger interests. which
was almost unanimously optimistic.
It merely meant that there had been
enough of an advance to tempt specu-
Iators of the kind who favor quick
turns to unload their stocks antici-
pating an opportunity to repurchase
10 advantage. Offerings of this nature
carried prices down during the first
two hours a point to two points from
yesterdays top. Then the loan re-
newai was given out and, when 1t
did not meet the expectations Of the
near party and this following saw
that 1t was not to have the help
even of a temporary stringency, short
covering set in and fresh buying made
1ts appearance In numerous parts Of
the list
The paper shares were very strong,
under the lead of the usually inactive
Union Bag and Paper. This is one
or the stocks mentioned as having
stock dividend possibilities
Baldwin Locomotive.
III the street has been figuring upon
the Baldwin directors doing some
thing in regard to a stock dividend at
This weeks meeting. II is likely TO be
disappointed. From an authoritative
source, IL became known this morn
ing that there was no intention of
taking any action in the absence of
the head of the. company, who is
abroad.
Kelly Springfield.
There is 10 be a change in one of the
important features of the msrke. han
dling of Kelly Springfield which 10 de-
signed TO make the stock more popular
or al least less unpopular in the routine
trading. At the same time there are
lntimations that toward the end OF the
week some important announcement of 4
favorable nature VIII he made, perhaps
something in regard to the dividend in
tentions OF the management The greater
activity in Kelly Springfield today may
quite Well have been in anticipation OF
these happenings.
Continental Can.
Continental Can is another stock
which has been under accumulation
Tor some time and in which the buy
ing came more out in the open today.
Continental Can did some melon cut
ting two years ago. when. il distrib-
uted S3,500.000 new stock or the
equivalent of 35 per cent. as a divi-
dend 10 stockholders. But since then
there has been a further expansion
in earnings. and, inasmuch as the cap
1tal outstanding is small. a surplus
has been piled up sufficient to suggest
that the share-ownsrs may again he
in line TO benefit either by another
special distribution or by further
raising OF the dividend. Continental
Can now pays per cent, the rate
having been raised last summer.
Sugar Stocks.
A radical change has been taking
place on the sugar Industry OF th..
United States in one important respect,
and with comparatively little comment
This is the entrance by the refIners
into the raw sugar industry OF Cuba The
first Of the large companies 10 make
such a very sharp departure from
precedent was the Conservative Amer!- |
can Sugar Company. which invested
from s10.00o,000 10 si2.0oo,000 In the
the company acquired the Central Cuna- |
qua. a property OF 10000 acres, oper-
ating a double tandem mill with a ca
pacity of 100000 bags per annum
Sugar experts are agreed that the
American Sugar company was partieu-
1arly fortunate In securing this prop
erty and that the price paid was a
conservative one. 1t Is expected that
this year and next the property is
likely to return large part of its
cost.
Remington Typewriter.
The figures on Remington type
writer's year were expected to be
made public today after the market
closes. These show in the neighbor-
hood Of $21 share earned on tine
common stock after taxes.
The net earnings were $2.S10.000.
The company also has s6.00o.000 in
cash, government securities and lib
erty bonds. The earnings are just
about twice those of 1918. and it is
expected that 1920 will show even
company Is way behind on its orders.
although production has been jumped
considerably. During 1919 the COM
pany made many changes in its dis
tributing force, and these have begun
TO show.
Mexican Oils.
Those In a position to know about
The inside working in Pan-American
and Mexican Petroleum looked upon
the appointment of Henry Morgenthau
Rs ambassador to Mexico as the most
important thing that has happened
for American Oil interests in the
southern republic in some time. Pan
American today was up. close to 49
points from Its low point. while Mex
lean Petroleum has shown an even
greater recuperative power. The great
advance in Mexican petroleum has
been due to short covering in large
part but il is said that there is still
q large short interest in the stock. and
these remaining shorts are said to be
getting worried.
International Paper was drawn
along more or less sympathetically
although there is a sufficient inde-
pendent rea son for its advance in the
close approach of the time for the
publication Of the annual report. The
tobacco stocks were strong under
the lead of American Tobacco securi-
ties anticipating the announcement
within the next few weeks of a large
stock dividend on old American To-
bacco shares.
Baldwin Locomotive was the leader
of the equipments and Republic of the
steels.
Railway shares did nothing, but the
coppers were well bought in the be-
lief that the market has by no means
appreciated as yet the great impor-
1ance of the plan for extending credits