Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-07-22
PRICE TENDENCIES
VAR|AbLY HIGHER
Trading Is Intensely Dull, But
: Strong Tone Pervades the
General List.
by STUART p. WEST.

WALL STREET. NEW YORK. July
22-While yesterdays market had
not been at all sensitive to the threat
of a vast railway strike and to the
general representation in the press
dispatches that the majority of the
railway employees were dissatisfied
with the wage award. today's market
was equally unresponsive TO the more
Ieassuring news which came in from
Chicago overnight. II was well es-
tablished that while as a matter of
policy the decision might be put UP
to a referendum among the men. the
whole weight of the conservativ
among the union heads. who are
known to have the upper hand would
be thrown in favor of accepting the
findings of the labor board as the
best that could be reasonably ex-
pccted.
II might have been supposed that.
feeling pretty sure that this would be
the outcome, the market would have
done better than ii did today. But
while trading was intensely dull
ouller even than in previous days
there was no mistaking the strong
tone pervading the general list.
IndustrialS Under Pressure.
From a practical standpoint the
soEdity was the way prices stood up
against the development of weakness
in a few individual stocks. The whole
sugar group was again under severe
pressure because of the decline in the
raw sugar market, which was follow
ed today by a sharp reduction in the
price of refined sugars.
1t was demonstrated that a stock
as speculatively prominent as Punta
Allegro Sugar could break ten points
H. -art -.
rest of the list and that the other
sugars in which there has been a
large outside following could go down
very substantially without causing
any sympathetic selling elsewhere.
but on the contrary. without prevent
ing a moderate advance in numerous
other directions
This was a plain enough indication
10 all experienced observers of sold
out condition. On the other hand. with
dhe exception of few stocks which
were being picked UP for special rea-
sons. there was no energy at all on
the buying side 1t looked as if, were
there the proper Initiative, a new
buying movement might easily be
started.
But there was no disposition among
the professionals and. of course. still
less among outside traders to attempt
anything on their own hook with the
railway labor question still unsettled
anu Win the USudl TeSlIlCliOHS iii
posed by credit conditions.
The Rail Situation.
The representative of well known
financial house who has just returned
from Washington brings encouraging
news regarding the railroad situa-
ton While at the capital he gath
cred the impression that whatever
increase in freight rates is granted
the railroads will be on basis above
- l.r n
by the labor board. In other words.
whatever increase is permitted by the
Interstate Commerce Commission will
be an increase above the additional
expenses placed on the roads by the
$60O. 100000 increase in wages to their
employees.
Bond Market.
Like yesterday, the bond market to-
day underwent very little change
The tendency in the railway list was
upward, in sympathy with the upward
drift in railway shares. But nowhere
was there much change in prices
Liberty bonds continued their recov-
cry with slight gains. especially in
the third and fourth ANS. The Swiss
Government IS were very strong
again at-their top of 103A The Bel
gian doyernment 712s were un-
changed just above par.
Following the announcement TINS
morning that the new .Pan-American
Petroleum notes had been promptly
takeht as soon as the subscription
books iwere open. these bonds sold at
their issue price of S41s, but later
transactions were recorded slightly
undef this figure
Fairly Lively Buying
Willie the general market was as
rule Inactive. there was some fairly
lively buying at times in individual
stocf4 Corn Products was one OF
the 1ekders. anticipating a highly ia
vorabfe earnings statement for the
Jund nuarter. which is scheduled to
be dIt tomorrow. 1t was reported
around the street today that for the
six hbnths the Corn Products Com
panl would show between II and IS
per tent earnings and that the proba-
bilittes were: that earnings for the
caletdar year would reach 40 per cent
on tbe common stock.
Cn1fed States Food Products was
bougAt-on the publication unofficiaIly,
but still with ample authority of the
earnings results for the first half year,
which made a very remarkable show
ing There was good buying in Mexi-
can Petroleum and the Americans,
cohol in international Paper, in Cen
eral American Tank, Colorado Fuel,
Vanadium Steel. Stromberg and numer-
Gus other specialtieS-
Republic Steel made fair response to
its excellent report for the second
quarter of the year, showing. as had
the Lackawanna Steel, that despite all
the troubles with fuel shortage and
with the transportation tie-up. a bal
ance of over 6 per cent for the stock
that is, at the rate of SIS q year-this
being a handsome gain over the first
quarter of the year and a very striking
increase over the second three months