Evening star., 1920-03-17
MONEY SITUATION
CHECKS MARKET
BY STUART p. WEST.
Special Correspondent of The Star.


WALL STREET. N. Y. March IL
Today's market again pursued a very
uneven course. There were points OF
weakness and there were points OF
strength aplenty among individua
stocks. the strong points predominant
ing. On less favorable reports ron ON
the steel centers. which told of the
spread Of a more cautious sentiment
there was heavy selling of all the
steel shares. under which Steel COM
mon sold off a point and special weak
ness appeared in Republic and Beth
lehem Il. Middle States Oil was under
urgent pressure. as it had been yes
terday. rejecting a suspicion which
may be exaggerated. but which at all
events cannot be cleared up until
there is frank official statement re-
garding the conditions of the COM
pany's wells.
The weakness in Middle States
caused some unsettlement among the
other low-priced oils. but otherwise
did not have much effect.
On the other hand all the stocks Of
companies in which there is poss1-
bility of stock dividends were in very
active demand. following the action
of the Crucible Steel directors in vot-
ing a so per cent stock bonus. This
announcement caused Flolent
scramble amoug recent short sellers
of Crucible to cover their contracts
AT tne opening.
steel Sags on.
After this demand, which had lifted
the stock above 240, had been salts
fed. Crucible Steel sagged OF to
where it had closed last night.
But speculative profits taken in
Crucible were Immediately shifted into
Baldwin Locomotive. American Wool
and others. which have been men
toned in recent gossip as possible dis
tributors of stock dividends
At the same time special buying
movements went on in international
Paper. in American Linseed, in the
Chemical shares, in American Ice,
American Sumatra and various others
of the specially type.
The call money renewal rate was
lowered to s per cent as compared
with yesterday. indicating that the
strain due to the income tax payments
is gradually subsiding. Sterling ex-
change held strong, although in bank
ing circles this mornings report that
s25. 100000 is on its way from England
via Canada was not confirmed. The
street believed that this report was
substantially true and acted accord
ingly.
American Sumatra.
Declaration Of an initial dividend on
Consolidated Cigars at the rate of Sc
a share puts American Sumatra in a
much stronger earning position.
Through it's holdings of this stock and
it's other outside investments a
revenue is now forthcoming sufficient
to yield a sum equal to nearly per
cent on American Sumatra stock. AS
the company is earning three times
what it was year ago from it's own
operations the 10 per cent dividend,
which has never been seriously in
doubt looks more secure than it has
appeared at any time.
AS an asset proposition considered
quite apart from its earning power.
American Sumatra works out a value
far above its current selling price.
The story printed in a morning
newspaper that Middle States Oil had
just brought in a new 10.0O0-barrel
we'll is wholly unfounded or rather is
based on palpable error. There has
been such a new well brought in, but
it is on the property adjoining the
Middle States. belonging to the Gulf
Refining Company. There was an at
tempt to belittle the Importance Of
yesterdays break in Middle Statef
stock. but its action again this
morning. in face of the false report.
went to corroborate other indications
that recent selling has been very
we'll informed