Evening star., 1921-02-11
VERY SLOW
AND DFA|RLY FIRM
BY STUART p. WEST.

NEW YORK. February 11.-With
the exception of q further advance in
sterling exchange there was very lit
tie incident in the market today.
Dealings in bonds and investment Sc
curities. generally continued to feel
the restraint imposed by the enormous
output of new capital issues and by
the discovery that these have been by
no means as well digested as might
be inferred from the apparent over
subscriptions.
1t was another dull session in
stocks, the more so because the mar
ket was facing a double holiday. But
once again the absence of liquidation,
in fact. Of any pressure to sell for
either long or short account, was very
noticeable.
Again, too. the share list demon
strated it's disregard Of unfavorable
news developments. A fuller con-
sideration Of yesterdays action of
the railroad labor board did not re-
suit in losing hope that ultimately
the rail executives will be able to
convince the board Of the justice of
their claim that the present wage
agreements, which were suited to the
time ut business prosperity and high
prices. but not to present conditions,
should be abrogated.
Still 1t was quite plain that this
contention had no chance of carrying
at any early daes and that in -lhe
meantime holders. of the railway
shares would have to face a success
sion Of very bad monthly earnings
statements without any definite assur-
ance of relief. It was a hard test of
the market position in the rails and
the fact that outside of a very little
selling in one or two Of these issues
there were no offerings to speak of.
either yesterday or today was more
significant.
Steel Shares Firm.
In the same way the steels shares
gave a remarkable exhibition of
steadiness in face of the renewal of
the price cutting campaign and the
description of conditions in the in
dustry as a virtual trade war There
WAS absolutely no liquidation in the
stocks Of independent steel compa nics:
like Mdva1e. Lackawanna Republic
and Bethlehem. and Sleei common aft
er easing OF trif1e at the Start.
leaders of the market. with special
strength in the Mexican oils on talk
'of dividend increase at next weeks
meeting.
The market for raw sugar gave fur
ther proofs that the real turn for the
risen yesterday to cents a pound and
today 1t got up to * cents, a recov-
cry Of nearly . cent from the recent
bottom
AL the srgar stocks were strong, as
they naturally would be on this de-
velopment.
Mexican OILS.
The Pan-American dividend is to be
acted upon next week and there is much
interest taken In the possibility Of an in
crease. An advance in the rate from Se
to So had been looked for at the Novcm-
Der meeting. but did not come While no
body is willing to go very strong with
predictions. it was stated today in
quarter which is said to have good in
formation that it looked as if the in
crease were coming this time. If it does
not come now it will simply be because
Of the uncertainties of the general bust
ness situation and the less profitable
conditions in the oil trade.
1t will be regarded as merely post
poning for a while longer something
that is looked upon as almost GER
tain eventually. The idea is to get in
the refna nIitS M"xican Petroleum
shares. and the only way this can be