Evening star., 1921-11-18
STOCKS IRREGULAR;
UNlERT0NE IS FAIR
Speech by Chairman Gary
Slows Up Steel Shares.
News Notes.
BY STUART p. WEST.

NEW YORK. November 1s.-The
stock market revealed today the same
speculative cross-currents that have
been apparent all week. Realizing
sales went on in some directions and
fresh buying in others. The net re-
suit was a very confused price move
ment without any general tendency
during most Of the time.
These fluctuations were fairly typical
of the uncertainty felt in the specula-
tive community regarding the i'm
mediate market position. whether or
to take account of the improvement,
sctual and prospective. in outside
business. The 4. -iority sentiment
among regular traders unquestfona>bly
favored a reaction, but. on the other
hand. fresh initiative was shown in
number of special issues on the side
,, of higher prices.
Inasmuch as the chairman of the
Steel Corporation has the reputation
Of leaning always to the side OF opti-
| mism. the impression left by what he
had to say today at the institute was
not exactly favorable. While assert
ing that the turn had come three
months ago. and that the. volume of
steel business had more than doubled
since then. he stressed the need of
further adjustments-in the cost Of
living. the cost OF production and
TRANSPORTATION. and especially in taxes
before return to normal conditions
could be looked for.
The Gary speech had a soldering
effect upon the steel stocks but
brought no selling of Importance.
AS an influence upon the general
market. however. it was offset by
other and more encouraging incidents
Indications of steady hardening
Of the copper metal, which brings the
14-cent level into near view. stimulat-
smelling shares. The report, for
which there seemed abundant founda-
tion. that the Cuban sugar commission
would wind up its activities during
the next month with the sale of the
better part of the remaining Cuban
surplus. brought special buying into
| the sugar stocks.
Paying Dividend Again.
Restoration Of Chesapeake and Ohio
though clearly foreshadowed by the
.iInilar action of its subsidiary
Hocking Falley-yesterday gave
f'lip to the rest of the railway list.
expression Of judgment by a repre-
sentative railway management that
| the situation affecting the t-anspo"'"
tion industry had changed suffi-
more liberal policy toward share
holders.
Big Sugar Sale.
Plans are maturing for the disposal
of about half of the uEsold 100000
| tons of sugar in Cuba. This sugar
will go partly to this country and
partly to Europe. 1t is said that the
Cuban commission in charge Of the
sale of sugar has had several confer
ences and that a proposition has been
sugar refined and that a sort Of tolling
arrangement is being considered. The
deal would move and distribute as
much Of the sugar in Cuba as possible
before the control of the commission
is abandoned.
Following. Pure Oil.
! Two of the big refining agencies
have followed the Pure Oil Company
into the MeXia field in Southern
Texas and have contracted to take
production and pipe it to their re-
| fine-ies. These two companies arc
| the Prairie Oil and Gas Company and
the Sinclair Crude Oil Purchasing
Company. which is subsidiary of
| the Standard Oil of Indiana and Sin
clair Oil.
The new contracts will not affect
! the Pure Oil Company. which was
| the first of the refiners to get into
| the field and has already begun the
laying OF its pipe line to the gulf
| coast.
The new Prairie Oil and Sinclair
ARRANGEMENT will take care of all
| the oil not now contracted for by
| Pure Oil.