Evening star., 1921-02-14
STOCKS ARE F|RMER
ON LIGHT TRADING
Special Dispatch to The Star.

special Dispatch to The Star.
NEW YORK, February 14.-Develop-
ments over the week end. while
somewhat conflicting. were in the main
favorable for the financial markets The
only incident of an adverse sort was
another series of sharp cuts in oil prices,
both crude and refined. AS against this.
OF the mercantile agencies and the
monthly review of the Federal Reserve
board. both Of which struck note of
confidence that the business situation
was on the mend.
There was a very marked change
for the better in both raw and re-
nned sugar. which left little doubt
that this industry, one of the worst
hit in last autumn's commercial
crisis. had seen its worst and was def
lnltely on the upgrade.
be4deS there was the continued
Improvement in the credit position
disclosed by the weekly bank state
ments and the continued recovery in
the foreign exchanges, which CARR ed
sterling through it's previous high
Ior the year, made in the last week
Fof January.
IL was significant that the exchange
movement quite ignored the flood Of
ARTICLES and interviews both from
German and allied sources to the ef-
;ecI that no such terms as were fixed
n.
drationS could or should be enforced.
ine fact that exchange rates were
quoted today at their highest for the
season could scarcely be Interpreted
IN any other way than as refectinx a
QuIet undercurrent Of fJassurance in
banking circles that the coming con-
Terence at London will reach a satis-
factory settlement on the reparations
question. though this may involve \
Ssonsioeraoie concession from the orig.
| inal demands.
OILS Strong Spots.
Despite the fresh price cutting in the
OH traue there were just as many points
U! strength as Of weakness Amons. tI1e
on stocks. In fact. Mexican Petroleum
! market and its advance fully offset
Ine selling movement in Texas and
racine Coal and Oil and other OF the
loW-priced issues -
/ Ihere could hardly be surprise over
the cut in gasoline quotations. for
this merely corresponded to last
weeks slashing of prices for crude
OIL. The probabilities are that the All
trade after the drastic reductions OF
! sne iast fortnight has pretty well
bb"hple.ed bx the readjustment called for
oy general business conditions. A
snarp upturn in the sugar stocks
| naturally followed the Improvement
| III sugar market. Equipment shares
1 were favored.
Action in Oils.
me oil group was confronted with
| snother severe test by reason of the
uhouncement au of further cuts in crude
| OH prices made over Sunday and a
Ieooc,Ion in gasoline of 2 cents a gall
ION: Ihere was a curious difference
IA tne way this unfavorable news was
W.1;na py the various oil shares.
an Rovai n,,, Petroleum. Pan-American,
u M
consistently strong, and even had
cneiI moments of advancing prices.
| Cn Ihe other hand Texas and Pacific
SSnn,. anu on broke very badly, and
Tha .,, ano lnvincible were weak.
ne street gossip about Texas and
Pacihc Coal and Oil was that tha no.,I
whcn recently put the stock up some
yen points. had distributed its hold
| ihgs under cover Of the buoyancy in
.ue rh;oh hhisn-priced oils. The ease with
that support had been withdrawn
.emPorariiy and that the numerous
OUTSIDE Following were left IN GET onf
tne pest they could. The stimulus az
ronoed sinclair Oil by the news Of its
I, PIpG iIne oeal with the Standard OIL of
There has been too mnrb onnn hne.,t
ing OF sinclair through newa-d;str;h-
u'ing channels to suit the nractical
minded; Mexican Petroleum showed
| L., ;. To-Day that IL is in q
| Grass by itself because of the CONTRACT
MADE inade with Standard Oil for almost the
enmre h gasoline output for 1921.
| RMS contract has been made Of .
| hxed price and presumably ir 80
clad This being the case. Mexican
petr9ieum is not concerned, like other
gasoline producers. over tba fiji IL
the price of the product. A"'i AZ
baldwin Locomotive.
The Baldwin Locomotive Companv,s
report for 1920. due this week' vii
Snow sno IN the neighborhood of SIS to
s.o q share earned on the common
stock 1t is said that the gross vii
run runosi close to S75.ooo.ooo. However, the he
| company has been a heavy hnrron,a,
at the banks In American Iocomo.
1 1,ve the case is somewhat difrerent
| Ihe American Locomotive renort 10
que the end of the month and
1i, rs expected to show. after exceedingly
suerai sha charges. earnings of $23 .
snare on the common and no hanE
loans whatever. Ao "ahh