Evening star., 1921-12-07
MARKET BROADER
AND FAIRLY ACTIVE
SteeIs, Equipments and Ship.
pings Laggards in Action.
Canadian Pacific Leader.
BY STUART p. WEST.

NEW YORK December The
stock market today had its points of
weakness and its points of strength,
the latter predominating. 1t was not
general movement Of prices. but
rather a collection OF special moves
for special reasons.
The Irish settlement had no effect
to speak of outside Of the exchange
market. important as il was from a
standpoint of world finance. The new
high record of sterling exchange and
the further advance in French francs
were direct response to the news.
The buoyancy of the foreign securi-
ties markets was not reflected here
because London and the continental
factor in the day-to-day market in
New York. The local stock market
was only perfunctorily interested in
the Irish news and in the favorable
reaction which is expected from this
upon the conference at Washington.
Attention was confined to develop
mentS, either actual or expected,
which were calculated to provide an
incentive for speculative operations.
The analysis of the st. Paul and
Pennsylvania earnings. showing that
neither road was quite covering its
interest charges, brought heavy SELL
ing into the stocks of these two com
%
the lowest price in nearly thirty
years. The weakness in these shares
unsettled the rest of the railway list,
but brought no liquidation to speak
Of into the standard dividend payers.
Texas Company Active.
Among the oils Texas Company was
bought in expectation of the early an
nouncement of plan to distribute the
sulphur properties of the company to
* nvn tha nfI 1,o
Transconinental Oil was sold on word
of an impending -million dollar
bond issue, although in the end this
is bound to place the company in a
very much better position. both as to
it's finances and to its earnings.
Copper stocks were in demand for
time as were the smelling and zinc
shares, although there was nothing
new in. the trade situation to account
for these moves. As an offset to the
strength in the metal group, the sugar
stocks were quite weak. following an
other cut in the price of refined sugar
and the news that the bill to dissolve
the Cuban commission. which has been
the only support to the raw sugar
market all along. has now passed both
branches Of the Cuban legislature and
will probably take effect on January l.
OIL shares Stronger.
The oil stocks did not have any
startling move, but there was more
buying in them than on the two pre-
ceding days. This buying took its cue
from the accounts of the American
Petroleum Institute meeting in Chi
cago. which emphasized the need of
guarding against a future scarcity of
building up present reserves. ESpe-
cially significant was the statement by
the president of the Vacuum Oil Com
pany. that Europe. despite its bad
economic position, cannot do without
American oil, and that the European
drain on American resources has in
stigated a worldwide search for pc
troleum deposits. This. and other
testimony of the same nature fitted
in with the belief that another advance
in the price of crude oil will occur
by the beginning of the new year.
Sugar Stocks Decline.
Sugar stocks we're sold down on the
announcement that several of the
leading refiners had cut prices again
the low record quotation for raw
sugar. The change for the better in
the sugar trade situation. which is
looked for when the new Cuban crop
results are heard from and the ex-
pected shortage in production occurs.
cannot very well be anticipated until
well along into 1922. In the mean
time, the market has to face the un-
settling effect of the dissolution, of
the Cuban commission. The bill dis
solving this body has now passed
both branches of the Cuban legisla-
ture. and, If signed by the president,
will probably take effect at the close
of the year.
Chandler Motors.
, As the date for the Chandler Motor
dividend draws near doubts are be-
ginning to be heard regarding the
action the directors will take. 1t can
not be said that Chandler has had a
successful year and business at the
present time is considered poor, but
officials of the company are looking
forward to next year with optimism
Cfiandler's dividend. meeting is due to
be held around the 10th of Decem-
Der. The last half of the advance in
Chandler to So, from a low of 38k
some weeks ago, has been made with
out the help of inside interests The
belief in quarters which have been
correct on Chandler heretofore is that
the directors could very well declare
the regular $3.50 at the next meeting
on the prospects for 1929.
Rumors are beginning to be heard re-
garding a merger of Lee Tire and Ajax
Rubber. Lee Is the only member of the
rubber tire group still paying a divi-
dend after an extremely poor year. Re-
Gently there was talk Of financing in the
case of Ajax, but latest reports are that
the company has been helped out and
any fears regarding financing set at
rest. A merger Of these two companies