Evening star., 1921-12-23
STOCKS ARE Slow;
{ SOME FIRM SPOTS
End of Year Evening Up
Trades Seen-Wheat Gain
Reflected.
BY STUART p. WEST.

NEW YORK. December 23.-There
was more scattered selling In the
stock market this morning, and this
carried prices down a bit further.
1t soon ran its course, and thereupon
trading came almost to a standstill
Hero and there individual stocks were
bid up, but there was no particular
action to these operations
The street is doing a lot of talking
about what will happen after the
1lrSt OF the year. The majority view
is that there will be more trade activity
after the year end inventories have
been taken.
stimulus in current business reports
most of them telling of showdown
as compared with a month ago--it is
not surprising that there should be
iittie new initiative shown in the stock
market.
The situation in the grain trade has
taken a promising turn for the better
IN consequence of the revival of the
export demand which during n great
part OF October and November was very
slight. At that time Europe was relying
upon the forecasts of large crops in Ar
Sentina and Australia to make ii less
dependent upon the American market.
But 1t now appears that these calcula-
tons went astray and that the world s
surplus OF wheat, both present and pros
pective. must be estimated conside dera bly,
below what II was two months ago. II
is this downward revision OF estimates
vi the 1872 supply that is the chief basis
Tor the recovery of the last week in
wheat prices.
The only effect of the improved on
dltlons in the grain trade upon he
stock market was Il better deman
Tor some of the stocks of compaui IS
whose earnings are apt to vary close
1y with the buying power of the farm
community. Selling of the oils ran its
course, and the diagnosis of their de-
cline on the previous days as tech
nical reaction rather than anything
significant of trade Developments was
confirmed. On the other hand, rail-
way stocks were decidedly heavy and
some of them quite weak.
The Strong stocks.
The stock in which buying appeared
today even when the general list was
heaviest wer" for the most part the
same ones which had stood up against
the selling of yesterday and the day be-
fore. American Locomotive. on transac-
tons mainly in hundred-share lots. went
up with the utmost ease. The scarcity
of its f!oa'ing supply was more marked
than at any time so far.
Burns Brothers continued strong in
response to the vacating of the merger
injunction. which means that the
merger will be Immediately put into
effect.
The pool in Texas Gulf Sulphur, which
has been showing its hand for several
Gays. resumed ope ratiOrs. With the long
expected new financing of the American
Sugar Company cut of the way, traders
IN the short side ad nothing further
to help them, and there was an active
covering demand for the stock
Money Market.
The money mar:,et made no re-
sponse to the rather sharp drop in
the federal reserve ratio during the
week of 72S to 70a, per cent. As a
matter of fact there was no reason
why rates should be affected or why
the falling off in the reserve per-
centage should alter judgment re-
garding the future money market
The decline is due to the seasonal bor-
rowing preparatory to the close of
the year along with the special cash
requirements of the Christmas trade
AS these influences are merely tenn
porary it may be assumed that the
past weeks increase of over S71OOO,-
900 in rediscounts and nearly S5SOOO.-
900 in circulating notes will be quick
ly undone after the first week in jan
uary.