Evening star. [volume] (Washington, D.C.) 1854-1972, 1921-11-21
STOCK MARKET IS
WITHOUT II DIRECTION
> s9Guf-
Trading Shifts From One
Group to Another-Prices
Barely Steady.
ny STUART r. WEST.

NEW YORK, November 21-There
were no new influences in the financial
market today. Optimism continued
to be felt over the outcome Of the
Washington conference. but, as was
the case last week. the probable &C
ceptance of the American proposals
for q naval holiday and the scrapping
of present ships evoked no response
because the markets were more in
terested in matters nearer to hand.
All last week fully half the stock
exchange list either stood still or
lost ground. while speculative atten-
ton was being focused upon a variety
of special stocks. which were taken
up one after another.
From the viewpoint of experienced
traders this sort of movement was
calculated to arouse suspicion. The
inference was drawn that some of the
recent leaders were being quietly dis
posed OF while new favorites were
brought to the fore. On the other
hand, 1t had to be admitted that be-
yond checking the rise these realizing
sales were having no effect.
Thus, there was another explanation
suggested. namely, that the section
of the market which was not adj
Nancing was merely having resting
period without any important dis
Favor Metals.
Operations today scarcely threw
much light upon the question of the
immediate Wall street position. The
market followed precisely the same
lines as before. The greater part of
the list either did nothing or worked
lower, while the active trading of the
day converged upon number Of Sc
lected issues. which were bid up, some
of them rather briSkly.
The low priced oils-the favorites
up to Saturdays close-were sudden
ly dropped in favor of the coppers
and the zinc stocks. In both these
groups the motives back of the buy
ing should now be well understood
The copper metal having broken
through the 13-cent level. is steadily
pushing forward under the influence
of a dwindling surplus. In the case
of zinc the unsold supply has been
going down hill even faster than that
of copper. Exports, particularly to
Japan. have been very important
factor.
Southern Railway.
Tho strength last week and again
today in the Southern Railway issues
tion on the preferred dividend at the
meeting which should occur early in
December. 1t will be remembered
that in June the directors voted to
d
shareholders. 1t has never been ad-
mitted that the dividend was actually
passed.
The situation was simply that con-
ditions were too uncertain in the rail-
way world at the beginning Of the
summer and that 1t was the desire
to await an improvement that prompt
ed conservatism then.
In September again the question
came up. but while railway, earnings
IN nd hA
new wage scale had gone into eff
fect, the change was not sufficiently
marked in Southern railways casa
to influence the management.
Now. however. the situation is bet
ter defined. That railway men feel
more optimistic was shown by the
restoration of the Chesapeake and
Ohio dividend. 1t Is thought quite
rectors will be affected by the Ches-
apeake and Ohio example.
Sugar Stocks.
Recent buying Of the sugar shares
has not been with the idea Of any
quick turn. any large advance in the
near future. 1t has been Of the long
pull variety. With over 1000. 900 tons
trade cannot look forward to any
early Improvement. What tho long
range buyers Of sugar securities are
figuring on IL next years crop in
Cuba
According to all preliminary infor-
nation a shortage IL indicated no less
sensational than that which has oc-
CURED this year In cotton. At the
same time there are other important
things to consider in the statistical
position.
One Is that both refiners and con-
sumers in this country have allowed
their supplies to get down uncom-
monty low. Another is that England
and Holland have been taking an in
creased interest on the buying side.
Still another is that Europe's sugar
crop Is turning out much smaller
than was figured upon six months
ago.. All these factors suggest an in
teresting situation in the sugar trade
that will not develop perhaps before
the early part Of next year. but which
August and September. 1891. in the