Evening star., 1921-11-15
STOCKS ARE SLOW !.
AT STEADY PRICES
stee's Make Recoveries: on
Anticipating Increased Or
ders-Take Profits in Oils.
BY STUART r. WEST.

NEW YORK, November 15.-The in
fluence of the Washington conference.
with Its promising outlook continued
to be felt in the market today. but not
to the same extent as yesterday.
Sterling exchange drew closer to Its
high of the year. The advance In cot
ton went farther.
In; the stock market. however, steel
and other Industrial Issues which had
been sold the day before on the notion
cut down the business Of their com
panies were steadier. The broader
view prevailed that what slight loss
this would mean in steel tonnage
would be far more than made up by
the expansion in the commercial de-
mand throughout the world which
would come with the assurance OF
The general share list was very ir-
regular. Further profit taking came
into the oil shares while some OF
the steels and equipment shares were
recovering.
The motors did little, but the stocks
Of tire companies seemed to feel the
relief that unfavorable news in the
shape Of price cutting. which is now
out Of the way. with the reductions
announced yesterday by the Good
Seneca was the only copper stock to
move and it responded readily to the
estimate. printed yesterday that with
the production now in sight for next
year and the very low, operating costs
anticipated earnings would run as
high as $40 a share
Equipments Better.
Baldwin Locomotive was helped by
tTo
the company had just received a food
of new business.
Leather stocks were strong and es-
pecially American Hide and Leather
preferred, while fresh weaknesses oc-
cured in American Sumatra ana IN
dustrial Alcohol.
If the news from the Washington
conference came up on the market In
the condition it was ten days ago 1t
would have been a good deal more
stimulating.
The dealings of the last two days
have scarcely done justice to the sat
isfaction with which Wall street re-
CARDS the prospects Of a naval reduc-
tion and the lifting of the enormous
burden of new war vessel construc-
tion. This. Of course, Is because the
market has been more Immediately
concerned with the extent of Its re-
cent advance as the assumed need OF
SONQe EedCliOu " 6St SiiS SpSSo1aeASS
position in good shape again.
specialties Strong.
With the general list inclined to
mark time. there were number OF
specialties that were taken up.
Talk Of improvement IN the demand
up Of Freerort TexaA.
u. S. Realty was strong on account
Of the Increase in its construction
business at the time it is piling up
record earnings out of rents.
Dawson Chemical still had back OF
it the contention that 1t has product
cheaper than gasoline.
The leather stocks. especially Hide
and Leather preferred. resumed the
advance interrupted by the general
reaction of yesterday afternoon. The
showed that Hide and Leather was
just about earning the per cent to
which the preferred is entitled. but
which Is not now being paid.
Zine Stocks Strong.
There has been a material reduction
Of surplus zinc during the past month.
This, has resulted in the market for
the metal being in a much stronger
are already laying their plans for a
resumption of operations early next
year: anticipating that the steady de-
crease in surplus stocks will be re-
f1ected in higher prices for spelter.
In the case Of the zinc producers 1t
would take much less time for them
to get into capacity production than
it would for the copper producers.
Another point in favor Of the zinc
companies is that they are also pro-
ducers of silver, and with the prices
of this metal stabilized at 81 an ounce
under the Pittman act. they are in 4
most favorable position for an early
resumption of shipments. Two Of the
zinc-si'ver stocks. Callahan Mining
and Butte & Superior. have already
begun to reflect the change which
has come in the industry.