Evening star., 1921-08-23
WALL STREET LIST
MORE 7WO-S|DED
uUH6 MNuU
BY STUART p. WEST.


NEW YORK, August 23.-The pas
sage by the House yesterday of the
billion-do farmers relief bill. the
announcement that the Mexican
president was to meet a committee OF
American oil representatives with a
view to settling the tax dispute. the
reports of the porphyry copper com
panies for the second quarter of the
year and one or two more railway
traffic statements. showing the ef-
fects Of the reduced wage scales
which went into operation on the hrst
Of July, all had bearing upon the mar
kets here today.
Both grain and cotton dealings were
favorably Influenced by the heavy
thorizes the extension of one billion
dollars credit through the War FL
ma nee Corporation. to promote the ex.
port trade In farm products. While !,
Is doubtful whether this measure VIII
become law until after the con.
gressional- recess, the concurrence o.
the Senate. after the huge majority II
the House, Is foregone conclusion.
Grain and cotton growers are as
sured then of federal credit to hel[
their situation and there will be
thorough test of the disputed ques'
ton whether agricultural prices car
be put up through the lavish use OF
funds provided through the instru.
mentality of the government
OILS I'm Sharp Rally.
/, The abrupt recovery in Mexican
Petroleum and other members of the
group, on tho news Of the conference
had a good deal to do with checking
speculative raids in the market gen.
orally. Even pessimistic profes.
sionals could see that the Mexican
president would hardly have agreed
to meet the American heads of com.
panies doing business in Mexico had
there not been a sincere desire on
the part OF the authorities there to
adjust the question Of the duty or
export oil, and reduce the resumption
OF production from wells which have
last two months.
The most obstinate executive can
be brought to reason by the threat
which has certainly been very real
OF the killing of the golden goose.
Coppers mt Their Worst.
The copper figures for the secont
Of the trade situation at it's worst
with mines shut down and prices at 8
level scarcely covering production
cost. Utah lost $4,000. and had t.
draw altogether $1,25s.0oO from sur.
plus. In order to pay the dividend
Cnaer these circumstances, with the
present dubious outlook, 50 far a.
the chances for an early recovery II
the copper trade are concerned, con.
tinuance OF the dividend is hardly
likely. Utah Copper went down on
the publication Of the statement and
the other copper shares were heavy.
Steel Resist..
Bear traders launched their long.
promised attack on Steel common. ant
were promptly repulsed. Thev got tbe
price down to T2h, when suddenlv :
broker in the crowd who in the past
mas handled influential buying orders
began to bid for the stock.
This led to a hasty retreat nv tho
short sellers. One idea was that in
side interests were protecting the
market for Steel common. Anothar
idea was that the support was en-
tifeiy natural and was based upon
the somewhat better reports which
nave been coming In recently from
.ne steei centeFs. and upon the sue
cess Wnlch the corporation has had in
Esttins down wage costs to the Level
OF four years ago. Tho fact fhsj
other steel issues. like Bethlehem II
ana Republic, came back quite a.
reaoAy as Steel common, rather
pointed to the better trade outlook a.
the true explanation.
Crucible and Republic Steel, shin.
ping, motor and equipment stocks
with United Fruit. sugars, Chemicals
and specialties were soft for some
new low records.
Strong Again.
|
At midday the market was much
better, sharp rallies being scored, LED
by Mexican Petroleum, Pullman. Cen.
eral Electric. Harvester, Baldwin
United States Rubber and Studebake,
l to points above yesterdays clos.
ing. Cali money. ~ per cent.