Evening star., 1922-06-09
STOCKS ARE SLOW.
PRICES IRREGULAR
Sharp Rise in Cottor-Mone,
Very Easy-WaII Street
Features.
BY STUART p. WEST.

NEW YORK, June 9.-The most in
teresting feature in the markets TO
day again lay outside the stock e1
change.
The stock dealings continued Il
show a dwindling public interest. al
though there was little selling
consequence.
But of more Importance than any
thing occurring in this quarter wal
the great strength of the cottoI
market. the further sagginS OF monel
rates. the heaviness in the foreign
fluctuations with which the grail
trade received the government crol
report.
Today's high cotton prices wer'
fully cent above the top OF las
autumn. when the government cam
Of the 1921 harvest. The basis fo
the present upward movement
chiefly the Impressions gathered from
the weather conditions since the out
set of the month that the 1922 crop
II not exceptionally short. as wa
wen below the average. Whethel
these calculations are or are not rea'
sonable Is something which remain
to be seen. At least they go againS
the precedent which that Of a late
start. such as cotton has had TIM
provement rather than by furthei
deterioration during the first hal
of the crop period.
Money Very Easy.
The superabundance OF the supply
Of funds pressing upon the money mar
,ket was again strikingly exemplified
The call loan renewal. which haf
reached on Thursday the lowest In oVeI
four years. was reduced to per cent
Time money quotations did not ge
down to the extreme low OF monu
ago. but they were very close to II.
Continued weakness of the continenta
exchanges was measure OF the DIS
appointment felt at the obstacles which
have arisen in the path of the German
loan, and which seemed insurmountabls
while politics is placed ahead OF econ
omic consideration in the councils o.
Europe.
Price changes on the stock ex
change were extremely irregular
with business very dull as judged b!
recent standards; Railway Stock
were inclined to yield ground. reflect
ing the uncertainty over the laboi
outlook. Mexican Pete was strong II
anticipation of a favorable earnini
statement. and the sugar stocks. tol
lowing the lead of the sugar market
were in demand once more at risin,
prices. Liberty bonds with the ex
ception Of the second ANS held aooV'
par, and the bond market as who'll
was more active, although with M
tendency toward any general re
sumption of the advance.
Consolidated Gas.
Heavy selling continued in Con
sclidated Gas. carrying the stoc,
down at one time below 10. The
ncr cent convertible bonds have bee'
called for redemption at l02 n OF
September next. and in order II
get advantage of the present price,
for these bonds. which today wer'
selling around ,119. holders mus
either sell or convert into stock be
fore that time. This was the origu
of TIE sclling Thursday and today II
Consolidated Gas Issues.
Sugar Leads Again.
Sugar stocks were again the leader
in the market today. The argumeu
in their favor was that they ought u
sell higher than they did three month
ago, when the first campaign in then
eliminated. as sugar prices are high6
now than they were then. and seem Y
be pointed further upward. Goo
judges believe that before the summe
is out raw sugar will reach the four
cent level At this figure all the pro
ducing companies would be making ,
very satisfactory profit, and 1t is thii
result rather than the immediate priI
advance which the market for th,
sugar stocks is diScounting. Punt
Allegro had the best advance OF any
closely followed by American Sugar
American Beet Sugar and the Cub
Canes.