Evening star., 1922-07-26
STOCK LIST SHOWS
SOME HESITATION
BY STUART p. WEST.

NEW YORK. July 26.-The lack
of staying power displayed by the
stock market today after a fairly
that professional traders were eau
tious in following up Tuesdays ad-
vance.
The undertone. however, did not
record much weakness except in
case Of a few stocks. the stability of
which has been open to question for
some time. because of developments
with a direct application to them
Mexican Seaboard was one of these,
falling about points. and Barnsdall,
class A. was another with a severe
While these oils together with Cali
fornia Petroleum, Pacific Oil and one
or two others were receding, MeXi-
can Petroleum moved forward Wig
orously.
The rails on the whole were steady.
and the best placed industrials were
hardly more than unsteady.
Nervous Conditions.
These references to individual
movements show the highly uneven
character of business.
The closest examination of strike
news failed to show any constructive
changes in the situation and that
fact undoubtedly checked buying.
Day by day. it has become more
and more clear that both the shopmen
and their employers were stubborn
ly intent on fighting it out, and it
has seemed that in the end any ad-
justment must come through a me-
dium which both sides should recog-
nize.
The Interstate Commerce Commits
sion's ruling that a transportation
crisis necessitated special measures
to move essential products was radi-
cal in no respect, merely applying
measures used two years ago and
advancing nothing Of direct bearing
on the coal strike settlement.
Steel Earnings Pan Out.
report showing s27.2s6.o 900 net in.
come was SO closely in line with
expectations that it had very
slight influence on the stock of the
company.
After advancing to a point just
the neighborhood of Tuesdays final
figures.
Some surprise was felt because
profits in April were less than in
March but this moderate reaction
was fully offset by the June earnings
in excess of $1o.o00,00o: The strikes.
of course. make difficult any predic-
tions about third quarter results, but
if the June record could be approach
ed in this period, the corporation
would earn its dividend handily.
Once More the Sugars.
Increases in the quotations for
sugar and predictions of a short crop
are among the factors behind the ad-
vance in the sugar stocks. Cuba cane
common and preferred were the lead
ers today. both getting into new high
ground.
| The immediate incentive behind the
advance in these issues is the report
that a resumption of dividends on the
preferred is likely this year. Manati is
another company which stands to bene-
| fit to a large extent by the jump in the
quotation for raw. while Punta Allegro,
| the cheapest producer on the list. is al
ready showing the effect Of the turn in
the sugar situation.
Sentiment More Cheerful.
The action Of the cabinet in ordering
government control Of the railroads in
the strike emergency was looked upon
by the financial district as a bullish
timent. This found expression in the
course Of prices on the stock exchange
right at the start and numerous initial
advances were scored. Id some quar-
ters the belief was expressed that the
government action would tend toward
carry SctIShiChl VI the StTlhe.
RecessioDs In Afternoon.
Many stocks became quite weak in
the afternoon with the principal bear
ish demonstrations in issues which
had fallen away the easiest during the
morning.
A report of new salt water intru-
sions in the Toteco field in Mexico
carried Mexican Seaboard lower and
was instrumental In bringing a sharr
fall to Atlantic, Gulf and West Indies
That stock went down 6 points.
United States Steel drew back under
par and Crucible, Lackawanna. the
| equipment stocks and others declined
q point or more under the mornings
best figures. Sugar stocks gave q
good account Of themselves and the
rails were stable as a whole.
The resumption of dividends by the
Panhandle road ON its common stock
aftsr years aneosvaa Vas = cheerins
! development --.s-