Evening star., 1922-08-03
UNCERTAIN TREND
T0STOCK MARKET
Foreign and Domestic Con-
ditions Tend to Limit Trad
ing-Awaiting News.
BY STUART p. WEST.

+, NEW YORK, August 3.-New per-
plexities in relations between Eng
land and France over allied debts
Joined with the uncertain rail strike
situation today in putting damper
on trading in securities. Most classes
of stocks started off well enough. and
it was not apparent later that liqui-
dation occurred. but quotations sag
ged rather easily, and it was DIM
cult to trace any definite trend.
The strong technical position of the
sugar market helped to advance Gu
ban American Sugar for time.
The price Of 3H pound for raw
sugar In early sales was new high
quotation for this year. and it car
ried the refined product along. 1t was
evident before business had progress
ed far that efforts to bid up particu-
lar issues were not productive of
much action.
Automobile stocks felt pressure
car prices.
Foreign Situation.
1t was impossible at long range to
the British notification that the dis
position of her allies debts to her
hinged on rearrangement OF the en-
tire war debt situation. But news
dispatches indicated that the reaction
Of France to what appeared to be a
closing Of the door against the reduc-
ton or cancellation of her obligations to
England in return for concessions in
the reparations bill was immediate
and somewhat disturbing.
The reported threat to invade the
Ruhr district and operate German
business to a degree for the benefit
Of French businessmen to whom Ger,
man interests owed money. reopened
an old wound The soft character Of
the market for foreign bonds here mad
disclosed some uneasiness during the
last few days. although there nave
been few signs of excessive sales. AT
the moment. however. the whole ques-
tion of foreign finances is too obscure
to permit of deductions Of the future.
Real information should come soon
regarding actual relations between
the allies, when the Britisn ana
meeting.
The Rail Strike.
The markets were rather at sea
about the rail strike. In the light of
confidence voiced by rail executives
that their forces OF shopmen were
rapidly being built up. 1t looked as
though repair work would soon be
on a normal basis.
But the unofficial intimations from
Washington that the railroads were
on probation and must make Eood
on coal deliveries or go under gov
ernment control was not hearten-
ing to spectators in stocks.
Such railroad traffic reports as are
coming to hand display better
freight movement than a week ago.
recorded particularly in an increase
of 900 cars in bitumlnous loadinss
on Monday.
The very dull and uneven condi-
ton Of railroad shares indicated that
the market was inclined to wait
little longer before taking a genuine
position in respect to the strike.
Chicago and Alton.
Heavy trading in both classes of
Chicago and Alton was set down in
some quarters as a preliminary step
in the plans affecting the absorption
of the road by another company. Both
the ST. Louis and San Francisco and
the Missouri, Kansas and Texas are
said to want the Alton, but that 1t
will probably be as a part of the
Katy system.
The Oil Situation.
Oil stocks have held up remarkably
we'll in the face of the third cut in
Midcontinent Crude and rumors in
the street are to the effect that sew
eral big operators are dealing active
ly in the oil issues. This belief has
been strengthened by the heavy or
ders for purchase of oil stocks which
came yesterday and today from Sara
toga, where a number of Wall street
leaders are known to be at present.