Evening star., 1922-09-21
STOCK MARKET
|SFA|RLY STEADY
By STUART p. WEST.
Sed Wire TO The Star.

Ry Special Leased Wire to The Star.
NEW YORK. September 21.-The
trustworthy index to financial senti-
ment and the European situation to-
day was not the very confused
movement on the stock exchange,
but rather the course of the foreign
exchanges.
Sterling and marks were both
higher. Francs trif1e lower. but
the main point was that the fluctua-
tionS should have been SO small.
The fact that exchange rates seemed
to have steadied down on level
quite as high as that prevailing be-
fore the Turkish question had en-
tered the market situation was pretty
convincing proof that no great alarm
was felt in international banking
circles regarding the outcome OF the
troubles.
Benrs Test Market.
In the stock market prices started
in higher. but after the Hrst half
hour th. dealings were given over
to series of tests. conducted by
professional operators. as to the Vul-
nerabiiity of the share list. The idea
in these speculative quarters was
that. quite apart from the outside
news the market in August had had
a rather extensive and continuous ad-
vance: that expectations of the move
ment carrying further through Sep
tember had been disappointed and
that the speculative following were
waiting for chance to sell instead
of being anxious to buy.
This. of course. was a purely tech
nics. view OF the market OF the day.
- :. "ftc"ed more satisfying ex-
PLANTATION than any developments in
80 ,- .'ttutit.on.
Bonus Veto Greeted.
These developments We're few and
not calculated to have much influ-
ence. The investment market greet
ed the upholding of the soldier - nus
veto with another moderate advance
in the liberty group. but this action
had been too well anticipated to nave
much effect.
An advance in gasoline and kero-
sene prices in the eastern district at
tracted attention in connection with
the spectacular upturns in Standard
Oil issues
Looking for "Mel0ns.''
But The real reason for these per-
formances in this section of the mar
ket was that capital readjustments
are believed to be in store for some
the result of large extra stock divi-
dends. and at the same time bring
market quotations more within the
range of the ordinary trader.
Call Money Higher.
In the search for excuses for the
selling movement. some point was
made of the advance in call money to
51a per cent. the highest rate touched
In nearly two rlonthS. This came on
top of Wednesdays evidence that the
time loan market was not as easy as
it had been. But beyond calling atten-
tion to the effect of the seasonal de-
mand for money to move the crops. the
of M
The best criterion for the autumn
money market is the status of federal
reserve discounts. Were there any
pressure for funds to take care of in
in general recourse on the part of
member banks to the rediscount facili-
ties of the federal reserve institution.
In the latest federal bank statements,
however. there Is absolutely no indica-
tion of such movement under way.
Cuban American Sugar.
The selling in Cuban American
Sugar Company common was accom-
panied by reports that the company's 8
projected deal with the National
Sugar Refining Company would not
materialize. Inquiry from official
sources ELECTED the information that
of the two companies would go
through.
Legal obstacles must be overcome,
it was said A meeting to consider
the question of consolidation may be
held next week. The original plan
called for the exchange of one share
of National 7 per cent stock for one
share of Cuban American preferred
par for par and two and three-quar-
ters shares of Cuban American COM
mon stock.
Market Street Railway.
Improvement in earnings Of the
Market Street Railway Company to-
day was the chief reason for the
advance in the stock. Recently while
most Of the public utility stocks dealt
in on the New York Stock Exchange
have had a steady and appreciable
rise, Market Street Railway securities
have Jagged behind.
The announcement that earnings
for the month of August were the
largest in the history of the COM