Evening star., 1922-11-21
LATE BEAR RAIDS
IT,.
:. DRIVE LIST down
Presidents Message Fails to
Accelerate Shipping Stocks.
Many Weak Spots.
nV STUART r. WEST.

NEW YORK. NoNemDet Zl--otoShs
today went through series of rather
fndeterminate fluctuations. finishing
with the general run little changed
The professionals tried their hand
on the short side again in the last
half hour and drove prices down
,,oint or more from the top. But this
attack was quickly checked and in
the last few minutes of the trading
prices hardened all around.
An irregular but in the main strong
stock market, a reaction from Mon
days violent upturn in the foreign
exchanges and partial recovery OF
the previous days decline in cotton
were the chief incidents in the imam
cial situation today.
Here and there individual wea
points cropped out in tue share hst
day were upward.
Attention was especially directed TO
two groups, one the motors. the other
the sugars and both for reasons
. which were logical enough in view or
all that is known about their present
business and prospects for the next
year While it will be another month
;.arding the 1923 orders for The auto
mobile manufacturers, the indications
are that 1923 will be fully up To and
quite likely ahead of the unusually
prosperous season OF w..
Sugar stocks Strong.
Several of the leading Cuban sugar
companies will soon be making pub
lie the results of their fiscal year and
these reports will tell Il very different
story from the dismal record OF the
twelve months preceding. Eut. as IN
the case of the motor companies. Tue
sugar trade is looking forward 10 a
still further Improvement next year.
and it is this which affords the motive
for the recent buying IN the sugar
stocks.
The first October railway earnings
statement was made public TO-DAY. IL
was that of the Kansas City southern
including the Texas. ArkanSaW and
Fort Smith. 1t showed an increase
over the preceding month, but a loss
over the same period year ago.
Compared with 1921 gross Jr the
month declined s92,is5. and ne; after
taxes was s7O.O1S lower. For 'he te n
months the gross for 1922 was 81 ~. =
SIS less than that for 1921. ana the
loss in net over the same time was
$1,063,115.
American Cotton OIL Drops.
" nile Cne lcU-pOful uicp III
lean Cotton Oil stocks during the
last two months had prepared the
way for the very poor showing IN
the annual report, the results proved
not to have been entirely discounted
There was further selling today. be-
cause the president while empha :
sizing the heavy losses sustained In
the cottonseed oil and lard business.
held out no particular hope OF any
Improvement.
The motors are one group of stocks
which give indications that their
period of liquidation is about over
The automobile show is now only
about six weeks away. prospects
are that the automobile industry in
1929 will see the biggest year it has
enjoyed since 1919. 1t is being whis-
pered about already that several OF
the companies intend TO spring a
surprise at the show.
Cuban-American Sugar.
A decision is expected to be reached
Wednesday regarding disposition of
Cuban-American Sugar Company's 8
s1e,0OO,O0O surplus. over which there
has been considerable uncertainty. AS
a matter of fact this sum, which com :
pares with the $10,0O0,000 outstand-
ing common stock of SO par value.
has seemed TO worry some quarters in
the street quite as much as the Cuban
American directors themselves. In
Quiry at official sources today con-
nerning what. is to be done with the
large surplussof the company ELECTED
the information that certain anfiuen. =.
tiaP stockholders are not in favor OF
issuing more common stock, and are
Inclined to leave the surplus invested
in building and equipment.
The check to the advance in the
foreign exchanges today was natural
enough in view of the fact that Mon
days remarkable jump was due in
large measure to the hasty retreat of
an overextended short account. 1t
was quite to be expected that with
this short covering over rates should
have settled back. The downward
turn was more apparent in French
and Italian exchange than it was in
sterling, and once more 1t was sig
nificant of the hope inspired by the
change in the German ministry that
German marks should have risen
slightly despite the record ing
weekly increases in the Reichsbank
note circulation.
Census Report ON Cotton.
Mondays decline in cotton had been
due in the first place. to the fear
that the European demand had been
overrated. and, in the second place,
to the fear that too much store had
been set upon the estimates of
recovery came promptly, following
reinsurance on both these points.
While the English market was de-
cidedly better. the census bureau fig
ures had the same testimony to bear
as they had fortnight ago. that the
crop of 1922-23 will not exceed $780,
900 bales-a total, of course, far be-
low the average.
Shipping Stocks Quiet.
Shipping stocks in the early after
noon made a little mplimentary re-
sponse to the Presidents message on
ship subsidies. hut the demonstration
was short lived. Wall street realizes
that the political divisions at Wash
ington render any action of a favora-
BILE nature on this subject extremely
remote. The ocean-carrying lines
must shift for themselves, and it is
question upon which there is much
variety of opinion whether some of
these companies can pull through a
very poor year and retain their pres
ent dividends.
The afternoon market was dull all
around, with some reaction in prices
IN the last hour. Railway shares
We're neglected, partly because of the
.te-lre to get better line on the
legislative program of the present
Congress and partly because of the
uncertainty of the October railway
reports, whether they will be up to
the, expectations of a month ago.
MEX PETE GETS NEW WELL.
NEW work. Novemhar 91-Tha a