Evening star. [volume] (Washington, D.C.) 1854-1972, 1923-07-16
SUGAR ISSUES LEAD
/ MARKET TRADING
Many Leaders Decline and
Then Make Up Part of
| Losses-SteeIS Firm.
BY STUART II. WEST.

Special Dispatch to The Star.
NEW YORK, July 16.-Very little
of interest happened in the stock
market today. Prices opened lower,
and at the end of the first hour We're
off in some instances point and
more from the Saturday final. But
these declines were not accompanied
bv any srliinE of consequence. They
were due chiefly TO traders Offering
the list down in the hope of inducing
real liquidation. When it was found
that stocks were not coming out
these same traders set about cover
ing in their short contracts. and
prices hardened again all around.
The iirmness OF the steeis was
noticeable in view of the accounts OF
reduced activity and downward
tendency in quotations received over
the week end. These stocks had
pretty we'll discounted the falling off
in the steel industry during the last
month.
Selling in Studcbnkor.
With all that is being said about
the slow down in the motor and re-
lated trades during the second hait
year, these stocks, like the steels'
ned their ground well. Some profit
taking and fresh short selling occur
red in Studebaker Saturday and again
this morning. But the more sub
stantial buyers of "A week and two
weeks ago who took their position
that Studebaker on better than 10
per cent basis was a good business
mans investment. have not sold "hr
strength of Hudson Motors around "a
Tas notable.
This company has been paying in
trest at the regular TWO di id"hds at
tfIN ms n
ing on in anything like present vol
ume these extra payments may be
expected to continue. AS So stock,
Hudson, where it is now quoted, is
selling on Il i2l2 per cent basis.
Burns Brothers Earnings.
Burns Brothers stocks did compar-
atively little. but interest was taken
in the carefully prepared statement
showing what the company is now
earning. 1t appears that the recent
calculations of $50 a share on the
"a" stock are rather too high. II is
safer TO say that current earnings
are running at the rate OF about SIS
but this. with a business as steady
and sure as Burns Brothers, is re-
sarded an ample safety margin
over the $40 requirement.
1t is understood that block OF
several thousand shares of the "A
stock was recently taken over from
a holding which had become impaired
by the recent break. This stock has
since been placed among investors.
Hurried Covering i'm Sugars.
Following the marking up of sugar
prices by the leading retiners there
was some hurried covering in the
sugar stocks. Punta Allegro was car
ried above SO, where IL was up over 4
points from the recent low. Cuban
American reached q, as against ex-
IRENE low of 23i2. The oils were OF,
frAf IN
the forenoon trading, but in the aft
trnoon regained a good part of this
loss. The market was so dead, how
ever that no efforts were made in any
direction to put up prices. Pool opera
lions were suspended even in special
ties which are apt to be taken In
hand at such time.
Over-Sunday Reports.
Over-Sunday reports from industrial
centers emphasized the slowing down
Of activity in steel and textiles and
the reduction in the general volume
of retail trade.
The price index compiled by Prof
Irving Fisher showed another decline
during the past week. Taking 100 as
the pre-war standard. the present aver
age is 1873 as against 155 a fortnight ago
and 1853. the high of the year. in the
first week of April.
In connection with the'recent strength
in Vanadium Corporation stock several
rumors have been heard In the street,
among them that a new pool has been
attempting to make a better market for
its speciality.
Last year Vanadium showed a net
of slightly less than 100000. or the
equivalent of little more than so cents
q share on the stock. as against moth
ing in 1921, when the last dividend
was paid.
American Water Works Strong.
One of the points of strength among
miscellaneous issues was the Amer
Jean Water Works and Electric Com
pany common stock. The per cent
preferred alo did well. Dividend on
the common cannot be looked for
until the full 6 per cent is paid on
the participating preferred. Water
Works is now earning more than
enough to pay the per cent preferred
and per cent on both the partici-
pating preferred and the common A
higher dividend on West Penn Com
pany shares would. it is believed, lead
at once to higher dividends for hold
ers OF the parent company's stocks.
MARKET CLOSES STEADY.