Evening star., 1923-08-24
SUGARS IN UPTURN;;
! OILS co LOWER
Erie Stocks Keep Advancing
SharpIy-Other Prices
1 Very Irregular.
BY ART II. WEST.
Special Dispatch TO The Star.

Special Dispatch TO The Star.
NEW YORK, August 24.-The up
ward movement asserted itself again
strongly in the market today despite
the handicap Of continued weakness
in the oils. Selling of oil stocks was
once more due to the fear that divi--
dends would either have to be re-
duced or passed altogether before the
troubles in the industry were over.
There We're all sorts of guesses
about what the Producers and Re
tnerS directors would do at their
meeting this afternoon. Many We're
preparing for unfaVorahle action and
not only Producers and Refiners. but
Marland, Cosden and Skelly were all
pressed tor sale. Later there was
some recovery, Cosden encountering
strong support around thirty.
The Rumors Unconfirmcd.
Rumors regarding the Erie and the
proper explanation for the recent
heavy buying of the bonds and stocks
we're neither confirmed nor denied
The point was made that this would
not be the time to select for a pure
~ speculative move with Il coal strik =
threatened on the one hand and the
government planning to inaugurate
an anthracite boycott on the. other
hand. Also other stocks. like Read
ing and Burns Brothers, having much
AT stake IN the hard coal trade We're
inclined to sell off. OF all the ex-
plantations advanced, the most log
zeal seemed TO be a combination with
the Delaware, Lackawanna and West
ern.
There was more doing in stocks of
the speciality type than on any day
since the present recovery started
Mack Trucks was one of the leaders
and Dupont another. The rise in the
latter followed the active buying op-
"rduonS in General Motors. which in
turn were accompanied by reiteration
of predictions that either the regular
dividend would be raised or an extra
paid sufficient 10 make distribu-
tion at the rate of s..
Public Service OF New Jersey was
strong. rejecting hopeful eXpecta-
tions that the plan for taking over
competing bus lines and at the same
'lme increasing wages and reducing
fares would go through.
Cuban American Sugar Gains.
There was nothing in the news
from the sugar trade this morning
I" explain the buying of the sugar
shares. The possibility of Cuban
American paying d dividend before
the end of the year was discussed.
but the talk was mere gossip. with
no information to suggest that pay
ments would hegin under present
conditions In the trade or. in fact,
during 1928. So far as could be
learned today's buying of this stock
came from the west which led inter
ested parties to doubt that ii had
any particular SiguitiCanCe. The COM
pany earlier in the year was reported
TO be earning at the rate of at least
81 share. and as a producer of raw
sugar il was said to have edisposed
of the bulk of its 1923 crop at salts
factory prices.
Financial Review and Outlook.
News that the British premier after
a fortnights vacation was to have a
conference with the French prime
minister had a favorable effect upon
the markets today
1t encoura ged the idea that the
Ruhr problem might be worked out
by compromise under which French
occupation would become "attenuat-
ed" in return for Germany abandon
ing passive resistance. But had this
ceiling been really strong. il would
have shown much more than it did in
the foreign exchanges. There was
only d moderate rally in French
francs which still left them only "a
third of the way UP over the ground
lost since the British note was sent
to Paris. Such recovery as there was
in French government securities was
also comparatively unimportant.
GOOd RESERVE Reports.
Some impetus was also given to
stock buying by the weekly federal
reserve reports. At the season when
crop moving demands ordinarily begin
70 press upon the money market, these
showed a reserved percentage for the
system as a whole of nearly IS. all
most up to the highest of the year. in
the last week of July. and comparing
with low of 7.3 at the beginning of
January. The remarkable part about
the increase of the last week is that
1t has occurred mainly not as the re-
suit of foreign gold arrivals. but be-
cause of reduction in note circulation
and discounted bills. This affords a
proper view of the strength Of the
member banks position, which max &
them independent. at this particular
lime. of the use of the rediscount
privilege.
Famous Players. which had broken
sharply on Thursday, was heavy again
today. There was all manner of goS-
sip concerning the position here. One
of the market letters which went out
this morning claimed that the trouble
lay in some of the stockholders grow :
ing uneasy over certain litigation, in
which it was said the company is
involved and which might prove