Evening star. [volume] (Washington, D.C.) 1854-1972, 1923-07-17
TRADING IS QUIET
|NSTOCK MARKET
WooIworth Jumps in Final
Trading-B. & 0. Crosses
47-Raids Early in Day.
ny STUART p. WEST.


Special Dispatc! to The Star
NEW YORK, July 17.-The day on
the stock exchange began with what
appeared to be a professional raio
designed to test out how the market
would stand up against the raoicai
victory in Minnesota and the pessi-
mistic expressions regarding the out
come of the reparations discussion.
One or two large blocks of United
States Steel common were offered
forcing the stock below 80 again,
where it was within a half point OF
Its extreme low for the year. rms
maneuver. If 1t was intended 70
shake confidence in the general list
and restart liquidation. was not sue
cessful. The more sensitive lnouS-
trials. like Baldwin Locomotive. Beth
lehem Steel American Locomotive
and Corn Products. followed steer
ing stopped and there was an lrregu-
lar recovery.
Afternoon Trading Dull.
The afternoon found prices drift
ing aimlessly, with no positive tend
ency. Profit taking by those who
had bought on knowledge OF the INV
ideud increase had an adverse effect
upon Continental Can. Harvester and
mail order stocks were offered down
on the argument that the low wheat
prices would affect the demand foI
what these companies have 70 sell
favorable to the biscuit manufac-
turers. there was some quiet buying
of National Biscuit at slight ad-
vance.
Further covering occurred in the
sugar stocks, but later on these gains
were lost. Within the last day or sc
refiners have been doing considera'
bly, increased business, and this has
been reflected in higher prices fol
the refined sugar and freer buying oil
raw sugar.
The long expected announcement
was made regarding the deal between
California Petroleum and STANDARD
Oil of New Jersey. The latter IS u
take 100000 barrels monthly from
the former for three years. Ih'
amount to be paid will depend upoi
current quotations on the eastern
seaboard. California Petroleum Stocf
was moderately responsive TO TN
news. Other oils were dull and onl!
Slightly changed.
Automobile Stocks Gain.
Bearish advices regarding auto
mobile and related stocks came from
Boston from well known advisor!
agency" RecolleCting the miscalcu
lations which the same authority
made in its suggestions earlier in tn,
year. the street is no longer SO a..
tentive Instead of there beng ;
flood of selling in the motor stock:
some moved in counter direction
Hudson sold above "a. General Motor:
touched II and Packard Motors RAJ
I'D across IS. Motor parts stocks were
steady with some demand for Stewar
Warner.
There was little change in any
direction in the financial situation
today.
III ,I,a,,, crk
Were mostly small and were entirety
the work of the professional traders
Inertia was again the characteristic
of the bond market.
Worry Over Ruhr Outcome.
The foreign exchange went down
again at the start, with sterling or
21s cents in the pound from LAS
weeks high and with francs close tc
their recent low. But later these
tions merely indicated the genera
uncertainty felt toward the --latest
move to reach d compromise IN the
Ruhr. Probably the majority Senti,
ment in banking circles is skeptlcal
over the outcome. But there Is al
ways the suggestion that the BRUSH
note to Germany may contain a
recommendation to yield to the
French on the question OF passive
resistance" If this were brought
International Harvester Drops.
International Harvester's response
to the announcement of a favorable
award against Germany by the mixed
claims commission was rather
sharp drop in the stock, The action
of the stock suggested that less heed
was being paid to the decree than to
the weakness in wheat. Harvester
has been carrying the load for the
wheat farmers for many months.
Tho peak of crude oil production
IN the three leading southern Cali
fornia fields VIII be reached in Sep
tember, according to recent report
of the executive committee of the
Southern California Oil Producers
That committee has been urging d
So per cent curtailment in output
until the high point has been passed
Because California crude il pro-
duction has furnished the bulk OF
the flush output IN this country the
prospects of d turnabout in the sit
uation in the near future affords a
trade and the holders of oil secur-
tiles as well.
WoOlwOrth in Run-Up.
The market in the late afternoon
was extremely dull. r. w. Wool
worth stock had sharp run up
Burns Brothers a was helped by con-
ffrmation Of the news that a large
block of stock, which was about to
be forced upon the market, had been
taken over privately and reSold to
investors. There was some covering
in New Haven. st. Paul preferred
and one or two other of the rails
Baltimore and Ohio was active and
In the last hour got across AZ.
MARKET CLOSES FIRM.