Evening star. [volume] (Washington, D.C.) 1854-1972, 1923-08-01
LEADING STOCKS
:. IN SHARP GAINS
Some Weak Spots Crop Out
During Advance-Sugars
ii Drop on Price Cuts.
BY STUART =. WEST.

Srecia. Dispatch to TIE Star
NEW YORK, August To-day
price movement on the stock eN
change was still pretty uneven, weak
points cropped out in individual
stocks. among them the rubbers and
tires and one or two of the special
ties. But from the outset the action
of the more representative stocks
the stocks which make up the bulk of
the trading from day to day-was en-
tirely different from that of yester-
day. They jumped up point to two
points cropping out in individual
the impression Enthusiastically that
the short interest was trying to
cover and was finding it increasingly
difficult to obtain the necessary sup
ply around prevailing levels.
The break in United States Rubber
and Kelly Springfield was accom-
panied by all sorts of rumors of an
other cut coming in tire prices.
nothing to confirm these rumors and
1t was thought likely that they were
invented to help along speculation
for the decline.
Sugar Stocks Weaken.
Sugar stocks were the only other
group that weakened at all. So far
as American sugar is concerned the
weakness is not surprising because
ref1ners are credited with having
loaded up with lot of high priced
raw sugar and are now caught on a
falling market. But the case of the
They sold between two-thirds and
three-quarters of their 1923 crop
while market conditions were favor
able.
On the remainder they will not
make the profit anticipated up to a
month ago. but the big thing is that
they have disposed of the great bulk
of their product at prices which will
insure very good showing in their
next annual reports. 1t is true that
for dividends on these sugar stocks
that there was before the sugar mar
ket took its downward turn. But
disappointment on this score must be
assumed to have been more than dis
counted by the decline which has
more than wiped out the entire ad-
vance since the first of the year.
French Exchange Lower
The important developments of the
day in the financial markets were a
new low for the year in French ex-
change. considerable lower govern
ment estimate on cotton conditions
than expected and a decided turn for
the better in stocks
French francs drew close to their
declined nearly quarter of a cent
from where they were selling just
before the British note went forward
to Paris.
prising now that it is practically
sure that the French reply is to be a
rejection of the British proposal.
The governments cotton figures
were almost as much of a surprise
as were those of month ago. At the
close of June the trade hal entirely
moderated the acreage under Guilt
walton. A the close of July it now
appears. it went to the other ex-
treme.
stock Market Features.
II is interesting to note that the
position of MARYLAND Oil is quite at
variance with the general oil Situa-
ton. The decrease in the source of
this company's' production. despite
growing number of wells. is looked
upon by the street as distinctly I'M
favorable. MARYLAND has important
contracts with the Standard Oil of
New Jersey to furnish crude oil and
gasoline, and in this connection, too,
the diminished production of the
Tonhawa territory is attracting some
attention.
1t is understood that the figures on
crude oil production in the United
States for the week ending July %,
tn be published on Thursday. will
sno" another SuDsldnt ldI increase III
the total average daily output of pc
troleum. Imports are known to Nhave
remained more or less stationary.
A representative of one of the prom
inent warehouses today pointed out
that in the past twenty-six years the
stock market has gone up in August
in sixteen of the years, has gone down
in eight. and has had no decided trend
in two. There have been bear mar
EetS in August. and in one August a
bear market was turned definitely
into a bull market.