Evening star., 1923-07-13
STOCKS Do BETTER
IN FINAL TRADING
Jesuit of Premier's Speech
Still Uncertain-Price
Changes Narrow.
BY STUART u. WEST.

cptcial Dispatch to The star.
NEW YORK, July 13.-It was
-uestion in the market today how
much the easier feeling regarding
European conditions was factor and
how much the price movement was in
nuenced by considerations at home.
Among individual stocks there were
Few outstanding features. The way
'orn Products ran UP across 10 fitted
il with assertions that there was a
,arge short interest outstanding. and
that the available supply around re-
rant quotations is comparatively
small.
1t took very little buying also to
Put other speculative leaders up
With all the bear talk based upon re-
and considerably lower pig iron
prices. the steel shares stood their
ground. Large holders of these stocks
are not affected by the silly gossip
about the outlook for the steel trade
and the prices at which the steel
shares are likely to sell. Such predic-
tions are invariably made in the final
stages of bear movement
Sugar stocks Improve.
Stocks of Cuban sugar companies
were helped by the revised estimates
of the new crop which are close to
the minimum as reckoned upon for the
last six months.
During the greater part of the time
oil stocks were little changed. Among
the rails ST. Paul preferred and
Northern Pacific We're selling off,
while the balance of the group were
steady. 1t is calculated on the basis
of earnings so far received that the
St Paul will just about cover fixed
charges this year. The street is ask :
ing itself what would happen to this
road and other of the western car
riers if they were forced to make
a radical cut i'll grain rates.
shorts Boost stocks.
1t was not until midafternoon that
the upward swing became we'll de-
fined. Then short covering set in on
a. larger scale. than has been seen
at any time in more than week.
The rise was very general. but 1T was
more rapid naturally in stocks with
sellers We're bound to have the great
est difficulty in getting in their COM
mitmentS. Among these were Della
ware and Hudson. which ran up
ncarly ; points, Canadian Pacific, Stew
art Warner and Dupont
The buying which came into the
afternoon stock market was set
down in the superficial comments to
a better feeling over the European
outlook" Actually it had far more
TO do with conditions at home. For
a week more past there has been
very clear signs Of an oversolu po-
6itiun.
Financial Outlook and Review.
1t was hard to detect in any of the
markets today much of an express
sion of judgment regarding the
European outlook as affected by
Great Britains latest move.
French exchange went lower and
frtIl h.1
the low of a week ago. The German
mark. which had risen from the mini
mum of 2S5,000 to the dollar to
100000. was quoted again at more
than 10000.
But these declines were not impor-
tant enough to denote anything ex-
cept that the solution of Europe s
economic problems is still very OBJ
scure. The security markets here
took much the same view. They did
not allow themselves to be depressed
by the allusiCnS to the desperate
state of things in Germany. On the
other hand, they were disposed to be
very cautious about accepting the
conclusion that the coming British
note would open the way to a settle
ment.
Railway stocks Lag.
The stock market appeared to have
hardened itself pretty thoroughly to
reports of falling off in trade activity.
1t refuses longer to believe that such
decline as has occurred from the
heights of the spring boom is at all
serious. 1t feels that whatever ad-
verse effect the reaction of the last
month or so may have upon company
earnings has been discounted by the
20 to 80 point drop in stock prices.
Still it has not reached the stage of
being responsive again to the more
favorable points in the situation. 1t
Is certain, for example, in view of the
record car loadings. that railway
gross earnings in June will at least
equal the extraordinary totals of the
TWO previous months. Yet railway
stocks arc dragging along in the mar
Eet, with the least possible interest
Shown in them.
Sugar Trade Conditions.
More light was thrown today upon
The situation in the sugar trade by q
comparison of stocks in the hands of
Ihc Cuban producers and the refiners.
THE Cuban producing companies have
about 100000 tons less sugar than
they had year ago. The refiners
have 100000 tons more than they had
ON hand on July /, 1922. The differ
ence represents about $4,000 tons
less available sugar than last year.
The rctners are operating at only 35
per cent capacity. The price of re-
Tined today was quoted as low as $50
cents per pound.
Jobbcrs and retailers have bought
a subnormal quantity, and the ulti-
mate consumer has been buying from
hand to mouth.
MARKET CLOSES STR0Nc