Evening star., 1923-05-25
PRICES OF STOCKS
II AE&H H. Il AHvNbHNs Y s..,-
II Il 2 u
I'm GN NHENEaVV ~
| co STILL HIGHER
Market Very Irregular, But
Upward Swing Continues.
Gary's Remarks Help.
ny STUART r. WEST.

Special Dispatch to The Star.
NEW YORK, May 25.--Wal street
took much interest today In reports
that leading interests at work on the
bear side of the stock market for the
last three months had reversed their
position. Whether or not this was
true, the market acted very diner
emily from what 1t has in the recent
past. ,.
A great deal of commission house
selling, as we'll as heavy offerings by
floor traders, Games in on the tneory
that prices, after the sharp rally or
Thursday, should have some sort or
setbacks. But an absorptive power
appeared which was sufficient to take
these stocks without any difficulty.
Steel common was helped by Judge
Earys optimistic remarks on the
steel trade outlook, although there
was no rush to buy.
Profit Taking I'm "Pete."
Profit taking occurred in California
Petroleum after 1t had made new
high above 112, but in other oils. ike
STANDARD of California and Mariana,
1t looked as If strong support was
constantly behind the market.
Houston Oil had a particularly sh>-'5
runup and the short interest IN the
Pan-American, which by all accounts
Is q large one, was made to feel un-
comfortable again.
Railway stocks were not prominent
the way they had been the previous
day. Apparently there was a desire
TO await the result upon speculative
sentiment of the Chicago conference
on the revaluation question.
A sudden break in the Atlantic, Gulf
and West Indies stocks had no erect
upon other members of the shipping
group. A revival of interest in Penn
Seaboard Steel was due to reports that
the company's plants are operating at
full capacity and that 1t is once more
making money.
Review and Outlook.
Nothing In the developments of the
day attracted as much interest as the
survey of business conditions by the
chairman of the Steel Corporation, ad-
dressing the American Iron and Steel
Institute.
The striking points We're his state
ments that he could not see for the
next six months, at least, any. ma
terial falling off in the demand for
steel products. and second. his refer
snce TO the propaganda designed to
create the impression that there
will be in the near future a substan-
tiai recession in business activities"
1t is scarcely open to doubt that
there has been such propaganda. more
or less organized, and exploited to the
full on the floor of the stock exchange.
1t has failed in its efforts to inspire fear
among business men and investors.
but 1t is well that the public should
understand what has been going on.
and Judge Gary's speech is illumi-
mating on this score.
Oil NAV Go Higher.
II these observers are correct. in
their view, the rapid recovery in the
oil shares Will have its counterpart
before long in the movement of oil
prices.
Today's market had strong under
current throughout, although where
prices rose they did so very unevenly.
II was a market which certainly
seemed TO fit i'll with tbs gossip OF
the street that some of The proInot RS
e of the recent "b Ear campaign" had
reversed their attitude and We're ac-
lively at work on the other side.
The higher quotations on Cuban
raws and an advance of 25~points by
leading refinerS today was not re-
ffected in any immediate renewal of
the upward movement in the sugar
shares, although these did Compare
lively we'll in the market What in
terested sugar people most was the
technical position of the refined sugar
market and the likelihood of further
buying, both here and abroad, of Gu
ban raws. 1t is estimated that re-
finers in this country have about four
weeks melting on hand.
Porphyry Copper Reports.
The reports Of operations of three
of the Porphyry Copper companies
Utah, Nevada and Ray-for the first
qua rter of 1923. announced today, all
showed an Improvement in net in
come over the results of the last
three months of 1922. The largest
percentage of gain occurred in the
case of Ray Consolidated. Ttah re-
ported total income of S2,2t1,11o, or
$1.37 a share. at the rate OF S1-4S
annually as compared with SLOT in
the last quarter of 1922 Ray re-
ported earnings of 80 cents for the
first quarter, as against II cents IN
the preceding quarter, and Nevada
Consolidated's operations yielded "a
net of 27 cents, as compared with 20
cents in the final three months Of
last year.
Active Buying in @ugars.
The rise in raw sugar to 6is cents
a pound or only a quarter of a cent
under its top, brought active buying
into the sugar stocks, notably Cuban
American and Punta Allegro.
The buying of American Cane was
very persistent and was accompanied
by much talk of the stock being
another corn product"
Baldwin Locomotive and Studebak-
err which had moved with some un-
certainty early in the day, joined in
the general advance which occurred
IN the late trading. So did the steel
stocks.
4 rno non cuADE nav