Evening star., 1923-03-27
STOCKS IRREGULAR,
BUT ALSO F|RMER
Pools Again Resume Upward
Pressure in Some Shares.
d. Oils More Active.
BIZ STUART p. WEST.

SPECIAL Dispatch to The Star.
NEW YORK, March e7.-Price
movements at times were pretty much
mixed in today's stock market, but
from the start there was visibly less
selling pressure. Seeing this. pools
in some OF the industrials took hold
Of their specialties, and good deal
of short covering occurred in the gem
eral list.
Railway shares were not favored.
owing to the disappointing showing
in the February traffic returns. In
is optimistic mood OF month ago
the street was sure that the New
York Central dividend would be In
creased.
1t was significant of the change in
speculative temper that few looked
Tor anything but the regular declara-
Eion at the meeting scheduled for
Wednesday. New York Central stock
was heavily sold in the trading, but
later rallied.
The California Petroleum plan fol-
any effect in market sense had
evidently been well discounted. Mar
land and Phillips did the best of any
of the oil stocks. Shipping STOCKS
were strong for time under the lead
of American interests.
tentsP!fSHRDLU ETAoI UN LUNLN
Review and Outlook.
The principal point of interest in
teday'S financial markets was the
meeting of the federal reserve gov
ernors, and what they might do or
say on the subject of discounts and
credit conditions. There vas not
necessarily any connection between
the further signs of tightening In the
days money market with the con-
tinued depression in American gov,
ernment bonds and the anticipated
news from the Washington confer
ence.
Stocks Less Sensitive.
The stock market of the day ex-
pressed what vas the prevailing view
in speculative circles. that nothing
would occur at the federal reserve
meeting calculated to have depressing
effects in Wall street. At the same
time il was not Sen%itive. the way IT
had been Monday to the hardening OF
jhe money market. The fact was en-
titled TO consideration that in the
greater part of the list prices at Mon
days low were down approximately
half the entire ground covered by the
bull campaign" in February and the
early part of March. This in view of
the progress during that period to-
ward fair degree OF business pros
perity was making rretty generous
amends for recent speculative ex-
CeSSes.
sugar shares Stronger.
The disclosures being made in the
announcements of Cuban sugar cS-
tates that, with the closing of their
centralS il has been found that the
final output of raw sugar is substan-
TALLY under estimates made earlier in
the sea son. have been taken by the
street as cumulative evidence OF a
relatively small 1929 harvest. Today
again two more centrals reported the
wind-up of operations and in each
instance the outturn was consider
ably below expectations The raw
sugar market was quiet, but firm.
Sugar stocks were in better demand.
and Punta Allegro particularly. showed
Improvement, with a gain at the open
ing of full point above Mondays final.
Recovery Gains Strength.
Recovery, proceeding with much
caution at the start, gathered more
confidence as time went on. 1t be-
came sharpest in the late afternoon
when word came from Washington
that a statement was to be given out
at o'clock setting forth the view
of the reserve board head as to the
future policy in adjusting dicounts
rates.
Copyright, 1881