Evening star., 1923-08-16
RENEWAL IN BUYING
SPURS THE MARKET
Inward Trend Maintained on
New York Exchange-Pres-
sure Off of Oil.
BY STUART p. WEST.

Special Dispatch to The Star.
NEW YORK, August 16.-The up
ward tendency predominated again on
the stock exchange today. No EFFORTS
were made to force the pace. The
impression given was that of an eN-
tended short interest endeavoring to
cover without bidding up prices too
much. Prices changed very little at
sfirSt. Then buying was resumed,
carrying the leaders to the best they
have reached in the recovery which
started ten days ago. After this squirt
the market Quieted down and the
movement became more irregular.
In today's market the ground gained
during the first of the week was held
with further slight advances in the ma
jority of the list. There were no indi-
cations of a broadening public interest.
The trading was almost altogether pro-
fessional quieting down in the last
hour after intervals of fair activity
earlier in the day.
Selling Pressure OF of OIL.
Selling pressure was removed from
most of the oils following the news
that the gasoline price in South Da
kota had been raised from Ii to 20
cents a gallon. 1t was expected that
this example would be followed i'm
plHei part tS tl tue country, tHuS par
TALLY undoing the effect of the
heavy price cuts. On account of their
strong market position. the Pan
Americans made the hest response
to the news. Standard Oil issues also
did relatively better than independ-
q cnt oils The sluggishness of Cosden
Producers and Retiners. Sinclair and
others of the So-called independent
oil stocks indicated doubt as to
whether only partial recovery in
gasoline m -
these companies the difference be-
tween loss and profit.
Light on Price Schedules.
The statement on oil :rade cond-
tionS by the president of the Standa rd
Oil of New Jersey threw further light
upon the significance of the reduc-
tI0n in western price schedules. He
made it clear that the present disor-
@dnlzed market is the result of forced
selling below cost by refinerS who
were in a position where they could
not afford to hold; in other words
that it was condition which would
not outlast the time when this forced
selling was over.
The stock market held steady
through the early afternoon and III
the last hour active buying was re
sumed in such leaders the can
stocks. Studebaker and Baldwin Loco
motive. The best prices were reached
as rule. in the late trading.
Better Outlook In Coal Dispute.
The better prospect for a settlement
Of the threatened coal strike induced
buying of shares # the arthrHcit.- road :
especially the Fries. The first pre-
feTred lrie stock crossed 30 for thu, FIRST
Ia see stocks like the St Paul and
Great Northern preferred feel the ef-
tact of the short covering movement
IN view of the recent bear operations.
There was also active buying for short
account in New Haven. following the
reply by the directors of the company
to the structures of the New England
railroad committee. expressin" conf
ience that the 1925 loan could be ex-
tended and showing willingness to CON
Sloer a recapitalization plan.
French Exchange Higher.
French exchange was slightly highe,
and so were French government
bonds This probably was a reelection
Of more optimistic feeling expressed
in cable dispatches. first because OF
the efforts OF the new German gov
ernment to find some new basis OF
compromise. and. second. because of
the store set by reports that the new
administration at Washington was
more faVorably disposed to lend aid
TO solution of European debt prob
lemS. Too much reliance should not
however. be placed upon this develop
ment. There have been many other
moments where similar hopes have
arisen.
July Foreign Trade Figures.
The figures on the July foreign
trade are rather striking. When in
March merchandise imports rose.
nearly S57.000.0O0 above exports and
when almost the same thing happen
ed in May. much was made of the
shift in the balance Of trade away
from this country. That this was
due TO temporary causes. chief of
which was the abnormal demand for
foreign raw materials attendant upon
the Short-lived and excessive trade
boom of the winter and spring. is
now established. In June. the bal
ance in favor of the United States
was restored with an export excess.
however. of only s1.000.OOO. In July
this excess rose to S26.000.000.
II is not surprising, in view of this
that the gold movement to this coun-
try should be on the increase. In
July net imports OF gold were s27.-
100000 against $1S.SS5.000 in June.
There is likely to be a further con-
siderable increase in the present
month