Evening star., 1922-09-12
new YORK STOCKS
ARE MORE ERRAT|C
Great Westerns Sharp Drop.
Rails Sag-More Profit
Taking Noticed.
BY STUART p. WEST.

NEW YORK, September 12.-lt was
an interesting day in the security deai-
ing, a day OF very much mixed price
changes and conflicting operations.
Another weak spot in the railroad
situation was exposed in the shape
of a sudden collapse in Chicago Great
Western per cent bonds and pro-
portionately violent drop in the pre-
ferred and common stocks.
This. however. was purely special
rase, a case of a road which has not
been earning fixed charges ourihs
period when the transportation ~,
fustry in general has had very sat,
isfactory recovery Inc ep pmc. ,nnn
not, therefore, have much enect upon
the rest of the market. Rail"ay
shares were rather disposed 10 sag
Off, but there was no weakness any
where.
regular. on the other hand. there
was another series of demonstrations
in the shares of the specially type
where there was reason to suspect
the activity of speculative poois.
Realizing sales brought ABOUT
moderate reaction in some of the re.
weakness cropped out. notably in the
mercantile marines and one OF TWO
of the rubber stocks, Where there
we're special considerations OF an
uncertain sort at work.
Foreign Exchanges.
The foreign exchanges assumed the
same waiting attitude and Tor
reason equally well dehned. ihes
cannot do much in the way or re-
,overy or in the way of further de-
cIines until two matters are settled
The first is whether the proposal OF
the German industrialists TO supstI-
tute materials for cash in the pay
ment of German reparat1ons IS 70
be approved of. The second is
whether the relief thus afforded will
enable Germany and also France 10
stop imitation of paper currency.
Rates on continental exchange
yielded again. but not to any I'M
portant extent Sterling got below
S4.45. the decline of cents within
the last fortnight rejecting the com
.pIction Of the arrangements for IN
tcrest payment on Great Britain
debt
Producers and Rehners.
Tsle talk all along regarding Pro
1ucers and Refiners has been that II
would be taken over by one OF the
larger companies. presumably one OF
the members of the Standard Oil
group. The idea back of the original
pool operation which put the stock up
nearly 20 points. starting IN the low
,r 3Os. was that getting the price up
to so would afford Il better basis Tor
negotiating with the Standard OIL in
rerests. Today for the first time. how
ever, the gossip shifted from stand
ard Oil concern to the Barnsdall Cor
poration as the likely participant in
the deal. The principal basis for this
rumor was that the same banking
group controls both properties.
White Motors.
Every time White Motors has any
move the possibility of a merger with
Mack Trucks is discussed. This talk
has never received the slightest en-
couragement either from the Mack
Trucks side or from the side of White
Motors. In fact it has been met with
vigorous denials. Still the rise In
Mack Trucks has served to advertise
the prosperity of most of these truck
making concerns, and the move in White
Motors today appeared to be in the
nature of a sympathetic. il belated
advance following the formers LEAD
Hupp Motors.
The advance in Hupp Motors is
simply due to the earnings position OF
the company, Hupp like the otneI
motor concerns having done an ex-
tremely good business at this season OF
the year, when a business slump was
expected There has been quite bit
of discussion in the financial district
by traders who are trying to figure
dend. was selling above the Hudson,
paying 81. The answer is that the
floating supply of Hupp stock is very
small, whereas that of Hudson is
large.
Financial Notes.
The Vanadium Corporations Au-
gust earnings, after all charges, viii
be something in excess or Sso,ooo,
Chairman J. Leonard Replogle told
the stockholders at the annual meet
ing Current liabilities approximate te
= $4,000. while quick assets are around
$500, 900.
Receivers for the willys Corpora
tion announced today that a dividend
on approved claims, approaching 80
per cent, may be declared in October.
The proposed company to take over
the assets of the Willys Corporation
will float an issue or s6,000,000 three
year per cent notes, in addition to
which there will be issued 100000
shares of common no par stock.
Regular quarterly dividend declara-
tions today were: Panhandle Products
and Refining preferred, 81 dividend
payable October 2 to stockholders OF
record September 21; Famous Players
Lasky Corporation preferred. 81. pay
able November l to stockholders OF
record October Is: Loft, Inc, 25 cents
payable September 80 to stockholders
of record September 20; Greenfield
Tap and Die. per cent on 8 per cent
preferred stock, payable October 2 to
stockholders of record September Is:
American Gas and Electric, 2a per cent
cent on common, payable October 2, to
stock holders of record September 16,
and ] Il per cent on preferred. pay
able November l to stockholders OF
record October IA.
The CIosiur
The list presented a ragged appear
ance in the early afternoon. Increased
proht-taking and bear selling cut into
prices of some shares extensively, but
there were others which forged ahead
.resolutely
The equipments established new
high, records. with heavy accumu-
1ation of iron products, chemicals
food and merchandise shares.
A slump of 5A points In Chicago
Great Western preferred communi-
Gated weakness to the general rail
road list, Union Pacific, Canadian Pa
cific. Reading, Louisville and Nash
willie. Norfolk and Western, Lehieh
Valley. st. Paul preferred, Toledo. St.
Louis and Western preferred, and st.
Louis-Southwestern preferred falling
1 to 1 n points. Crucible Steel also
was weak. and the popular oils sur
rendered good portion Of their fore
noon advance.