The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1923-09-14
FLOOD Of SELLING
ORDERSFEATURES
INITIAL TRADING
Pressure, However, Is Lifted
in Late Morning and Slight
Rallies EnSue,
The WALL STREET JOURNAL

NEW YORK, Sept. 14.-Thursday'
heavy selling which brought the total
transactions above the million-share
mork for the first time since June %
was continued in today's early deal
ings in which Steel common touched
a new low on the movement at $50
on a flood Of offerings, while Can
touched new low ground at 925s, fol
lowed by similar recession among
other industrial leaders. Marland Oil
was especially weak, rejecting the
passing Of the dividend announced late
Thursday. No further explanation
for the severe break was found in
outside news.
First Hour
Extraordinary activity was main
tanned throughout the first hour and
new lows on the current reaction were
reached by Gulf States Steel, Dupont
and other leaders on the recent re-
covery. Wire houses were the biggest
sellers, Logan & Bryan disposing of
4O. 900 shares Of various issues, while
II. Content & Co., reputed to be rep
resenting large inside interests in
American Can. sold 5000 shares OF
the latter. Toward IL o'clock the
market steadied somewhat and frac-
tional rallies occurred in several &C
tive issues.
Second Hour
Leading industrials continued to
show an improved tone in the late
morning when Steel common rallied
above SO. Baldwin above 119 and
American Can above 90. Declaration
OF the regular quarterly dividends on
the Pan-American issues proved to
have been we'll discounted and these
stockssold of when the news came
out. Mexican Petroleum appeared on
the tape for the first time since July
2s. selling at 1872, compared with 20
for the previous sale. Call money
continued right, renewals being made
at ~ per cent
Noon Hour
Stocks turned dull in the noon deal
ing and no further progress was
made on the rally, but recOveries from
morning lows were retained and sell
ing pressure noticeable in early trad
ing was not renewed. Issues in
which group activity was recently re
ported were inactive. Pan-American
issues continued to recede, while
rallying tendency was noticeable IN
MarIand. These conflicting move
ments reflected the best opinion in
the Street that It was more bullish
for an oil company to pass It's dlyi-
6end than TO continue il in face Of
present conditions in the industry
Fourth Hour
After 1 O'Clock stocks swung into
q renewal OF the rally which gathered
considerable spirit as the fourth hour
advanced. Steel common recovered
about a point from its early low and
similar rebounds took place among
other speculative leaders. With the
general list showing a better tone, op-
eratons for the uninterrupted rise
were resumed in several sections or
the list. Dawson Chemical snapped
back above SO on buying orders large
supposed to be representing Baltimore
interests.
Closing Hour
The general list displayed a favor
able tone in the last hour, though no
gains of any prominence We're recoV-
cred among active issues. Proof that
the recent Tightening up i'll call money
had been que to preparations for tax
payments was afforded when the rate
eased off to Az per cent after renew
ing at 5Iz per cent, suggesting that
arrangements for Saturday had been
largely completed. Trading in tho
final hour was rather dull with price
changes for the most part confined to
a very small trading area.
Twenty active industrial stocks on
Thursday averaged 1898, off 2.12 per
cent. Twenty active rails averaged
1888, of II per cent.