Evening star., 1923-06-08
INTEREST CENTERS
IN RAILROAD ISSUES
Stock Market Prices Turn
Downward in Last Hour.
Review and Outlook.
ny STUART II. WEST.

Special Dispatcn to The Star.
NEW YORK, June S.-Railway
shares were the main feature in the
stock market today. They were taken
up while IndustrialS We're gong
through a further moderate read
justment after the advance averaging
points from the low of May.
With the exception of the oils, how
ever. In which here and there eVl-
depces of further pressure appeared
the industrial section was not at all
weak 1t sold off Il half point or SO
during the first hour AFTER whlcn II
felt the sustaining influence or the
sharp advance in a number of special
ties.
Interests close to Colorado Fuel and
Iron are credited with having been
picking up the stock for some time.
this because of a sudden and quite
remarkable change for the better IN
earnings starting from the first OF
the year The effect of this buying
showed today. Colorado Fuel being
one of the strongest among It's class
of stocks.
Other shares Well Taken.
Other steel shares appeared to be
well taken on the early dip. partly In
anticipation that the monthly ton
mage figures of the Steel Corporation,
due Saturday. will reveal a smaller
decrease than had been expe6 ed
while ago. and partly looking for
ward to highly favorable statements
due next month for the second quar-
ter.
Pere Marquette was the most con-
sistently bought among the lower
priced rails. 1t had manifestly not
fully discounted the placing OF me
shares on 81 dividend basis. This
action in the case of Pere Mar
Quette has had stimulating effeat
upon other rails, especially South
ern railway and st. Louis South
western common, which have equal
ly been regarded as good dividend
prospects. These two stocks were
notably strcng in the market today,
with heavy trading in southern
Railway up to 50. Atlantic Coast
Line was in demand also on talk or
higher dividends.
Among the public utilities there
was some fresh buying in public
service of New JERSEY, while Phila-
pectation Of Il 81 dividend later in
tie month. Stocks representing the
retail and distributive trades, like
Wcolwcrth. Associated Dry Goods
and Schultz Retail Stores, were con-
spicuously in demand.
Financial Review and Outlook.
In todays markets the principal
refusal of the latest German repara-
tions offer and the April figures or
merchandise imports. making it pos
sihle to compare the foreign tradf
position with that of other months.
That France and Belgium would
not agree to the new German pro-
posals did not come as any surprise
The best reflection of financial judg-
ment in that matter lay in the for
eign exchanges. These, on the pre-
vious day, had refused to agree with
the hopeful view taken in speculative
circles. Today they turned weak
again, sterling dropping a cent
francs reaching their recent low and
marks making a new low record for
all time.
In the commodity market, where
continued poStponement of European
unSettlement means so much for the
export demand the recent upward
tendency was checked, but without
there being any serious setback. On
the stock exchange disappointment
was professed, but it could not be
fairly said that the prospects of a
new impasse in the reparations con-
troversy was anything more than a
negative influence. The security mar
ket would undoubtedly have respond
ed had the news been favorable. But
they have so long been accustomed to
disagreements and failures when i,
comes to any effort to settle Euro
pean questions that this latest break
down did not influence calculations.
Prices Drop mt Close.
In the last hour prices turned
downward again. The market as "a
whole did not weaken sufficiently,
however, to indicate anything more
than the natural reaction which had
been expected by most good judges
The underlying note of steadiness
was not impaired. Outside of the
highly speculative issues the losses
were small.