Evening star., 1923-09-07
RAILS TAKEN Up
IN LATE TRADING
Market Largely Professional
as Public Is Alarmed by
Unsettled Conditions.
Special Dispatch TO The star.

Special Dispatch 10 The star.
NEW YORK. September THE
general public has not been frishteh-
ed by the momeutous news develop
mentS of the last week into seliihs
its investment holdings. but nelthei
has /, been stimulated To increase It's
purchases of stock and bonds. Inc
general feeling among the non-pfeS-
sional trading element seems 10 Ut
that although dangerous turn ~
the road has been passed IL IL
to go slow for time.
This has left trading Ill StochS ''n'
bonds largely in the hands OF pro
fessional SPECTATORS and accouhtS' y
some extent. for the irreSuiarl'H dh'
uncertainty manifested In the SOM
what light dealings ON the Stoch -
change todav. AS has been the cast
All week specialties were taken VI
one after another. the techhical po
sitiou and immediate prospects u
each we're stressed until il was drop
ped for another temporary taNorlte.
Fractional Advances.
Some of the rails showed trac'loMna M
advances on light sales Amerlcai
Can. Dupont and the electrical equip
ment stocks were ieatur -" VI,
ND side while some of the ollS were
soft and profit taking in other spe
ciaities showed them Pelow thei
Thursdays levels. "A.
One of the depressing factors WE
the decrease in the New York tedera
Reserve ratio from S4.' VEN
to SO.1 This decline was attrlou. .eo @
however to Withdrawals for crol
moving purposes.
The Bank Of Germany Sta'ehltll
Indicated that conditions were grow
ing steadily worse in that 'ouili
lnA - a.
that little significance Is attatneu u
a repetition of the statement.
Value of Mark i'm L. =. Gone.
CirruIatiou of raptr currency IN
creased from 1l6402. 80 100000 mark!
last week to 213.9o6. .io6.oou.p"o MARI :
The mark may no longer ne Sa'u =
have a definite value SO far as thl
GERMANY practically has disappeare'
as the mark fiuctuftes 50 rapidly tiia
full repayments cannot he assured
contracts. where made Tor purpose
of foreign trade. are IN doliarS
rouud sterling and the fact that IN
n,atk droDped today to 57,130,0oo 70
ON, dollar was of no pafttuld
siyuitirancc. although that figure wa
new low.
Electrical Stocks Advance.
The upturn in the shares OF com
pauics engaged in the manuiactut'
Of electrical NEUTRALITY-SUSPICIOUS.
HcneIal Electric and Westinghouse
rescmbicd the advanc. which toos
n,nCr Thursday. in the Locomotive
euulpment shares. Moreover. the sam
considerations were evidently PENN
the strength Of these stocks: Earn
ines of these companies nave lhcttas
ed substantially. orders on tnei
hooks are large. and the idea OF thei
lNa.ir hanntlfteu
demands from the orient was a help
'us sharei aa"us"S' Of the oil Companies wer
irreeulsr following rather sha,l
fractional declines eariN IN the Ses
sicn What selling occurred was uh
admittedly influenced by the CONTINUED
high production and the further re
ductions in quotations for gasollne
Marland Ccsden. Phillips Petroleum
and Producers and RefinerS all go
below Thursday's low points. Will
the Pan-AmericanS were especlail.
active There was no meeting Q
. Pan-American directors today. 1t /
understood that they will meet mex
week for dividend action.
Allied Chemical Rumors.
Discussion has been revived con
oerning the possibility of Allle'
Chemical and Dye Corporations rails
ing its dividend above the present S
annually. but the reports are no
taken seriously by people who hav'
followed Allied Chemical aHalr
closely.
1t was noteworthy that toward the
close of d week in which the outside
news was unusually disturbing. anC
opinion Regarding its effect was divld-
ed. prices on, the stock exchange to-
day We're little changed from the leve
at the beginning of the month.
Whether the advance which begar
five weeks ago would proceed further
or whether the market was facing Z
technical reaction. was a much moot
ed question.
DUPONT Crosses 149.
There were ID number of features tC
enliven interest. Dupont was one o1
these. rising steadily across the 14(
level and establishing q new top fol
the year. Expectation of higher divi-
dcnds and the fresh incentive sup
piled by prospective profit from Du-
Points artificial silk business were re-
sponsible for the advance.
Dawson Chemical had another Of its
precipitate declines, but the stock
Crept back over the ground lost il
the early trading.
The steel stocks were not poin
of such absorbing interest as on Thurs
day, although United States Steea com
mon remained firm. while Gulf State:
Steel fiuctuated around previous clos
ing prices and the independents helt
is credited with support from new
pool interests. but it was not active
1y bought today.
The upward movement in the to
baccoS seemed to have subsided. while
profit taking in such issues as Mallin
son and Kayser made itself felt.
Rails Are Afternoon Feature.
The oils were irregular and inclined
toward heaviness. while some buying
came into the railway list, with SOM
fractional advances.
For a while interest in the after
noon stock market Centered in tn
railway share list, where squirt o
buying caused advances of Fraction
of point to about two points in
number of issues. Southern railway
Rock Island. New York Central, Chesa
peake and Ohio, Northern Pacific AM
Baltimore and Ohio were leaders o
the rally, and several other member
of the group, such as Pere Marquette
st. Louis Southwestern, the St Paul
and the Eries, made fractional gains
The street profesSed no surprise a
this display of strength, taking TIL
view that ii was seasonal