Evening star., 1923-09-14
Stocks GO LOWER
ON MIXED MOVES
Spectators Use Caution in
Awaiting Trend After Yes
!. terday'S Sharp Break.
BY STUART p. WEST.

Special Dispatch to The Star.
NEW YORK, September 14.-Proba-
bifities of selling something bought
with other peoples money at a higher
price. which have animated activities
in Wall street for a time, went into
temporary eclipse todav. Stocks ac-
cumulated for long account were
tossed overheard with a consequent
weakness of tone, which spread its
influence over some of the other mar
kets throughout the day.
The movements on the stock ex-
change reflected, in some measure,
the spread of pessimiSm made evident
in the drop in values Thursday, 10
the holders of securities in other sec
tlons of the country. Much OF the
volume OF selling seemed to emtnate
from other centerS and Wire houses
executed many of the selling orders.
The passing of the German mark as
a standard of values rejecting condi-
tions in that country, was turther
Sabstantiated by the refusal OF the
National City Bank to quote this Sec
tion of foreign exchange and the de-
termination of some of the Swiss
financiers, in most intimate touch
with German financial conditions. 70
ignore the mark fluctuations until
some further backing was provided.
There, were plenty of buyers in the
security markets today, but most OF
them were bargain hunters. They
had their eyes fixed on the posslplI-
tiles of lower levels and were not
fully determined that the present
range of prices had marked the Dot
tom of the decline which was the
feature of the movement OF the day, az
The promise of a loan Of 81, 600
ven to the forty-seven recognized lire
assurance companies of Japan by the
Bank of Japan has removed pros
pecttve burden from the tnanclal CH :
eles of this country when up 70 TINS
time have been somewhat IN lgnor-
ance ais to the probable payments
these companies. holders OF very
considerable amount of foreign Sc
curities, would be required TO borrow
to meet payments incident to the re-
The fact that life policies payable
as a result of the disaster are eSu-
mated to total not more than 3O.OUO.-
600 yen. or approximately S15,0OO,O0O,
was a favorable factor both in New
York and London money MARKERS.
This influence was accentuated by the
fact that as security for the new
10000, ,O00-yen loan securities were
deposited aggregating 65o,0OO'oOo yen
in value.
Wall street Prices Mixed.
The stock markets movement was
extremely irregular today and the
question uppermost in the minds OF
the street was whether, after the
sharp decline of the past few days
the list was entitled to at least a
technical rally.
Sentiment was not much improved
but reports that interests who had
been heavy sellers eaTlier in the week
had turned to the buying side were
followed by short covering In many
active industrials. Buying was still
held in check as the result of the un-
certainties surrounding the oil trade
and the none too encouraging state
Jnents of conditions in the steel and
other industries. The better. tone OF
foreign news seemed to have little
effect.
steel Goes Still Lower.
Prices of such issues as L. S. Steel
common. Studebaker. American Car
and Baldwin Locomotive fell below
the Thursday lows before prices
hardened The oils attracted much
attention because of recent events
was heard regarding "a fight for
control and some people professed to
have seen in late developments in the
trade events which had not come to
the surface.
The. passing of the Marland Oil divi-
dend and the declaration of the Pan
American dividends seemed to have
been pretty well discounted, although
the stocks of both these companies
were active. Marland sank to new
low. but responded to support.
Prairie Oil and Gas, the important
factor in the midcontinent field. an
nOunced the declaration of regular
dividends This was of interest in
connec ection with the resignation of
the former Prairie Oil president, the
reports that the company was to close
it's New York Office and the expecta-
tion that price cuts would be an
nounced in crude oil purchased by
this concern.
MARKET CLOSES EASY.