The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1923-09-24
MIDDAY SELLING
!, Of STEEL SHARES
HALTS RECOVERY
Pressure Is Communicated to
Whole Industrial Group
Slump Is limited,
The WALL STREET JOURNAL

NEW YORK, Sept. 24-Chancellor
Stresemann's announcement Of Ger
nnany's unconditional surrender in the
Preparations dispute brought about
substantial advances in the principal
foreign exchanges today and gave
generally strong tone to the stock
market in the early dealings. Good
gains were scored by Bethlehem, Corn
PRODUCTS. Dupont, American Sugar
and other industrial leaders on the
initial transactions, while the rails
were firm
First Hour
Further consideration Of the i'm
portance Of the news of Germany's
surrender in the Ruhr brought adj
didonaI buying into the market as
the first hour progressed and the
general list displayed strong tone
toward II o'clock. Sugars were
buoyant under leadership Of Punta
Allegro and Cuba Cane preferred, re-
Affecting the splendid technical con-
Adition of the commodity market,
while Corn Products, a favortte OF
bears on all reactions, came back
easily and Baltimore & Ohio retained
leadership Of the rails. selling at a
new high on the movement
Second Hour
Heavy selling again broke out IN
Z zdustrtal group around noon ana
hg recoveries il that group were
-, Gully efraced. Pressure was con-
centrated on the steel shares owing to
reports from production centers of a
further falling off in demand. Based
on official estimates there Will be a re-
duction in September untitled tonnage
of the United States Steel Corporation
but the shrinkage will be much small
Ter than In August, reports at present
indicate.
Noon Hour
Stocks continued to decline under
professional pressure IN the noon
dealings in which Steel common again
descended to the low levels Of the cur
rent reaction. But Cosden and other
oils showed signs of better support.
rejecting the more optimistic feeling
an petroleum circles. The general
opinion seems to be that the turn
ing point is not far off. However, this
generally better feeling in oils was
not communicated to the general list.
Fourth Hour
While pressure was not insistent,
an outburst of selling took place in
several industrial leaders in the early
afternoon Bearishness was most pro-
anounced in Studebaker, the stock
breaking TO a new low on the move
Sment under weight Of offerings based
on stories concerning the alleged in
roads in the company's business being
made by a new model Of another popu-
lar make. Gulf Steel, which had
spurted over two points on promising
kilograms from Colonel May, lost it's
early gain.
Closing Hour
Prices drifted aimlessly in the last
hour Of trading, but professionals were
no more able to extend their gains
than the constructive interests on the
morning rally. According to one bro
ker. rs per cent of the trading on
the exchange Is professional, traders
buying on breaks and selling on raj
lies. This is held largely responsible
for the erratic trend Of the market
for the past few weeks, as the public
has not been an active, or at least
important, factor in speculation.
Twenty active industrial stocks on
Saturday averaged 1854. up Al per
cent. Twenty active rails averaged
1916. up SO per cent.