Evening star., 1923-08-21
BEARS ATTACK OILS
.:i,,;:NF|NAL' TRADING
Rest Of List Firm Under
g Leadership of American
= :. |... .t.!.t.f -.
u Can.
By STEUART p. WEST.

cpe'lsl 'biSpdtcl ~ iHt StdT-
NEW YORK, August 21.-The COM
nent in Wall street today was that
more than at any time so far, the
market showed the predominance of
forces, making for'hfgher, r,7prices.
During tthh first -four professionals
Sought to test out. the position by
concentrating selling of the oil
shares. The motive in this case was
that more cuts are to be expected in
's7rrruude oil in order to meet the much
.EsoWer prices of gasoline. The prln-
ctipal members of the American OIL
group-Producers and Refiners. Phil
lips Petroleum. Cosden and Marland
were driven down point or more,
and this had an unsettltng effect
in other directions. Baldwin Loco
motive dipped below 120, where it
was off . points.
Rally Comes Quickly.
Then the turn came, and it came
rapidly. Not only were stocks read
lily taken on the forenoon decline,
but there was quite a rush to buy
for both short and long account. 1t
took little more than an hour for
American Can. the leader. to gain
nearly points. In the same period
Baldwin Locomotive and United
States Steel common more than re-
gained what they had lost and the
same was true of Studebaker.
The strength of the independent
steel stocks was one of the chief in
cidents of the day. Bethlehem Steel.
Republic. Gulf States, Sloss Sheffield
and Crucible all sold we'll above the
highest since the recovery started.
In attempting to explain why these
stocks have been relatively stronger
than United States Steel it has to he
remembered that, whereas the Steel
Corporation came down in it's opera
tions from 81 per cent of capacity
TO 90 per cent, the independent COM
panteS dropped from 90 to so per
=. cent The reasonable supposition is
s'fhat the independents, now that the
steel industry has turned, Will pick
UP faster in their output and earnings.
sharp Rise in Fisher Body.
| Chandler Motors and Hudson did
tho best in their sets. Buying of Hud-
son was attracted. by the high return
Offered now THAT the stock is on a
regular 50 dividend basis. There was
another remarkable jump in Wool
worth, while. EXECUTION Of a. few small
buyihE orders was 5sufficlent to cause
"a sharp rise in Fisher Body.
The decline in Producers and Re-
flnerS was the result of speculation
as to what the. directors will do, at
the meeting this week. There was a
division of opinion regarding the
prospective dividend action, some ex-
pressing the fear that Producers and
Refners would pass the dividend al
together at this time, while others
anticipated either the regular pay
ment or at least distribution at a
81 instead of "a annual rate.
More interest was eyinced in indi-
yidual houses about the street today
in the technical market position. 1t
was said that brokers' loans had de-
Glined approximately $4,000, 900 In a
month and $3.50. 900 since the peak
level early in the year.
The current reports regarding
ape rations of Miami Copper Company
Eire. encouraging, and remind the
,SrfFeet of the statements made unoffi- :
I cially recently that Miami had struck
I important veins in highly produc-
2 tive territory. -. =. 49, -s
4 Further Pressure on OILS.
In the early afternoon there was
some renewal of pressure upon oil
j stocks. Producers and Refiners made
IA new low on fears that the dividend
would be either reduced or postponed
The pan-Americans broke a point or
more.
The general list drew away de-
= cisively from the Influence of the oils.
+, In the last hour, still under the lead
= ership of American Can, which cross
4 ed 80. and the Independent 'Steels,
i the industrial list hardened all
/ around
\ Sterling exchange again made a
I new low for the year. Two reasons
+ for this downward movement are ap-
parent. One is the falling off in
{, American purchases of foreign goods
: and raw materials. The other is that
+, Great Britain is accumulatiug once
more dollar credits against the au-
= tumn interest on the American war
( debt. =.
4