Evening star., 1923-10-10
MOVES CONFUSED
NST0CK MARKET
Sinclair Rallies: on Dividend
Action-Anaconda Under
Pressure.
BY STUART p. WEST.

III % ShNA As "LSh'
Special Dispatch to The Star.
NEW YORK, October 10.-Today's
market was another confused affair.
At times there was renewed evidence
of an oversold condition with conse-
quent short covering. At other times
fresh selling broke out. The result
was a highly irregular price move
ment with no general tendency one
way or the other.
Copper stocks had begun to weaken
on the previous days, but today Sc
we're drive was made against Ana
conda, and the break in this stock to
around 36, where it was at a new low
for the year. was one of the features
of the market. Other coppers were
more or less affected.
Trouble With Anaconda.
The trouble with Anaconda lies in
the fact that the market for the
stock was artfficially supported at
the time the convertible bond issue
was brought out last winter. The
public got the idea that Anaconda
would be put up to encourage the
conversion of the bonds and that it
would not be allowed to go down
much below the minimum conversion
figure of SO. On this theory a lot of
outside buying occurred. and on this
account and because of the with
drawal of pool support the marke t
position of Anaconda has been more
Vulnerable than that of other mem
bers of the group.
OIL Shares in Rally.
Oil shares went lower al the open
much az a point But they rallied
On the announcement of the declara- :
tion of the Regular quarterly dividend
or % cents share on Sinclair Con-
solidated Sinclair stock itself. after
selling Below Is at the start, ran up
quickly: to above 49, The street had
looked for the dividend to be passed
altogether.
The action of the Sinclair directors
was net regarded as bullish in more
solid quarters Oil companies are
not making much money at present
prices, and there is no denying that
the demand upon working capital and
credit facilities is unusually large.
because of the need of carrying oil
that could not be profitabIy marketed
now. Consequently the question was
debated whether it would. not have
been. wiser for the Sinclair Company
to withhold dividends.
Steel News Helps Baldwin.
Baldwin Locomotive and other
equipment stocks were helped by the
statement In the weekly steel trade
reviews that the. railways were again
This forsha6owed an early picking
up of business on the books of the
car and locomotive makers, provided
the matter of prices can be adjusted
satisfactorily. The rise in Baldwin
Locomotive intimidated some of the
shorts In other stocks of the same
type. such as American Wooden. Corn
Products and American Can.
The iron trade journals reported
that new orders for finished materials
in, Sii ioh Ip~
volume than they We're last month
They reported the largest inquiries
for railroad cars since the early part
of the year
Wooiworth Dividend Voted.
Directors of F.. W. Woolworth &
Co. declared the regular quarterly
dividend of 50 today. Despite per
sistent rumors to that effect, no extra
cash or stock dividend was declared
An official of the company had been
quoted a couple of months ago as de-
clartng that no such action would be
taken, but it took formal board actioz
to wipe out the rumors, which had
been based on the company's excep-
tional earning position. If this same
official is to be believed further, there
Will be no. extra disbursement even
= in 1924. .
Timkcn Roller Bearing Outlook.
Since the recent weakness in Amer
lean Bosch Magnetic much talk has
been heard in the street regarding
the business of the automobile ac-
cessory companys such as Timken
However, persons we'll informed on
this company believe that earnings
will hold up during 1928. with a sub
stantial amount added to surplus
after all charges and the payment of
the So annual dividend on the stock.
Interest in Reading Rights and the
new Reading Coal Company has been
attracted, particularly to the earn
ings possibilities of the coal proper
ties. For the ten years to 1921 it is
understood the coal company made
net profits of $4,000. 900, but on very
low average ofy'prices of coal as COM
pared with those now being realized.
Moreover, the advantages likely to
accrue to the Reading Coal Company
over other miners and sellers of an
thracite have been pointed out.