Evening star., 1923-09-24
STUBE:B|IblIR|l'E|;R|; I AGAIN A|Il'
! ! UNDER PRESSURE.
Market IS Very Uncertain.
SteeTs Driven. d DoMtl-B. & q.
Helps Hold Rails 'Up. @
q. by sTUiaRfS r. WEST: e, iF
= q. 3. Es5AnAs q
~ .!7s@ "a .--.zz.--4..24a----1.ssf ''s

Bf STUART r. WEST. tS3 -
Special Dispatch to The star.
NEW YORK. September 24.-Prites
opened higher on the stock markksl
today following the jump in the for
eisn exchanges. But realizing sales
quickly made their appearance in tho
speculative favorites and efforts te
force decline were renewed in the
steel group. in Studebaker and ir
various specialties of the type OF
DaVbson Chemical. 2.9 >
No fresh weakness appeared in the
oils. but they did not pursue theii
recovery. The feeling Is that while
the worst is known about the oil
trade il will be, sonJs time before de-
crease. in production. due to the low
pI-ice level. becomes pronounced
enough to affect much OF a turn FOL
the better.
= crurible steel Breaks.
Crucible Steel after touching SOS
sold off sharply. the market for the
stock showing itself very thin on the
way down. Although the president
of the company was recently. quoted
rs saying that new orders were PICK
ing up the street feels that in, com
narison with other industrial COM
mon stocks Crucible, a per cent
dividend payer, with no expectation
of any early increase. was setting
too high when in the SOS. Steel com
mon also yielded easily under only
locomotive Stocks were strong for
a time American Locomotive was wei
up .frem the Saturday close OF 81, ano
Baldwin. at 1l6 was. over point
higher. But these stocks sold on with
other industrials later on. :
Comment on studebaker's Drop.
The weakness 4, in Studebaker was
accompanied by renewed talk tnat
there had been overproduction in the
automobile industry during the nrst
six months. and that this would snow
more as time went on. But II VICE
also recalled that market .interS sts
i'm the motor stocks were seldom
bupish in the autumn because this is
the peripd of trade slackening
The contention. back OF the buying
in the railway StoCkf was that tne
August earnings would make pet
ter showing in net than those OF pre-
vious- months, owing to lesSened ap-
rropraa tons for maintenance. Bal
tfmore and Ohio was a leader again
responding TO dividends discussion
There was further buying. appar-
entity for short account. in Northerr
Pacific and Great Northern preferred
toward which sentiment is more fa-
vcrable now that the regular dtVi'
dand on the former has been voted
But the rails found it hard 10 stano
up while the industrfals We're SIP
ping. -,
American Corton, Oil.
With the introduction OF , stock
of the New Cold Dust Corporation OF
the Curb Exchange, interest Increased
in the trading in American Cottor
oil. Under The conversion plan three
shares of Cotton Oil common are tc
49,. - eA,aEH 80 4 NrNtE
Dust Cotton on preferred IS scon'
vertibIe share for share. American
Cotton on is expected, to show a loss
of about S2.750,Q 900 on.the year, max
ing its loss for the last four years
about $s.OOO.O00. BY setting rid o.
plants and concentraung upon soaI
and washing pawdsr, it Is hoped the
company can be put on its feet.
Advance In. Exehahses.,
Fupefaer atva nee inaF'rench and Bel
eidenf: ,i ID the s market foday. fThfs va
in. har4rppyr with t4Teoiat tsst,iFepork
that tbs GernaP G9ysEEnweEnIt E,.Tn EIr,v wS; Z;
The rise in the French and Blgiai
currency was on the surface impress
siVe enough. French francs at 81!
cents. compared with the low of "a
little more tnan a mon IN ago, befSIdi
francs were up fuI1;cent and a quar-
ter from their August. bottom. 7, BU
whether this recovery represents any
thing more .thaRi the. retreat. of ~
enormously eXtehded interest remains
to be seen. = -
The market movement continued
UNCERTAIN 'thRou ghoufEthe Afternoon
Steel, stocks fremaihs& heavy anI
pressure Awas kept'@ 6T 'Stade sakSf
Against this was, the fEynness of the
rails. Baltimore :! and ohio 'gettta &
about. 62~1 in the lastrheur and. SOLD
at 511r early in the afternoon IN
Oil shares resumed the recovery
with Phillips etroleufn4.skf kfar1and ana
California Petroleum. up =, a. point aBG
othersaa haH -te three e-asIsEtsFs-- y. "a
Among specfaftfes Industrial Afco
hol was a feature and pool opera.
tions were fesumads m Gonetnen nta
Can. " & - ~ * :,
MARKET CLOSES STEADY.