Evening star., 1923-07-26
PRICES EASE Off
|NLATE TRADING
B. & o. and New York Central
Do WelI-OiI Shares Still
Weak-MarkS Lower.
BY STUART p. WEST

Special Dispatch to The Star.
NEW YORK, July 26.--Impressed
by the way the market had resisted
bear attacks in Wednesdays session.
traders took the other side in their
operations today.
There was considerable covering of
recently made short contracts and
here and there little fresh buying
Reading stocks-the first and second
preferred as we'll as the common
were again in demand The buying
is based on two considerations. One
is that when the rights to subscribe
to the Reading coal stock are deduct
ed from the prices of the present
Reading Company shares the latter
will be made to look very attractive
on their income yield. The other con-
sideration is that for many years Wall
street has been talking about the as
sets lying hidden in the Reading coal
properties, yet stockholders have re-
ceived no benefit. Now, with these
coal lands segregated. their value
will have chance to show, as it has
been already showing. in rising prices
for the shares of the new coal COM
pany.
IL. & o. Above so.
Baltimore and Ohio got above 81
and New York Central above par
both Influenced again by the valuable
rights which they will receive as
holders of Reading stock.
American Can made some response
to the report that because earnings
are running ahead of a year ago an
increased dividend or else some sort
of extra payment may be looked for
before 1928 is over. The artificiality
of the selling of the last few days In
stocks like Studebaker and Baldwin
Locomotive was exposed by the ease
with which ithey rallied when short
sellers started in to cover American
Locomotive continued to be promptly
taken whenever it dipped below 10.
Oil Stocks still Weak.
Oil stocks were drag upon the
market. although they did not show
the weakness they had on other days
the public utility group. Announce
ment that the Illinois commission
had ordered a reduction of so cents +
thousand cubic feet in gas rates +
IN Chicago district. came as a sur
prise and Peoples Gas stock fell OF
.utuer sharply.
Declaration of the regular dividend
on Consolidated Gas explained the re-
this action .Sad never been seriously
doubted. Ftsmous Players had a
sharp break. but for no reason ap-
parently except the liquidation of q
block of stoca held over from the de.
cline in the market, which ceased
three weeks ago. Copper stocks were
slightly better. without any change
for quotations in the metal.
Zinc Shares Neglected.
Announcement Of further recovery
of a dollar a ton in zinc prices had
no effect upon the zinc stocks, which
ncr1a nd
Northwestern Railway stocks de-
veloped fresh weakness In the last
hour.
Neither in the financial nor in the
commodity markets was there any
important change today. The cotton
market continued to testify to its i'm
proved position, but merely in a
negative way
the trade news was the latest figure:
on railway car loadings. There mas
been Il good deal of talk In wal
street about the falling off in railway
The charge has frequently been MADE
that the extraordinary totals report.
ed from week to week represented
the handling of old business and
could not be taken as an active meas
ure of present trade activity.
Remarkable Car Records.
The first of these statements is
COmDletelY lnNdllOdIeu anu lHC oCS'
ond a good deal weakened by the rec
ord for the seven days ended July IA
The railroads handled over million
loaded cars. The total has never beer
exceeded but once in the history OF
the country, and this was during the
week ended June 80 last.
There can be only one conclusion
from this. and it is that the genera
trade volume has been holding VI
much better than would have beer
supposed by those who have been toe
much impressed by reports OF
showdown"
Marks Go Lower.
Lifting of the Ruhr blockade die
not avail to check the collapse ir
German marks. Neither did the cor
rection of the false idea that there
was run on the Reichsbank. The
mark sold today we'll below the leve
where It took 100000 to make dol
lar Continuance for long of the in
hation at the present pace in order
TO meet government deficit. doubled a:
it is by the necessity of relieving the
Ruhr occupation, is inconceivable.
The time must arrive, it woule
seem, when the wealthy interests
which have their capital in foreign
moneys and foreign securities viii
come to the rescue. An internal golo
loan, to be effective, however, would
have to be of much larger amount