Evening star., 1923-10-24
MOVES CONFUSING
IN STOCK MARKET
Bears Pound Special Issues
to Lower Levels in In
decisive Trading.
BY STUART p. WEST.
snerinl nisnatch to The Star.

Special Dispatch to The Star.
NEW YORK, October "a. - The
stock market today once more was
a mixture of individual moves, most
ly downward. The professionals
realizing that the typical lndustrlai
leaders were pretty we'll deadlocked'
went in search of more weak spots
among special issues.
The copper and smelling issues
we're under particular pressure ana
a number of them, like Anaconda
Kennecott and Inspiration, made new
lows for the year. Suparhcially TINS
was set down to the news about Ter
many, but there was no reason 70
believe that even if the separatlsl
movement were to succeed, s uei mo
buying power would be Weakeheu'
Copper Demand Poor.
The German disorders have had
some sentimental influence both on
the market for the copper metal anu
the market for the copper Stochs
But mainly the position or the latIea ,
has been affected adversely Dy M
failure of new business to material
ize by the statistical record snow
ing production running well ahead OF
consumption and by the constant iaii li
in copper prices. Ray Consoldateu
and Chino held better than the eIle, other
North American copperS. propapis
because they figure in the southwest
ern merger deal. Chile Copper was vas
comparatively firm, rejecting It's low
production costs as compared with
the mines in this country.
Famous Players Breaks.
Among the specialties there were
several features One of these was
Congoleum company stock, which rose
with some violence on the report o1
an impending stock dividend OF 3oo
per cent. Another was FAMOUS
Players which broke badly to new
low for the year. This stock mas neen
in disfavor ever since the publication
of the balance sheet, under date OF
June 80. But the more lmmedlate
reason lay in the testimony at the
federal inquiry indicating that no
stock was held in the name of the
nresident and very little in the names
OF other officials. Wall street drew
the Inference that the insiders had
"unloaded" Sugar stocks were sold
on the reduction of raw sugar prices
from SIS to SIS cents, although only
one small transaction was reported
at the latter figure.
Goodrich Turns Upward.
On the other hand, stocks when
had been under pressure were dolhS
better. Among these were United
States Rubber common and preferred
American Woolen and NiVadou Ihese
stocks were helped by the declaration
of the regular u per cent dlNloeno
on Goodrich preferred. NlVadou solu
at l.. against 12 on Tuesday, as the
result of reassurances of semi OF
fetal sort regarding the next dlVl-
dend The interrupted advance IN
Interna tional Mercantile Marine pre-
ferred was resumed. Cast Iron Plpe
preferred sold above so in eXpecta-
ton that at the meeting Thursday an
extra 50 will be declared.
French Francs Weak.
Despite the pretense that France
would welcome an Independent Rhlne
republic, and despite the charge made
by some that it is behind the present
revolt the movement of French francs
has shown what it would mean for
French finance. The franc went down
very sharply on Monday, when 1t
seemed that the SeparatiSts were win
ming. 1t rallied Tuesday. when the
indications pointed the other way,
and today, when the information was
inconclusive the same indecision ap-
peared in franc exchange.
Associated Dry Goods Earnings.
September figures of Associated Dry
Goods show that the combined net
income of the stores was approx
mately $4,000 less than in September,
1922, and that the net income from
Lord & Taylor was about $4,000 less
than in the same month last year.
However, for the first nine months
net income exceeded that of the cor
responding period of 1922. and it is
expected that in the final three months
of 1923 profits will equal those of all
the preceding months OF the year.
The loss of advertising late in Sep
tcrGber accounted for the reduction
in income.
Pressed Steel Car Gossip.
Recently both the preferred and
common stocks of the Pressed Steel
Car Company have touched new lows
for the year, the preferred down ap-
proximately 30 points from it's top
and the common nearly 40 points
The question has arisen as to whether
the business has slumped. Pressed
Steel Car earned nothing on the pre-
ferred in 1922 and only 5.45 per cent
in 1921. 1t has been estimated that
gross business will amount to $780,
100000 in 1923, which is much larger
than in any of the past few years,
hut what the street cannot calculate
is the per cent which will be saved
fpr net
Household Products Doing Well.
fThe fact that household products
Stock has been selling comparatively
little under the price at which it was
Originally offered has attracted some
attention, chiefly because of the way
ofher shares of the speciality type
have yielded. 1t is estimated that
household products will earn approxi-
mately IS per share in 1923 as against
the So dividend. In the first six
months this concern actually earned
S1.600,000 net. The second six months
are expected to yield d net profit of
at least $1,350,0OO.
Final Prices Irregular.
tThe price movement continued eX-
tremely irregular through the after
noon. Evidence contained in most
of the September traffic statements
that the extraordinary maintenance
appropriations of other months are
at an end caused no enthusiasm for
the railway shares.
Recent strength in Beechnut Pack
ing was explained by the announce
ment today that shareholders will be
asked to authorize a stock dividend
of SO per cent out of earned surplus.
CLOSING is IRREGULAR.