San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1923-09-01
TRADE ON EXCHANGE
DULL EXCEPT FOR
CHEMICAL FURRY
Holidays Leave Floor Thin
and Interest Is Conferred
on Dauison.
BY STUART p. WEST.

Copyright, by the San Antonio Light.
New York, Sept. Had it not
been for the violent fluctuations again
in Dawson chemical which has been
a feature since its sensational rise
and fall earlier in the week, trading
on the stock exchange in today's brief
pre- holiday session would have been
extremely dull.
In fact price changes as whole
were meaningless. There was little
response to the announcement OF
cut in mid-continent crude oil by
Magnolia Petroleum while neither the
developments in the Graeco-ltaian
dispute and the walkout of anthracite
miners on the one hand, nor the more
favorable domestic trade reports on
the other had any apparent effect.
The ranks of the active trading
element were largely reduced because
of the holidays and this was reflected
in market operations.
Dawson Chemicals performance
virtually overshadowed every other
movement in the market. Dawson
had closed on the previous day at
- L. 1t opened down sharply in
the first fifteen minutes a sale of
800 shares at 46 had occurred and
then followed rapid decline to 81.
Stop loss orders, i'll some instances
punched. were accountable for some
of the early dips in quotations. ut
81 Dawson was off over fifteen points
on the day and 81 points from its
high of few days ago. Subsequent
ly it was very active and unsettled
below 40.
This further weakness in the stock
followed the announcement that the
business conduct committee of the
New York stock exchange had begun
an Investigation OF the trading in
Dawson in the past week.
1t was thought that much of the
selling was induced by fears that the
investigation would make it impos-
sible for other rapid upturns at the
expense of the short interest. What
ever the value of the silica jel pro-
cess and the fact one or two large
companies had contracted for its
use on basis quite profitable TO
Dawson were lost sight of. Today's
movement in the stock was purely
technical.
Domestic oil stocks were hardly
sensitive TO price cuts by Magnolia
Petroleum in the mid-continent teryi-
tory today. Such issues as Sinclair,
Phillips Petroleum, Marland and
Producers and Refiners were off
slightly. at the opening. but there
was no important pressure against
this group and prices generally were
steady. The first six months report
of Cosden showing a decrease in net
income of about $1,260,000 as com
pared with the same period of 1872
and larger decrease in surplus were
not especially reflected in the Cos
den shares.
Stocks of the coal carrying rail
roads did little in face of the strike
of the anthracite miners. Reading
sold down less than point Mt the
outset but lost no further ground.
Fries also were down not much.
Other members of the coal carrying
group paid little heed TO the news
of the strike. The shorts in Famous
Players had more difficulty in COW
ering. DUPONT and General Motors
We're both strong on the expectations
of increased dividends. Such mar
ket leaders as L. $. Steel common,
and American Can and StuGebaker
sold down fractionally. Gulf States
Steel was soft spot among special
ties. The rubber and tire shares con-
tinued heavy.