Evening star., 1923-10-16
Stocks GOLOWEST
!. INFINAL TRADING
@iToday's Market Breaks When
Western Railroad Shares
Turn Downward.
BY STUART p. WEST.


Special Dispatch to The star.
D., NEW YORK, October l6.-opera-
tions on the stock exchange began
today with a further advance in the
industrial leaders. carrying them up
another half point or so. For an
> hour or two this section of the list
., held up well. Then, with weakness
: deveioning in some of the rails, trad
.ers turned TO the selling side again
: on the ass sumption that Mondays up
turn had been only a technical rally
,.that had gone far enough.
~ Northern Pacific weak.
-. The first weak spot developed was
u. Northern Pacific, and the selling
quickly spread to other Of the north
western rails. An interview with me
president of the Great Northern prob
Ably had something to do with the
.Gecline. 1t drew attention again to
the fact that rates in the nortn"eS'
- during the last ten years had IN
/. creased only 40 per cent. IS asalns'
80 per cent in the east. and that IN
the meantime wages, fuel ana otnef
. materials entering into operating
2scosts were up more than ioo per
:c On the basis of the August figures
3. the Northern Pacific is earning less
: than 3 per cent on its stock Grea
.sNor thern preferred Is not quite mr. et. :.
'iIngs its 3 per cent divloena. 1he
o. Profits of the Chicago Northwestern
: were, recently quoted as expressing the
hope that the per cent would ps
ca rped on this stock by the crosse Oh
- the wear But current earnings DO not
indicate even AZ per cent. MeanWnla .i,
the St. Paul according to calcu!atlonS
=. IS still falling short OF run Hxeo
- charges. let alone anything on the
preferred
= Heavy Realizing in Sugars.
:. With the good news in the shape OF
the Punta Allegro dlviSlon oeclslStni u
out OF the way, realizing SAFES Iadue
themselves felt in the sugar stoc -
: American Sugar broke quite Sharply
1t had gone up with the shares OF the
=. PRODUCING companies while these
were having the 10 tc 10 point re-
= .covsry. But sight was never quIte
i, is supposed to have paid pretty hlSn
, for its supply of raws, and that "hlt
helped by the 2-Cent advance IN rdw W
-. sugar last month is IN oouD ooa9 III
= position as regards pfohts loI 10
ReyncIds TtObacc0 at New Top.
- REYNOLDS Tobacco IS reached It's
highest for the year today with re
norris cur-rent that a higher or extra d.
'vidend would be declared the hfst
=" week of December. However, persons
we'll informed doubt that the re-
markable display of strength of Key =
uoids & indicates any imme dlatc m m
creases. Reynolds pays So dnnual!4
and earnings are believed TO De III
excess OF the 1922 net, when the dlNI-
dend requirements were covered ape
& proximataly twice over. the lSzz
report showed current assets about
fifteen times current Liabilities ana
: it is said that the balance sheet 1or
1928 will report continued improve
meat.
a. Cosden Oils Position.
~. Tine, experience of the Coaden Com.
. rpany in the purchase OF low -prlceu
supplies OF gasoline, as reported IN
e. The street, is regarded a s typical or
the uoSition of companies when oeal
in refined oil as. distinct from the
i itproducers OF crude petroleum Some
months ago it is said, Cosden bought
Il soc 900 or more barrels of gasoline
-..at low prices, anticipating quick
reversal in the then declining cruie
oil market. The situation IN the OIL
yindustry was worse than Cosden hac
figured. SO the gasoline was sold, ana
q al no loss The experience is looked
= upon as an indication 'of how re-
. tlners may be helped to consider
able degree by the decline in crude
Itoir because of the outlook for gaso-
line markets and for fuel oils IN
, subsequent seasons.