Evening star., 1923-04-25
REALIZING SALES
!. SLACKEN TRADING
u. S. Steel RenGrt Fails to
Stir Market--.Trend Very
IrreguIyr Today.
BY STtART r. WEST.

BY STtART r. WEST.
Special Dispatch 3, The Star
NEW YORS. April 25.-The United
States Steel Corporations report and
its effect orJ steel shares was the big
gcst topi: of conversation in the
stock masket today.
Traders pretended to be disa ppoint-
ed todsr' because the market did not
cnthusS: more over the report for
the hfst quarter. Steel common OPEN
ed up a point, went back to 1861 and
thea moved slowly forward again.
rs a matter of fact the results for
Ete quarter were about what had been
Anticipated and As happens now a
days when anything favorable comes
out that has been known long ahead
of time. it proved to have been fully
discounted.
Market Lacks Features.
There were few particularly strik-
ing features among the individual
share movements. The street con-
tjnued TO talk passing of the divi-
dend in connection with the weakness
in Marine preferred and American
International OIL shares were strong
q the start, still feeling the effect
OF Tuesdays announcement, that en-
erGetic measures Las been taken to
correct the California over produc-
ton which is TIE thing that has re-
acted against the oil trade during
the last two CT three months. Later
on the OIL socks moved with more
uncertainty. hat it still could be said
that sentiment toward them was i'm
proved.
Realizing sales promptly appeared
in Gimbei Brothers stock on an
nouncoms of the merger with Saks
N co. The market did not know just
how bs,llish this piece of news was
10 he regarded and was disappointed
mat the merger was the explanation
IoF The advance rather than 81 dlNi-
deUd talk
Profit Taking Felt.
Profit taking made itself felt in re-
cent favorites like Fleischmann and
Colorado Fuel. Declaration of the
dividend at the rate of SO on House
hold Products appeared to have been
anticipated fully by the late advance.
Reports of a dividend which have
been current for some time were re-
sponsible for the rise in New York Air
Brake. Remington Typewriter was
taken up following unofficial esti-
mates of earnings, which run pretty
high. Tobacco Products was well sup
ported, as il has been ever since the
entry of the new interests into the
market for the stock, referred 10 first
TWO weeks ago.
TOday's Financial Review.
WALL STREET. NEW YORK. April
25.--Interest centered again today in
the stock market for the way it
would register the opinion of the
financial community regarding the
various expressions that are being
given out about the business future.
There were times. especially during
the early part of the trading, when
n Sh
Because the steel shares did not at
once respond to the favorable earn
ings for the first quarter OF the
United States Steel CORPORATION the
professionals maintained that this
was another bit of testimony to the
effect that good news" was nova
days falling fat.
The markets action undoubtedly
demonstrated an underlying note of
optimism. while still admitting read
lily enough the point made by SO
many, that trade expansion could not
have carried on the way it was in
March without inviting serious con-
sequences. The fact is that so much
has been said by way of warning
against overbuylng at high prices
that the upward movement in raw
materials and in commodities in gen.
eral has been checked.
This check may or may not be last
ing. but for the time being it has
treasured the security markets that
the danger element Is no longer pres
ent to the extent it was month ago.
Two Trade Developments.
Two developments in the trade sit
uation attracted special attention in
the price movement of the day. One
was a new high for Cuban raw sugar
at SIS cents pound. The other was
Tuesdays announcement-the i'm
portancc Of which was not Immediate
ly apprcciated-that leading California
oil companies have taken aggressive
measures to reduce the shipment of
crude oil from their territory.
inasmuch as it has been the trans
port of low-priced California oil to
the eastern seaboard which has been
the primary cause of the recent price
cutting. the restrictive action prom
ises. more than anything else could
promise. a cure for such weakness as
lies in the oil trade situation. Oil
shares were prompt to recognize this.
and the sugar stocks We're equally
prompt to reflect the continued rise
In sugar prices and the discredit
which this is throwing upon the claim
OF manipulation.
New York Air Brake.
New York Air Brake. class A and
common stocks were active and strong
today, the latter advancing to a new
high for the year. Substantially the
same reasons were behind the buying
of these issues as mentioned a short
'h'lO oSO' cilhCiS. earnings
and the Likelihood of an early dis
tribution on the common stock.
The iron trade journals in their
weekly reviews give what is no doubt
an accurate picture of what the pres
ent position is. not only in the steel
industry. but in many other lines as
well. Production is still running high
10 keep pace with an unusually heavy
consumption. but there is not the
acute pressure there was in March,
because many users of steel have
supplied their wants three to six
months ahead. whereas a month and
half ago they were eagerly scram-
bling to fill up their depleted stocks
Railway shares in the market of
the day gave little heed either to the
traffic returns for March. showing as
they have SO far. a notable change
from E'nhrnarN q Latest ho-