Evening star., 1923-09-06
MARKET UNSETTLED
IN TRADING TODAY
Stocks Stiffen in Afternoon,
But List Is Very Irregular.
Oil Shares Weak.
BY STUART p. WEST.
Special Dispatch To The Star.

BY ST. AfI L. "ESi.
Special Dispatch to The Star.
NEW YORK, September 6.-The
stock exchange movement pursued a
more irregular course today but most
of the time prices were inclined up
ward, and the Improvement took in a
greater number of issues. Professional
traders were responsible. neverthe-
less. for the upbidding in such groups
as the steels. the railway equipments,
the can shares and in specialties like
the silk stocks and Dawson Chemical
Where recessions occurred. they
represented chiefly speculative
realizing. while the stimulus given to
the advance was still ascribed largely
to short coverings. 1t was the opin-
Ion of the more optimistic interests
that American industries would bene-
fit from the demand by Japan for
materials to T~habilitate the area
laid waste, and to provide other
necessities for her stricken people.
The opposite view was that the world
at large would feel the effects of the
vast destruction of capital.
Market Is Unsettled.
In the meantime. the stock market t
strength sufficient to keep 1t the
center of interest.
The steel shares absorbed much of
the attention from the outset with
sharp run-up in Gulf States Steel,
accompanied by rising prices in other
independent steel concerns. Pool
support was credited with the buying
in Gulf States
United States Steel common held
firm, while Bethlehem, Crucible and
Republic went ahead.
The equipment shares. under the
lead of American Locomotive. We're
actively bought for IA. time. Baldwin
was active above l25 and Lima Loco
motive attracted renewed buying.
The high railway freight loadinss
the basis for the efforts to bid up
prices. Dawson Chemical had an
other advance we'll above the fift-'
level Madison and Kayser were
again features of the Industrial share
list
OIL Shares Heavy.
During the greater part of the time
today the oil stocks paid Scarcely/any
heed to the conflicting events in the
petroleum industry and, although they
We're generally heavy, no important
selling appeared. The view has been
adopted by some people that the oil
trade has seen perhaps its worst
However. they are cautious in their
commitments in the shares of the
domestic producers on the ground
that the improvement expected might
proceed slowly and even suffer minor
setbackS.
The squirt of buying in the shares
of Cuban sugar producing companies
recently has had practically no sequel
on the side of advance, and cotnci-
dent with this SluggiShneSS in the
sugar stocks there has been a lack
of any fresh stimulus in the way of
trade news. Dividend talk in connec-
tion with the Cuban American and
Punta Allegro has influenced some
buying.
Equipment Issues Strong.
Traders turned to the stocks of
railway equipment makers to broaden
their campaign for higher prices, and
Baldwin Locomotive. American Loco
motive and Lima Ohio all shared in
the advance. The buying was at
tributed to the heavy freight ship
ments and to the idea that the rail-
way equipment companies, in the
same way as the steel industry, would
benefit from any replacement demand
in Japan.
In the afternoon stock exchange
trading became increasingly dull and
dragged along in a liStleSS fashion.
The general list held up extremely
well. while a number of special move
ments were in progress.
Among the FEATURES III the last loui
were du Pont, which was bid up ap-
proximately 3 points above the
wednesday, final on favorable divi-
dend talk and the belief that the COM
pany's business in silk would show
larger profit.
Can Stocks Still Higher,
American Can and Continental Can
were strong. with the latter at a new
high for the year. Vanadium Cor
poration. which closed under 33 on
the preceding day, was active at and
above "a. 1t was simply making a
tardy response to the better outlook
for the steel companies. Reynolds
Tobacco L was around its top price
for the year, while Chicago and Alton
preferred and common stocks were
active close to Wednesdays high
prices. No reflection could be found
in the general railway share list of
any change of feeling regarding the
virtual deadlock in the anthracite
coal strike situation.
One of the most important pieces
of trade news affecting the stock
market was the announcement by
the American Railway Association of
figures showing that loadings of rev.
nnue freight for the week of August
25 amounted to 1.06s,932 cars, ex-
ceeding the previous weekly high
mark made in July by 28.S88 cars.
These figures may be regarded as an
excellent gauge of business activity.
Melons Statement Reassurins.
Secretary Melons statement that
Japanese finances were in good shape
and that any loans for rehabilitation
purposes would be financed through
private sources and not by applica-
tion for a loan from this government,
was reaSsuring to manufacturers, eS-
pecially as the Secretary stressed the
probability of large demand for steel
sheets and pipe.
Oil production for last week gained,
but the increase was not of sufficient
size to have a marked effect on the
situation. Cuts in gasoline prices
were recorded in California, but pro-
duction of automobiles affecting con-
sumption of that commodity showed
no signs of slackening despite the
recent reductions in prices of some
makes.