The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1923-09-21
MARKET SAGSAS
BEARS CONTINUE
Their HAMMER|NG
Passing of Dividend by Cos
den Casts PeSSimiSm Over
Trading Family.
RAILS ARE FAIRLY FIRM
Report of Federal Reserve
Banks Fails to Bolster
General List.
The WALL STREET JOURNAL
RAILS ARE FAIRLY FIRM
The WALL STREET JOURNAL

NEW YORK, Sept 21.-Extraordi-
nary Improvement was shown by the
Federal Reserve Bank statements,
which showed the combined 1atio at
77.2 per cent, less than a hafpoint
from the years high. while figures for
the regional institution jumped in a
single week from St.3 to ST. per cent,
the highest point since Aug. 8, 1922.
Stocks, however, continued heavy in
todayss early dealings, showing httle
recovery from Thursdays close, which
stood at the lowest level reached since
syuly 81.
First Hour
Jocks in the general list steadied
somewhat toward the end OF the
first hour under influence Of pro-
nounced strength in New York Cen
trail. Baltimore & Ohio, Southern Rail
way and other leaders Of the carrier
group. American Woolen came back
to IS, against its early low Of 7612,
rejecting the statement Of President
Woodin, in which he expressed great
optimism regarding the company's
trade outlook. The Federal Reserve
statements overshadowed all consid-
Grafton Of the Ruhr settlement pros
poets.
Second Hour
Tndustrfals failed to follow up the
Improvement shown around IL o'clock
and a dull, sagging tendency marked
their movements in the late morning.
Cosden was the depressing influence,
reaching a new low on the movement.
Cosden's dividend, scheduled to be
passed at the afternoon meeting OF
directors, would cost S1,232, 232 If II
were maintained and the company had
only S2.194,000 cash as Of June 80,
and like most ref1uer has been in no
position TO increase this aggregate IN
the past few months Therefore,
directors decided to pass the dividend
rather than eat so heavily into the
.eompany's liquid funds
Noon Hour
stocks drIfted rather aimlessly
Enough the noon dealings whcih were
of a mixed character, though evidences
of life and strength among leading
issues was conspicuous1y absent. No
great amount of selling, however. took
pIace. as the bear contingent seemed
80 ave d0Opl6Q the pO4Iy VI "NNOAA
awaiting" while constructive forces
appeared hesitant to make commit
meats in the face of the pessimistic
feeling prevailing throughout the
speculative community.
Fourth Hour
Speculative interest was at low ebb
in the early afternoon, when few signs
of life were in evidence in the general
list Industrial leaders continued to
move sluggishly and most Of the &C
tivfties were provided by covering
movement in the oil group, which re-
suited in slight recoveries in Sinclair.
Producers and Refiners and a few
other members OF the lower priced
group. Sugar stocks made a poor re-
Spouse to the commodity market. as
conservatives are afraid Of run
away" market.
Closing Hour
The better feeling prevalent in the
market in the early afternoon was
dissipated when stocks developed in
creasfng activity at declining prices in
the final hour This activity was as
sisted when Studebaker and one or
two other industrial leaders broke to
new low ground on the movement.
However, this outburst was short-hved
and trading turned sluggish in final
dealings. Gains in Cuba Cane pre-
ferred and American Sugar were
practically the only features of trad
ing.
Twenty active industrial stocks on
Thursday averaged SS.16, off 1.01 per
cent. Twenty active rails averaged
1886, off liz per cent.
ncal RANK ClnarinnS