Evening star., 1923-09-18
BREAK IN COSDE:N
MARKET FEATURE
Sinclair Oil Also TumbIes to
New LoW-RailS More
Active.
M STUART p. WEST.

Special Dispatch TO The Star.
NEW YORK, September 1S.-The
market showed again today a dimin-
ishing sensitiveness to weakness
which continued in a number of the
oils.
The support in. Cosden, which had
appeared so plainly for weeks areund
50 and %, having at length proved
Intellectual. the stock was offered
down on a large volume of trans
actions until it dropped below a5.
Persons who had insisted that the
regular dividend would be declared
at the meeting late in the week were
admitting the likelihood that the
present 81 would be cut in two. Sim
clair was another oil that made
new low, the statement for the six
months having made il seem virtually
sure that the dividend would go by
the boards.
Heavy short Interest.
In discussing the immediate market
position much was made of the un-
usual size OF the short interest. Not
only have professionals been ranged
on this side almost exclusively, but
outside SPECTATORS have been trad
ing the same way. The danger of the
appealed to experienced operators
rather strongly, Gnd made them eau
tious about putting out fresh COM
nitmentS.
Some signs of returning interest
were noted in the rails. New York
Central at one time was up nearly a
point. Northern Pacific and Great
Northern preferred had moderate
advance. Southern Railway was
bought partly on dividend talk and
TflE nf tn ri
IN cotton.
Southern Looks Better.
There is no doubt that Southern
Railway would be warranted, as earn
s ings,as now going. in beginning divi-
dends.
Strength in the sugar stocks was
ostensibly merely the natural rebound
after last weeks violent decline.
American Can held up most OF the
session quite well despite the state
ment by we'll informed persons that
no change in the dividend is likely at
the September meeting and that any
extra distribution will not be made
until December.
Among industrial specialties which
stood out prominently were United
States Cast Iron Pipe. New York Air
Brake and the American cotton oils.
Buying of the cotton oils was due to
some quarters upon the reorgauiZa-
tion plan.
Cast Iron Pipe Strong.
The stocks of the United States Cast
Iron Pipe were strong, rejecting the
unusual earnings of the company and
rhe success with which the De La
vaud process is being used in the
manufacture of pipe. There has been
talk of dividends on the common
stock. but we'll informed people do not
look for a distribution at least before
924. In the first eight months of the
year the corporations net profits
were over s2,0Oo.O00 and are expected
to rech pproxinltely sS,000.000 for the
full twleve months. 1t is calculated
that by means of the De Lavaud pro-
cess United States Cast Iron Pipe is
able to make profit per ton of about
$40.
New York Air Brake FakeR Up.
New York Air Brake was in de-
mand in anticipation of favorable
dividend action at the meeting sched-
Iled for Wednesday. 1t has been
rumored that the dividend would be
raised to a 81 annual basis, as COM
pared with the current 81. However.
some take the view that a desire on
the part of a few of the directors to
be conservative will result in the dec
laration of less than the 81 rate Earn
ings are running at about 81 per
share.
1t was noticeable that while most
of the other oils We're under severe
pressure. the two members of the
Standard Oil group dealt in on the
stock eXchanse-the New jersey and
the California comranies-Stood up
comparatively we'll. The story was
all over the street that certain oil
men had lost heavily on the short
side of cotton. and that this was one
Of the reasons for the oil stocks being
pitched over.
Prices Lowest at Close.
The selling did not abate with the
course of the afternoon. Stocks like
Cosden, Sinclair. Phillips Petroleum
and Texas Company made their lows
in the late dealings.
The weakness in the oils was sufh-
cient to discourage any attempts to
continue the earlier bull operations
in specialties.