Evening star., 1923-08-27
STOCKS Do BEST
IN LATE TRADING
U. S. Steel. Studebaker and
Baldwin in Demand-Sugar
Shares Strong.
ny STEWART T.. WEST.

BY STEWART T.. WEST.
Special Dispatch TO The Star.
NEW YORK, August 27.--The mar
ket today showed the same resist
ance TO occasional professional sal
lies on the short side that it had on
Saturday and, in fact, all last week.
On the other hand, interest. so far
as buying operations were concerned,
was confined to II score or so of Sc
1ected stocks. The advance continued
in Dawson Chemical. although there
was nothing to add to the statement
made at the close of last week. that
the potentialities Of the Silica Jel
process have not been realized by
the public and that another big con-
tract with an oil company may be an
nounced at any time. Other chem
ical and fertilizer stocks Kept on
with their recovery.
Wall street now sees that il has
been altogether too pesStmistic about
the farmers position and the ability
of compani doing business with the
farmers to collect their bills.
Alcohol Goes Higher.
Industrial Alcohol was another
strong feature. getting up to the best
Of the August recovery. 1t is reported
that business. both in the chemical
and the alcohol lines. Is eXtraordl-
narily large. in fact. that il has never
been so good. so far as regards vol
ume, in the history of the company.
II is very sure that the company
this year will considerably improve
upon the showing Of lS2". When IL
earned little over So Il share.
The rise was checked in the Erie is
sues and some reaction occurred. The
only plausible basis for the recent
advance lay in the reports that some
othe rroad or banking interest was
seeking control. InaSmuch as noth-
ing has come of these rumors. those
who had profits in the Erie stocks
thought they had better take them.
Pressure on Oils Lifted.
The selling pressure was lifted from
the oil stocks. Mainly this was due
to the fact that there was no fur
ther selling of Producers and Re-
finerS on the announcement of the
reduction from 81 to 50 To dividend.
The inference from this was that 9TH
er oil stocks would be found To have
adjusted themselves in their market
prices to similarly unfavorahle ac-
ton. At all events enough was
thought of this theory for Specula-
tive interests to do considerable COW
cring in the oils.
BarnSdall corporation stocks had
a rather notable jump. The eXplana-
tion assigned for this was that some
important announcement concerning
the Russian contracts in the Baku
oil field would soon be made.
sugars Market Fenture.
A further advance in the shares Of
the Cuban Sugar Producing COM
pany following a revival on Saturday
of interest in this group of stocks
was feature. Cuban American, Cuba
Cane preferred and Punta Allegro all
sold above the high prices of last
week and were more active than they
had been at any time since the re-
cent recovery started. Actual sales
of Cuban rawS occurred at +l,.
This Improvement was accompanied
by tirmneSS in refined sugar. There
seems to be no definite idea regard
ing the immediate outlook for the
refined product. Not much hope Is
from abroad. but the fact that every
body in this country from retiner to
consumer has only a limited guam
;ty of sugar on hand is considered
favorable
Mack Trucks Active.
Rumors are circulating concerning
the prospective dividend action of
Mack Trucks and it is apparent that
the stock has been Influenced re-
Gently by these stories, No confirma
that the company will increase its
common stock capitalization and pay
higher dividends. Another story is
to the effect that Mack will wipe out
its outstanding second preferred
stock.
1t is generally thought that some
sort Of fresh dividend action will be
taken before the year end. In the
first six months Mack earned Sl2.23
Il share on the common. as against
1851 in the first half of 1922.
Coed Advance at Close.
In the last hour buying became
more general. The rise early in the
day in the chosen specialties con-
WINGED the trading element that they
were wrong in trying to fight the up
ward tendency. They turned actively
to the buying side in the late aft
crnOOn.
Steel common got well above 80.
Baldwin Locomotive was up over .
points and Studebaker over a point.
American Can stood out strongly
again. Among special issues Dupont
was a leader, reaching the highest
since the turn in the general mar
ket. The same was true Of Mack
Trucks.
There was hurried short covering
in such recent weak spots as Amer
loan Wool. Famous Players and
United States Rubber. The market
generally was more active in the
closing dealings than at any other
stage of the day.