Evening star., 1923-09-28
PRICES IRREGULAR
AIN STOCK. MARKET
tobacco Shares Are Pushed
..HHigher-Less Pressure
10, 10 on Studebaker.
BY STUART p. WEST.

SPECIAL Dispatch to The Star.
SEW YORK. September 2S.-Prices
opened lower on the stock exchange
today, anticipating the announce
fnent of the failure which came at the
end of the first quarter of an hour.
Wben the slight shock occasionea
hSs this news was over, the marker
stiusSed in promptly to rally ana oy
ttfeT' Afternoon had recovered all the
cary, loss and pushed ahead IN nu-
msFops instances quite bit fur.fer'
ST Mystery Sales Cleared Up.
ynespite statements to the contrary,
tjIss street connected the failure with
theaYiolent break in Jones Brothers
Tea. t,becaue it is understood that
this shouse has played an important
nsSi- lin the handling of the stock.
AEAp The suspension cleared up ap
nSSsptly the mystery of THURSDAY :
sx3GAg in Western Maryland and II
nrabaply explained the similar weak
n9sS today in Western PaClhc STOCKS
and SAnn Arbor preferred 1t was
thdntAght that customers Of the failed
ffrmoWere long on these low-priced
a5i''p' ess !, were forced TO dump '"S'''
Less Pressure on Studebaker.
The campaign against Studebaker
appeared to have been abandoned
The 'ASck opened down a point, but
ran up sharply. Baldwin Locomotive
and American Can followed this lead
The whole action of the market
fitted in with past experience that
w5Sr@early every brokerage letter
in Wall street is bearish II is time
10 beware of the short side.
| Special operations for the rise in
Industrial Alcohol were resumed, as
N, sion
the last month or so when the gen
draI market position has been at all
encouraging. The continued advance
In sugar prices found no further re-
1ection in the sugar stocks
Run-Up in Tobacco Shares.
The advance continued in Tobacco
Products and extended to other to-
dps ran up sharply and Reynolds 3.
Vas not far from its extreme high.
There was a revival of interest in
the talk of consolidation of To-
Hacco Products and Phillip Morris,
the latter stock being unusually
active and strong.
I The broad point about the tobacco
stocks in general, however, is that
they represent an industrial which
has been exempt from the showdown
: elsewhere.
Jones Tea Street Gossip.
Il The STOCK eXcnanSe failure an
bounced today was commonly taken
ais explaining the smash in Jones Tea.
The firm is believed to have been
Interested in the stock all the way
UP from below twenty. Attention
1as called to the way the stock was
Held up around 60-within points
Of it's extreme top-while nearly ev-
erything else was considerably down.
The idea was that this necessitated d
those who were trying to support
Jones Tea to absorb lot of high
priced stock
Coppers Better Today.
/ Copper shares did somewhat better
In the days market, although their
prices were only slightly changed.
Increasing activity in Ray Consoli-
dated and more interest displayed in
Chino revived talk that the long dis
cussed merger of copper properties
in the southwest would soon come to
Il head This merger would reduce
overhead, which has been unusually
heavy.
Burns Brothers.
Burns Brothers A, where it was
selling Thursday and again today,
was close to a 10 per cent basis. This
may have seemed not conSpicuouSly
high as current market valuations
go. Studebaker, with it's large EARN
ings and the same 10 per cent divi-
dend. was selling to points lower
But for stock of a company doing
such a steady business as Burns
Brothers, the selling price was pretty
low, even under present conditions.
Heavy Selling at Close.
Entering the final hour the mark e t
was barely changed at all outside of
a. half dozen or so specialties.. Then
selling by the active trading element
who were buyers earlier in the day
began to make itself felt. North
western railway shares were heavy
again, especially Northern Pacific
The August traffic statement was still
more disappointing than that for
July. showing earnings at the rate of
less than per cent for the year.