The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1923-09-05
GULF STEEL LEADS
GENERAL LIST IN
MARKET RECOVERY
silk Stocks Come to Life With
Further News of Japanese
Disaster,
SPECIAlTIES FAVORED
SPECIALTIES FAVORED
Reconstruction Orders to Be
Placed in America Ex-
peCted to Be Large,
The WALL STREET JOURNAL

NEW YORK, Sept. 5.-Although ad-
ditional details regarding the Japan
csc disaster heightened the serious
ness of it's aspect, it was yet impos-
sible to gauge the full import of its
effect on the economic situation and
stocks, therefore, assumed a neutral
attitude in today's early dealings. APP
prehension over loss Of life and prop
erty was offset somewhat by the
thought that reconstruction orders
placed in this country were bound to
reach large proportions and price
changes in the early movements were
for the most part confined to a frac-
tional area.
First Hour
Some selling of Steel Can and other
industrial leaders was easily absorbed
in the first hour and the main body
by stocks displayed steadiness around
II o'clock. With the general list show
ing confidence that the Japanese dis
aster would have no serious effect on
American business conditions, group
activities were resumed in a number
Of specialties. Cuyamel Fruit advanced
more than point and silk stocks We're
buoyant. rejecting the boom in the
raw silk prices resulting directly from
the damage to silk works in Japan.
Second Hour
When professional operators saw
the market was no longer nervous
over the ultimate consequences of
the Japanese catastrophe, movement
was started that brought about gen
orally higher levels IN the late morn
ing. Gulf States Steel led the rally.
squirting four points from Tuesday )
low on reports that the crowd spon-
soring its movements planned another
demonstration against the shorts. Ma
tional Biscuit touched new high
ground for 1923 and Loose Wiles fol-
lowed with a three point gain, while
Cuba Cane was another speciality
that was favored
Noon Hour
Stocks maintained a rallying ten
dency through the noon dealings in
which American Can recovered three
points Of its recent decline, selling
at SO around 1 o'clock. Baldwin.
Steel and other speculative leaders
also retraced some Of the ground lost
since last week and Westinghouse
developed special activity. advancing
new levels on the movement. Strength
in Alton share was practically the
only point of interest in the rail group
as new high levels was attained by
the preferred while the common
gained nearly a point.
Fourth Hour
The forward movement which had
gained considerable momentum in the
noon dealings took on more spirit in
the early afternoon when confirmation
of the thought that the tragedy in the
Far East was more likely to prove
beneficial to domestic trade than
otherwise was furnished by the week
ly steel reviews which reported good
sized inquiries from Japanese export
ers. representing expected needs in
steel for emergency work. This sit
uation also helped silk stocks such as
Mallinson and Julius Kayser, also in a
position to benefit by the havoc of the
catastrophe
Closing Hour
Prices were at the best levels of the
day as the session drew to close.
Savage Arms went into new high
ground for the year and new highs
on the rally were reached by Ameri-
can and Continental Can, Baldwin,
Steel and other industrial leaders Of
the same calibre. With the inside
position Of the market corrected by
Tuesdays setback, stocks appeared
ready to resume the process of dis
counting the prospect Of ample pros
perity during the fall and winter
seasons which bid fair to show an
increase in most lines of business.
Twenty active industrial stocks on
Tuesday was 1925, off 81 per cent
Twenty active rails averaged 1896, off