The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1923-09-07
.LISTLESS TRADING
MARKSACTIWTIES
IN STOCK MARKET
Independent SteeIS Continue
Advance on Prospects Of
Large Japanese Orders.
The WALL STREET JOURNAL

NEW YORK, Sept. Nothing pos
tive was contained in the foreign
news today so stocks turned their
attention at the opening to devlop-
ments in the domestic trade situation.
Come i-regularity was created by a
sharp drop in the Federal Reserve
ration in New York, but banking au-
thorities said this loss was largely
due to Withdrawals for crop moving
purposes. Encouragement was de-
rived from the August production
figures given out by the National
Automobile Chamber of Commerce
which showed a gain Of go per cent
over July and recessions among stan
dard stocks were mostly unimportant.
Dawson Chemical. however, plunged
downward six points.
First Hour
. Further selling in the general list
was checked by the temperance of
special strength in a number of indi-
first hour. In this respect, Dupont
was the outstanding feature, reach
ing a new high on the movement in
response to reports of some sort of
melon for stockholders. Independent
steels, especially Bethlehem and Re-
public continued to reflect possibilities
Of large japanese orders and copper
issues with Utah leading, were slight
ly strengthened by the fiPmer market
for this metal.
Second Hour
Trading was extremely dull in the
second hour with prive movements
confined to a narrow range. The fea-
ture Of trading was strength in high
priced tobaccos. From speculative
sources it was learned that a cam
paign Of distribution was planned
among the tobacco stocks, involving
split-ups and increased dividends in a
number of the high-priced issues and
the merger of the Tobacco Products
common and "a" stock. The list
fairly marked time.
Noon Hour
Speculative interest was at low ebb
during the noon dealings, but indica-
lions that powerful financial inetr-
ests had not given up faith in the
absorptive power of the market
doomed up in limitations that ac-
tivities would be resumed in issues
believed to be behind the general list
Chicago Pneumatic Tool moved up
fractionally on rumors that prom
inent steel man considered it in the
latter class, owing to current earn
ings and quick absorption of a large
issue of Union Pacific first lien and
refunding bonds was pointed to as evil
dence of the improving market for
long-term rail bonds.
Fourth Hour
While trading Jagged somewhat in
the noon hour, some revival occurred
in the early afternoon when rails de-
veloped activity at rising prices. New
York Central again sold above par
and Northern Pacific reached new
high ground on the movement while
Southern Railway jumped into leader
ship Of the low-priced group, selling
up IL. Motor stocks showed some
signs of life when big blocks Of Gen
eral Motors were taken at around the
best levels reached on the recovery.
Unusually heavy purchases Of motor
II,
is said to puzzle even motor exec
utfVes.
Closing Hour
Practically the only points of inter
est in the final dealings We're found
in bursts of strength in such issues
as Continental Can. Dupont and West
ingbouse. Generally speaking the
closing hour was one of duIlness as
was most of the days session, except
for the demonstration of rails and mo-
tors in the early afternoon and pos
sibly the morning attempt of profes-
SIGNALS to bear the market on the
strength of the unfavorable Federal
Reserve ratio report for New York.
However, the dullness of the days
market brought out clearly that no
liquidation could be induced at cur
rent levels.
Twenty active industrial stocks on
Thursday averaged $1,000 up .O2 per
cent. Twenty active rails averaged
1850, off IL per cent
I 0roI OanL HIoorin0n