Evening star., 1923-06-05
STOCKS Do BETTER
IN FINAL TRADING
DuIIness Appears to Be Set
Ting Over Market Because
of Uncertain Outlook.
by STUART =. WEST.

Special Dispatch to The star.
NEW YORK, June 5.-There was
q brief squirt in some of the railway
stocks soon after the stock market
opening this morning, following
which interest returned to the indus
trials.
Pere Marquette was the leader oi
the railway group, and its advance
10 a new high above "A was response
hle for much of the buying which
came into other of the lower-priced
rails. Pere Marquette directors are
expected to put the stockk on 81 olFl-
Qend basis at Wednesdays meeting
Southern railway common. PlttSDurSl
and West Virginia and Wabash pre-
ferred 4 were rather actively boughl
for A time and so was New Haven
The short interest in New Haven Is
supposed to be a good-slZed one, nav
ing taken its position on the unla-
vorable showing of earnings at .
time when most other carriers nave
been doing we'll
There was considerable activity
also in the Eries. although recent
Wall street estimates regarding what
this road is earning. have been alto
gether too optimistic. They have been
figuring on the results for the last
month or so and have not allowed Tor
seasonal variations. Erie actually
does not promise to much more than
cover fixed charges for the year as a
whole.
:: Maryland Oil Remains Weak.
Maryland Oil continued to feel the
temporarily unfavorable effect of the
increase planned in the outstanding
stock issue Other members of the
oil group were considerably less
prominent than they have been re-
Gently. Dawson Chemical was strong
again on reports which We're current
Monday that Royal Dutch is nego-
tiating for the purchase of the much
talk of "Silicia-Jel process"
There was special strength again IL
May Department stock in antlclpa-
tiCn of an increase i'll the DIVIDEND
point or more on the declaration
merely of the regular 81 quarterly
But in as much as no other action
had been looked for. the selling dc
not last long. An extra dividend or
Mack Trucks is anticipated in the
autumn.
Financial Review and Outlook.
Again today the various market:
appeared to be settling down TO the
comparative dullneSs and uncertainty
Of movement which are characteristic
of this time of year.
In 1922 June was a month of de-
clining prices. correcting the eXces-
sive speculation of the spring. II
1927. when the markets were drawing
near the termination of their srea
downward swing, the month saw eX'
treme weakness on the stock eN'
change.
But ordinarily June is an "in-he-
tween month" when business mer
Ire waiting to get better line or
the autumn trade and when there Is
Il, general disposition to hold bach
until the crops get farther along.
June - is the date for the special
meeting of the directors of the
American Smelling and Refining
Company for dividend action. 1t if
understood that the stock will be
placed on a S5 annual basis. though
some look for only 81. Earning:
justify such a rate. for they are run
ming at approximately S12 a share
7 u company has over S15.000,00
cash.
.Selling of General Asphalt persist
ed without any special causes appar'
ent. Some are inclined toward the
view that the stock has been over
rated in the market. Asphalt alWay:
has been a mystery, for little infor-
nation is available regarding the
operations of the company and the
movements in the stock usually are
unexplained.