Evening star., 1923-09-26
STOCKS STRONGEST
IN FINAL TRADING
Studebaker Break Checked
Covering in SteeI-SugarS
Again Very Active.
BY STUART p. WEST.


NEW YORK, September 26.-Fur-
stocks and in the rubbers and tires
was one of the chief incidents in the
trading on livestock exchange today.
Studebaker made a new low for the
year. Selling in the tire shares was
not heavy, but they yielded very
readily to bear attack.
One of the rumors accompanying
this weeks campaign against Stude-
baker has been that the Fords were
planning a quantity production of
Lincoln cars. If there were anything
to this story ii might account for
the weakness in Studebaker stock
but 1t does not jibe with the remark
able steadiness displayed by General
Motors. This is one stock, at least
which has been consistently and very
solidly supported, yet with good rea-
son, in that earnings warrant a high
er dividend and this could come at
any time.
Better Resistance shown.
Resistance began to be encountered
in Steel common around Sc, in Bald
win Locomotive below 113. in Stude-
baker around Sc and in American Can
under 80. These four stocks had
been making up about third of the
total trading and when they COM
HlcnCeu TO STEADY Ine general list
was Immediately Influenced
Followers of the railway stocks had
occasion to be disappointed by the
way they acted. Northern Pacific
and Great Northern preferred both
came down point and were off over
two points from their recent high.
Evidently their little .upturn had been
entirely dependent upon the covering
in of short interest.
Although Union Pacific's August
statement made the best comparison
with other months of any that so far
! have appeared, the stock was freely
offered. one or two large blocks
changing hands on the dip to 12S.
Sugar stocks were helped by the
! further advance In sugar prices, both
/ raw and refined. A little buying
came into Anaconda and one or two
others of the coppers on the idea that
: the prospective resumption of busi-
ness in the Ruhr would improve the
export demand for the copper metal.
A drive against the rubber and tire
| stocks followed logically the weak
1 ness in the motors. The street be-
lieVes that in both instances over
production has occurred and that
more price cuts will occur 1t is
pretty certain that none of these
companies was loaded up with high
priced crude rubber when the market
for the latter had it's sharp break
This being the case, the fall in the
/ price Of the raw material should have
been a good thing. 1t should have
! materially reduced manufacturing
costs and thereby have furnished a
partial offset TO the price reductions
on the finished product. But Wall
street argues that the rubber and tire
shares would be finding more buyers
matters going satisfactorily with the
companies.
Steel Buying at StandstiII.
With Wall street taking it's cue
almost entirely from home trade in
dlca tions, the two most interesting
incidents of the day were the mid
week reviews on the steel situation
OF the Studebaker Corporation throw
ing light upon the much discussed
position in the automobile trade. The
steel reviews reported another week
or deadlock. Consumers finding that
! they can get ready deliveries upon
old orders are still holding off from
placing new business
Selling of Studebaker was checked
by a statement from the president
that the company was getting it's
able the actual sales for the fourth
quarter would run well ahead of 1922.
production is to be cut down, accord
ing to custom, but Studebaker busi-
ness IS likely to reach the schedule
of 10000 cars for the twelve months
outlined at the start of 1923.
1t is reported that there has been
good deal of buying back of Amer
lean Can by people who sold out ten
points higher early in the month.
This buying showed the strength of
the stock in the last hour. Baldwin
Locomotive, once it turned, went up as
easily as il had gone down Shorts
were busy covering Steel common
above 81. The decline in Burns
Brothers A. was stopped by announce
ment of the president of the company
responding to recent Wall street
rumors, that there was no intention
of reducing dividends.
MARKET CLOSES FIRM.