Evening star., 1923-09-20
AMERICAN WOOLEN
IN SHARP BREAK
Steel Shares Also Weak in
Very Irregular Stock
Market.
BY STUART u. WEST.
Special Dispatch to The star.

Special Dispatch 10 The star
NEW YORK, September l2-To-
days stock market was mixed affair
with some points of weakness and
some points of strength. while in the
general list the volume of business
was much reduced
NO explanation appeared for the
sharp break in American Wool beyond
what has been known for some time.
namely. that in certain important
spring lines the demand has been dis
appointing. There was no suggestion
as yet that this will affect the. com
mon dividend. but the stock met with
no support when it was offered down
today. .''-''''
Sugars Lead Market
The sugar stocks were the strona-
est of any group. partly as the result
ol the remarkable advance in sugaI,
prices and partly because of the ex-
PcGtaton that other companies will
i"lioW the example of the Cuhan
American and put their stocks hacit
upon dividend basis Resides ~ -
tuh4a Allegro, it is expected mar
Hahau Sugar Will be one OF those 70
resume payments -
me situation with regard to C1ha
lane is somewhat different. 1t has
Iue money to pay off the bank loans
Nnieh We're incurred when the COM
pahN was In such straits two wears
ago, but it is doubtful whether II wiz
he as prompt as the rest in naving
'tuI any of the remaining surplus TO
Nhafeholders. After its arduous ex-
ptFehCe II would be anxious to
S,rehs, men its cash position Cuba
ahe preferred however. in the mar
the others.
CoSden Oil Remains Weak.
The view continued to prevail that
the OIL trade was pretty much on bot
tom and that after Il period OF rest,
curing which production would be cut
hoNn, recovery would set in This
Judgment was reflected in the market
10r OIL shares in u negative way.
mere was no ea2erEeSS displayed on
the buying side. but the selling ceas-
"a Sosden opened up a fraction above
%, out soon lost it's gain. The street
was still asking itself whether the
dividend would be omitted altogether
az the Friday meeting or whether il
would be merely out. People in a po-
sltion to know We're claiming that the
rate would be lowered to 81
Sentiment Among Traders Mixed.
Wall street was much divided in
opinion today. Most Of the letter
writer's took ground that Wednes-
"aN advance was due to short COW
+Flng. that this might be carried
somewhat further today, but that
the main tendency would prove still
70 be downward. AS against these
brokerage advices it was pointed out
that leading business men and finan-
cIers who have been recently quoted,
have all spoken enthusiastically about
the business outlook.
PuntO Allegro Meeting.
Now that the Cuban American COM
mon, is back on dividend basis.
N n hn ffV,r SNr
Punta Allegro directors scheduled for
the first week in October. 1t seems
almost certain that a dividend will
he declared, the only question being
whether it will be 81 or So a share
Punta Allegro has larger unsold sur
plus from the 1928 crop than any of
the other companies operating in
Cuba. Hence, it is in position to
derive the maximum benefits from the
sharp rise in sugar prices.
General Motors Active.
General Motors and Dupont which
had given such Il good account of
themselves in the market of the pre-
vious day, il stood out prominently
q intervals again today. The more
the sharp decline at Tuesdays close
is considered, the more crude does the
whole operation appear. The bear
crowd waited until the last half hour
and then launched a sudden flood of
selling orders. There was not time
for the buying forces to gather. The
ease with which General Motors re-
gained its Tuesday loss was a suffi-
cient commentary upon the character
Of the selling.
Wooden Break Extended.
The decline in American Woolen
was not checked until it extended to
over points. This and the steel
shares were the weak spots in the
afternoon. Crucible Steel was sold on
the idea that it was too high for a
per cent dividend payer. where there
is not chance yet awhile of an in
crease. Dealings began in Dawson
chemical rights-that is, the right to
subscribe to the new stock OF Silica
Jel Products Corporation-and they
developed a small sensation. The
first sales of these rights were made
at IL The quotation then ran up to
21s. followed by quick relapse to 1.
Call money again loaned at 319 per
cent.
MARKET CLOSES HEAVY