San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1923-08-07
STOCKS REBOUND
AFTER UNCERTAIN
TREND IN MORNING
Hesitancy in Early Trading
Attributed to Weak
ness in Oils.
BY stuart z. WkST.

Copyright by The San Antonio Light
Kew Eorla Aug. 7.-Recovery con.
tinues on the stock exchange today
and was well sustained to the close.
The upward movement signified the
restoration of confidence in the stun
ton at Washingtong, the absence OF
further disquieting events abroad and
the signs of increasing activity IN
Steel and other important industrial
lines. 1t also demonstrated the cN-
cesses of the recent operations fuS
short account and the market closed
strong at the best prices of the day.
There was some further selling IN
one or two of the oil shares. Phillips
Petroleum making n new low undeS
=, land Sicily under IA. st. Paul COM
mon was offered down again for
time. and there was some selling OF
the leather issues. But the general
list, after some uncertainty ut tina
start, went on with the recovery which
had been checked late yesterday after
noon. 1t looked as though the bear
party. having tried to start the mar
kat down again by attacking these few
individual stocks saw their failure anj
were continuing their retreat.
The strength of the Erie issues and
Reading was partly explained by re-
ports from Washington that Presj-
dent Coolidge was determined to force
Il settlement between coal operators
and the miners. But in the case of
the Fries new buying has been going
on for some time. esnecially in the
company'S bonds. but affecting in no.
ticcablc degree the stocks as well.
This new buying has been inspired by
the earnings figures and by the tall
in many quarters that the Erie il
coming back. The estimates are now
that the road will earn the full divi-'
dends on both classes of preferred
stock this wear and something over ?
per cent on the common.
Recent strength in WHY'S Overland
preferred is explained b ythe figures
for thc quarter ending June 80. In
the first three months Of this year net
amounted 10 S22I9, iS6 and in the
second three months. $J.202 91S. In
view Of this increase the reports that
WHY'S Overland is getting ready 10
pay off some of the accumulation OF
the preferred dividends are not sur
prising.
On the other hand further ex-
PLANTATION for the recent weakness In
the leather stoc>s appeared in the
latest report of the American Hide
and Leather. The preferred stock
carly in the year was bid up to II "a
on the most glowing accounts of the
industry. Wall street was made 10 feel
practically certain of resumption of
dividends. How much warrant th.rs
was for all this. was made apparent
in the report of the first quarter.
which SHOWED deficit after taxes
and charges of S11S17J. 1t was again
made apparent by the report for the
second quarter. issued today. which
showed deficit of S1S9.340.
There was very little feature to the
market in the last two hours. Trading
Quilted down considerably and while
The early gains were held fairly well,
they were not increased much. Above
ia Baldwin Locomotive was selling
! points higher than last Saturday.
American Locomotive went to new
high above "a. but came down some'
what in the late dealings on profit
taking sales. Erie first preferred
crossed 81 where il was up points
frcm Monday morning. The strength
of the Fries had steadying in
fluence upon the rest of the rails.