Evening star., 1923-07-06
RAILWAY SHARES
! UNSETTLE LIST
Delaware & Hudson Off Sew.
en- Points Before Support
7 ing Orders Check Drop.
BY STUART p. WEST.

BY STUART p. WEST.
Special Dispatch to The Star.
NEW YORK, July 6.-Prices on the
stock exchange started in with more
or less irregularity today, some of
the leaders dropping off half point
or so from the Thursday close. These
losses were promptly made up, how
ever, and for a time thereafter re-
covery was resumed quite briskly.
Steel common and the other steel
shares were held back by the expec-
tations that the July tonnage figures.
due next Tuesday, will show a con-
siderably larger decrease than those
of a month ago. Oil shares were also
slow to rally, due to the fear that
the individual price cuts announced
here and there during the last day
or two will eventually involve an
other general readjustment down.
ward. But elsewhere gains of point
to two points were quite common.
Industrial Alcohol Strong.
Industrial Alcohol at ~ was up Z
points from its recent low. The stock
has been doing much better since the
Scent a gallon advance in alcohol
prices was announced early in the
week. This advance bore out reports
which have been current for some
time that the company is doing an ex-
cellent business.
Those in touch with the Corn Prod
ucts situation say that the selling on
Tuesday and again Thursday morning
was of very poor sort. representing
the clearing up of few speculative
holdings which had become under
mined by the break.
Railway stocks gained a half point
or more during the forenoon, but
later became irregular. Southern
Railway, Baltimore and Ohio and
Chesapeake and Ohio gave the best
account of themselves and Canadian
Pacific rebounded on the subsistence
of the foreign selling, which had been
in the market for several days. There
was some demand for Seaboard Air
Line common following the sharp re-
covery in the adjustment bonds.
Public Utilities Improve.
Public utilities did better. with no.
ticeable strength for a time in Peo-
pies Gas, Public Service of New Jer-
sey and American Water Works s
per cent preferred. Philadelphia
Company, which, on account of the
dividend increase, making 1t yield
we'll over per cent. has held better
than most of the others, rose a point
today and was only a little over Z
points under its high of the year.
The action of the stock market to-
in the expectation that it might fur
nish an Indication Of future trends.
AT no time since the secondary de-
cline in June have prices risen during
two successive stock exchange ses-
sons. There has usually been
Thursday recovery, followed by
Friday and Saturday decline.
ID. & l.. UnsettIes Market.
A break of nearly six points in Del
aware and Hudson had an unsettling
effect in the afternoon. but failed to
impair the better tone in the general
market. Vanadium Corporation
jumped over four points on a few
similar run up.
From January 1 to June 80, inclu
sve. figures just obtained show the
Studebaker Corporation produced ap-
with $4,000 during the first six
months of 1922. Sales to July 1 this
year totaled $4,000 as against less
than $4,000 in the same period last
year. Untitled orders on the books
July were for 1900 cars. Cash on
hand amounted to S16. 500. 900.
The strength in May Department
Stores fitted in with rumors Of an ad-
vance in the dividend rate from the
current IS to Sc a year. However, it
is understood that much of the buy
ing that has occurred in recent weeks
has been of a semi-investment char
acter, and that the business and out
look for May have been behind it.
Review and Outlook.
Interest in the financial situation
market and the foreign exchange
market. In stocks it was a question
whether Thursdays recovery would
prove merely temporary respite, to
be succeeded by another selling wave.
In the exchanges the main points
under observation were, first, the ac-
ton of sterling following the in
crease in the English bank rate. anc
second. because of the continental
exchanges after the hint contained in
was preparing to part from France
in dealing with the reparations prob
lem.
On the stock exchange prices moved
with much irregularity. rallying further
in the afternoon. then slipping off
again. These fluctuations indicated
differing opinions in speculative quar-
ters as to whether or not the selling
movement, which with only occa-
sional Interruptions has been in prog
ress since the end of March, had been
completed.
Meanwhile. the continental ex-
changes were very weak again. Ger
man marks for the first time sold at
lar. French francs, at $50. were dan
gerously close to the 1923 low of
5.76A, and almost as close to the rec
ord low of 5.721a in 1920. Italian
lire Joined with the rest in outdoing
all previous lows for the year. All
this evidenced once more the uneasi-
ness felt over the latest reparations
developments as they bear upon the
economic position of continental
Europe. But on the other hand, the
fact that sterling ceased to move with
the other allied currencies was a re-
assuring incident 1t tended to show
that the recent decline has had no OBJ
Scure or sinister meaning, but has
been merely due to the transfer of
capital from the less to the more at
tractive money markets.