Evening star., 1923-10-04
LATE RALLY HELPS
!: lift STOCK PRICES
Much Profit Taking During
Session-Bears Uncover
Several Weak Spots.
BY STUART r. WEST.

Special Dispatch TO The Ssar.
NEW YORK, October 4.-The gen.
cral view around the street as pusi-
ness began today was thai Wednes-
days advance had been too rapid and
that the heavy short covering which
had occurred had materially weak
cned the markets position. This was
the theory by which today's opera
tions were governed. Nevertheless
there were times when buying was
in the ascendancy and there were
many. instances where stocks I'M
proved upon their best OF tne re-
cent recovery. Notably was this true
of the oil shares. which were prompt
TO respond to the decrease. slight as
it was, shown in the latest report on
crude oil output.
Pacific OIL Leads Group.
Pacific Oil was the leader of the
group, crossing 40, where II was up
points from the summer low. Mar
land, Phillips Petroleum and Stand
ard Oil of California were selling
to z points above their low records.
This could fairly be regarded by those
who believed in the turn in the OIL
situation three weeks ago as an
adequate recovery for the present. -.
Railway shares felt the force OF
profit taking after some further ir-
regular advance. Reading made a
new high above IS, and was the
leader during the period when the
rails were strong. Much interest is
more and Ohio and New York Central
will do with their Reading rights,
whether they will exercise them by
taking the new coal company STOCK
whether they will sell them or
whether they will distribute them 70
their own shareholders.
Baldwin Report Denied
At all events. recent buying OF both
New York Central and Baltimore and
Ohio has had in view the possibilt-
ties growing out of the Reading sit
uation.
The report that Baldwin Locomo-
tive was to have capital aI,t ;Ih spht-up tap
shares of new for one of old, the
new to carry S. dividends. was denied
by the president of the Baldwin com
pany. Moreover. it was given out
that nothing beyond the regular DIS
tribution of Z per cent was to be
looked for. Inasmuch as this story
had been made much of during we'd
nesdays fve-point jump, 1t was re-
markable that the denial should nave
had so little effect. The action OF
Baldwin Locomotive In better,ns :
Wednesdays high bore out all that
had been said upon the subject OF
the short interest in this stock hav-
ing been larger in proportion TO tne
outstanding supply than anything
else of the list
Another stock in a similar position
to Baldwin Locomotive was Dupont
which had a further rise above 1870
Other specialties coming in for atten-
tion were Dawson Chemical and
United States Cast Iron Pipe.
New York Central Watched.
1t is believed by an increasing num-
Der of persons in Wall street that ce-
progress in the New York Central
situation. More was heard today re-
garding the likelihood of this COM
pany declaring a stock dividend In
the form of Reading rights. At cur
rent market values the Reading
rights held by the road amount to
approximately $13,000.000. The dis
tribution of the rights might have a
favorable effect upon the value CT
New York Central stock. Facilitating G
conversion of the company's deben-
ture bonds. 1t is thought also tina,
which might logically work into the
New York Central system are on foot
The first eight months Associated
Dry Goods gross income was about
sS3.000.000 and the net amounted to
over H.0o0.000, an increase of ap-
proximately 80 per cent over the re-
suits for the corresponding period OF
1922. But talk of higher or extra
dividends on the common is not likely
to be borne out by the action of direc-
tors In the next few months, we'll in
formed persons say.
With earnings in excess of $3 a
share. dividend is anticipated or
Loew in the near future. Nothing
has been distributed since May, 1929
when the last so cent quarterly divi-
dend was distributed. Those who ex-
pect the resumption of dividend or
the stock think that the first quarter
ly payment, when it comes, will be 50
cents.
Late Rally I'm Gas Stocks.
No reason appeared for the buying
of Consolidated Gas. Brooklyn Union
Gas and other public utilities in the
last hour except that this class OF
stocks had received little attention
while other parts of the market were
going down.
Metal stocks were definitely heavy
American Smelling and Anaconda los
ing ground. while other croppers
dragged. The market for copper fu-
lures in London continued weak.