Evening star., 1923-10-05
,,laRRA|D|s send !
: PR|CEs:D!0]NlIN|WARD N
Coppers, Ruhbers. Tires and
American ,special Targets.
!. MilI.Closing is Shock.
fs>-r7--'', s-'@'a3t r = - .
NY STUART r. WEST.

Special Dispatch 10 The Star. ,'s J. s...,-
NEW YORK, October 5.-The,i re-
action which started THURSDAY after
noon continued through the greater
part of today's session. The bear
traders concentrated their efforts
upon three sets of stocks-the cop
pers, the rubbers and tires and Amer
ican Wooden. The weakness develop
ed in these had an nsunsettlins enect
in other, directions. But mainly the
market was feeling the effect OF the
impairment in its own position
brought about by Wednesdays heavy
reduction in the short interest.
Inspiration Copper Crashes.
A few offerings of Inspiration Cop
per encountered a surprising absence
of support, although the stock railsd
later Anacon was under pressure
and other members of the group We're
fractionally lower. This was re-
minder' that very few companies To-
Gated. in North America are making
money at the present prices .o1 lhe
metal There is talk that the d2-
mestic companies will reduce their
output before long. ,,. 50
Kelly@sprinsneid .Tumbies. go
Keily-Springf gfield was the leader of
the decline of the rubber and tire
stocks, making new low. Other
members of the group were not al
fected so much. Latest estimates re-
garding the supply of crude ruppeT
which these companies have on nanu
are unfavorable. 1t is not known
but the street is thinking more about
possible Inventory write-offs at the
end of the, year. In the meantnnanne
earnings for the second half OF 1923.
L. no
poor.
= American Woolen Weak.
Probably There was some esenti-
mental connection between the break
i'm American Wooden and the an
nouncement of the closing of the
largest of the New England cottoIl
mills. The connection must nave
been only sentimental, however, ne,
cause the position in the wooien
goods industry is not unfaVorapie.
The street explains the recent weak
ness in American Woolen STOCK as
due to fears about the business OF the
company next year.
TODAY appeared to fit in with the
rumors. regarding this companys az
fairs as we'll as the business or the
rubber and tire companies generaily.
At it's low prices today Kelly was
down about 40 points from It's hlgn
Much short Selling.
The ceiling vas regarded as largely
for shert account, although further
ljuuidation@ was induced on the fear OF
an announcement of lower tire prices
In the near future. 1t is believed that
something of Importance Is going on
in Kelly-Springfeld. AS in oil. the
chief trouble with the tire business
is overproduction. Earnings in the
,irst half of 1923 were. good, but with
high inventories there was sharp
falling off in revenue in the thlrd
quarter, and it Is expected that the
results for the full twelve months Will
be none too favorable.
Magnolia Buying More Oil.
1t was looked upon as significant
today that Magnolia Pete Company. q
Standard Oil unit and buyer OF
crude oil in the midcontinent terri
tory, should announce that 1t was in
creasing it's purchases OF crude oil. 1t
is regarded as another indication OF
Improvement in the petroleum in
Coppers Improve mt Close.
The copper shares did better as the
day went on. Inspiration recovered
nearly all the ground lost and Utah
came back above last nights close.
Some large buying orders were eX-
ecuted in Chino and Ray, and 1t
looked to many as If advantage had
been taken of the early drive against
other members of the group to ac-
cumulate these stocks in anticipa-
tion Of the merger negotiations soon
going through.