Evening star., 1923-07-25
BEARS RAID OILS
!. IN FINAL TRADING
Some Stocks Rebound After
Early Weakness-littIe
+: Change in Quotations.
By STUART r. WEST.

Special Dispatch to The Star.
NEW YORK, July 25.-For an hour
OF so today the market was more or
less unsettled. Then, it having been
established that little real stock was
for sale on the decline. prices began
to- pick up. The opening was slightly
lower. Soon after traders sought to
test out the markets resistance by
offering stocks down again. The
SHeculative favorites dropped off a
half point to point. but they came
back readily as soon as the early
short sellers started to cover.
Leaders Given support.
american Can met with support
Just under 80 and Continental Can
anound Al Sentiment is optimistic
on these stocks, because the canning
trade has not been affected by let-up
inf other directions. American Loco
motive was another which stood out
strongly during the early decline and
was among the first to rally. fhe
street regards a dividend increase
from the present So to 50 as llkeiy
before the end of the year. The only
question is whether this action VIII
be taken at the August meeting.
There was quite d contest IN Stu-
debaker around 104 and in BALDWIN
below 1l9, but both stocks came back
easily when it was discovered that the
pressure was coming from hearish
sources.
Drive on Oil shares.
Among the rails Reading. Baltimore
and Ohio and New York Central RAJ
lied the easiest of any. These stocks
have been steadily bought during the
recent past.
Another little drive was made
against the oil shares early in the al
ternoon. but ii met with less success,
and in the last hour there was mod
crate rebound in stocks like the Fan
Americans. Cosden, Marland and Pro-
duccrs and Refiners. This had a
steadying effect upon the rest of the
market without, however. encourag-
ing an general buying. Railway
shares i'll the late trading were quite
inactive.
Mack Trucks Doing Well.
The first six months report of
Mack Trucks will show net earnings
applicable to the common stock OF
over S12 per share. Orders on hand
insure d satisfactory third quarter.
No predictions are being made for the
last three months. 1t is estimated
quarter will be within Is per cent of
that of the second.
The reports of Mathieson Alkali
and International Cement also will be
put out soon. The former will be
shown to have: earned at the annual
rate of sic d share in the first six
months while international Cement $
net income for the half year was at
tf{e rate of approximately So The
rate in the second quarter was about
81 annually.
Internatioual Clements business is
improving steadily. and many believe
there will be no siackening in the
earning power this year.
Review md Outlook.
In today's markets chance was af-
forded to get more accurate line
upon the Importance of European
developments as a factor in calcu-
lations. We We're seeing this morn
ing the outlines of the dismal pic
ture Of. the German situation which
Prime Minister Baldwin painted two
weeks ago. The communist. upris-
ings, and still more, the overwhe I'm
ing red superiority in the German
mining unions were incidents. the
significance of which might easily
be exaggerated. yet which on their
face seemed ominous.
What the international money
markets thought of the news as it
affected the situation in Germany it,
self was made sufficiently clear by
the cource of the mark.
The threat of the social upheaval
and suspension of industry on a
large scale may be what at the last
moment will save the German situ-
alton. Confronted by chaos, German
banks and industrialists will be in
duced to put some of their heldin
of foreign currency and foreign Sc
curitieS back of German internal
gold loan. This will not be done.
however. before the German republic
demonstrates it's capacity for dealing
with those of 1919.