Evening star., 1923-10-13
RAILWAY SHARES IMPROVE.
Appear to Have Recovered From
Action on Southern Dividend.
Hy STIrART II WEST
HY STUART II. WE
Special Dispatch to The Star.


Special Dis1,at tch to The Star.
NEW YORK, October ia few
more weak spots were exposed in the
two-hour stock market today, but
the remainder of the list was steadier.
Utah Copper got down close to its
low of the year, and Chandler Motors
made a new low. Every year for the
last three Chandler stock has been
driven down on talk that dividends
are in danger
In 1921 the stock, paying Sc a share,
sold as low as SSA-that is. 5 points
ing year it sold as high as 79A. On
each occasion the facts have been
the same. Dividends have been more
than covered for the twelve months
the first half of the period.
Cause of Chandler Break.
The reason for the weakness in
Chandler shares has been simply that
lending support. The hostile attitude
of Chandler banking interests toward
the market as Il whole may be set
down as an additional explanation.
The railway list appeared to have
recovered from its disappointment be-
cause Southern railway directors fall
ed to vote a dividend on the common.
Southern railway itself was frmer
and other rails, while not disposed to
rally, did not show the pressure that
hclO Deen ulrecIGu against liSill
Thursday. Anaconda ran into better
support around and just below 35.
Oil shares appeared once more to
have readjusted themselves to the
price cutting. Pacific Oil was again
noticeably strong. The street has
given UP talking about suspension
of dividends. Z
Steel shares Sold Well.
Price changes were small and very
much mixed. Steel common was
driven down a half point. but rallied
easily. Shares of the independent
steel companies, such as Republic and
Crucible, were fractionally higher.
Utah Copper was one of the soft
spots among the metal shares from
the outset today, getting down al
most to it's low of Sc established
earlier in the year. Recent weakness
copper group has been due directly
10 the low selling prices of the metal
and the fact that supplies have ac-
cumulated largely because of the
tember figures of shipments proved
disappointing to the trade and We're
reflected adversely in the market for
copper stocks. Ctah's third quarter
report is expected to be as good as
the rest of the Borphry producers.
However, with 13 to 1912 cent copper
during the third three months, the
results, it is estimated, We're less
than they were previously.
u. S. Rubber Shares Are Firmer.
United States Rubber was ffrmer,
and it was evident that the reports
of results for the first eight months
had something to do with the better
support in the stock. 1t was stated
that in that period this company
more than covered this years pre-
ferred dividend requirements. This
was possible because the bulk of
United States Rubber's business is in
footwear and other products, aside from
tires.
The foreign trade figures, out to-
day. were notable, in that exports
were shown to be the largest since
March, 1921, imports the smallest
since July, 1922, while the export ex-
cess of $126,O00, 900 more than wiped
out the import excess of the first
eight months of the year and left a
S36 600, 900 credit.