Evening star., 1923-08-22
HEAVY REALIZING
IN FINAL TRADING
Profit Taking Among Rail
Shares Turns Whole List
Irregular.
By STUART II. WEST.

BY STUART II. WEST.
Special Dispatch to The Star.
NEW YORK, August 22.--Today s
market was generally strong and
rather more active. passing over light
ly unpleasant incidents in the outside
news. Reports that there had been
further price cutting in the midconti-
nent oil fields, were accepted, and had
somewhat depressing effect upon the
oil shares.
Railway stocks were held back by
the fear that the July traffic reports
would show large gross earnings in
creases absorbed by heavy maintenance
cial selling of the anthracite coal Car
riers. however, despite the break off
in negotiations Erie first preferred
was off a fraction at the start. but
later rallied. and Reading merely
moved with the other rails.
1t was pointed out that had there
been serious apprehension regarding
a shutdown of the hard-coal mines 1t
would have shown in a demand for
stocks like Norfolk and Western and
Baltimore and Ohio, which would
stand to benefit as representing the
sott-coal interests. There were no
evidences of buying in this quarter.
Locomotive Shares strong.
Locomotive shares were among the
strongest, American, Baldwin and
Lima all making new highs for The
present movement. At IS the new
American Locomotive stock stood at
the best 1t has yet sold for. There is
no present talk of another dividend
increase after the one just declared.
American Locomotive stock is being
bought less on its attractive return
as per cent issue than upon the
strength of its assets position and
the favorable outlook fC.. business
The action of Baldwin Locomotive
showed how deceptive recent appar-
ent weakness has been in this stock
Traders who have tried the short side
of Baldwin have usually emerged
from their venture with a loss. Lat
eSt reports are that the company has
enough business to keep 1t fully en-
Locomotive as D per cent stock is
selling pretty high. Its advance re-
fleets anticipation of larger dis
trtbution.
Utilities stocks DO Well.
Public utility stocks came into some
prominence. Large blocks of Colum-
bia Gas were taken at 35, and the
stock was carried through that fig
ue. The buying is founded solely on
the high return and the steadiness
of the earnings development. At IS
Columbia Gas still yields close TO y
per cent. There was more activity
also in Philadelphia Company. in Con-
solidated Gas and in Brooklyn Edison
all at rising prices. Public Service
of New Jersey went along with the
rest. despite the strike.
Gulf States Steel, which has had
a sharp run up has been character
lied as a barker" for the steel group
and the industrial shares generally
because it's action fits in with what
is believed to be well planned cam
paign for the rise. The upbidding OF
Gulf States Steel is looked upon as a
piece of advertising for the steels.
The full report of the Baltimore and
Ohio for 1922 will be published late
this week. 1t is understood that the
detailed statement will show how
general has been the improvement in
the Baltimore and Ohio position, from
a financial as we'll as an operating
standpoint. This showing, some be-
lieve, will be fortified by especially
good results for the remaining five
months of 1928.
National EnameliRg Advances.
Attention has been attracted To
the way in which National Enameling
and Stamping has held and more
especially to it's advance today well
above sixty. This company is earn
ing close to s14 a share. although
there have been times during recent
months when the net dropped slightly
ing is expected to benefit substan-
TALLY from its holdings in st. Louis
Coke and Iron Company, which has
been roorganized. The dividend on
be increased. National Enameling
pays $6 annually, and that amount
was practically earned in the first
half year.
Another interesting exhibition was
given in the markets today of the
change which has come over senti-
ment during the last three weeks.
1t was only month ago that pro-
fessional Wall street was laying
stress upon the way that every fa-
vorable development was being ignor-
sd. while every unfavorable occur
renee was reflected in freshly declining
prices. The turn which came in the
first week of August brought a direct
reversal in the manner of the mar
ket'S dealing with outside matters.
Since then. and particularly during
the last week. the whole disposition
has been to make light of all that
is averSe. while emphasizing the
brighter side of things.
COaI and :uaars Hold Up.
The outlook in the domestic coal
industry is not comparable with that
Of last summer. When the President
gives assurance that there will be
An abundant supply for the winter
he is going by the known facts re-
garding the present stocks of hard
coal and upon the ability to sub
Stitute soft coal for anthracite. With
the bituminous mines operating there
is no fear of general Industrial
shutdown as there was in August.
1922. Still, the effect of a protracted
strike upon the earnings of companies
engaged in the mining and transport
ing of anthracite can not be minim-
tied.
The fact that the stock market to-
day went on with it's upward move
ment despite these handicapS was
significant of the change for the bet
ter in Wall street itself. Even the
shares of the anthracite carriers did
not suffer. 1t was remarkable, too
that the sugar stocks, which have
been sensitive to each cut in sugar
prices, actually went up, while re-
tiners were reducing their quotations
10 the lowest of the year and while
raw sugar was being offered at its
bottom figure.
Late Trading Irregular.
AS the afternoon went on the stock
exchange movement grew more ir-
regular. There was more disposition
10 take speculative profits among in
dustrials which had been leaders
early in the day. OF more conse.
quence was the comparative heayi-
ness of the railway stocks. These
were quite evidently rejecting the
disappointmen over the July report
Of the Union Pacific, which if it is al
shareholders are likely to derive nc
present advantages from the extra.
ordinary traffic volume.