The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1923-09-27
HEAVY GATHERING
Of |NDUSTR|ALS
YIELDS RESULTS
Bears Cease Operations,
However, on Technical
Considerations,
The WALL STREET JOURNAL

NEW YORK, Sept. 27.-Other de-
velopments in the early dealing on
the Stock Exchange today were over
Swallowed by the action of Baltimore
& Ohio. News regarding the estab-
lishment of a So annual dividend rate
had come too late to be fully re-
fected at the previous close and the
stock shot ahead to 571a, up rs from
Wednesdays final price, and an ad-
vance of over points from Wednes-
days low. This display Of strength
stimulated the whole list and prices
were generally higher in both the
rail and industrial groups.
First Hour
Rails continued to reflect encourage
ment derived from the Baltimore &
Ohio dividend action in the first half
hour. Union Pacific, which owns ap-
Iroximately $4,000 shares OF Balu-
more & Ohio common, advanced more
than a point above the low OF the
arevious session. However, industrials
failed to follow up their early
strengths when motors were subjected
to renewed pressure in the face-of
constructive DEVELOPMENTS. Generally
speaking, there has been falling on
of about Is per cent in production
from the peak. but this rate output Is
unusual for the season.
Second Hour
Industrial stocks continued under
influence of public apathy in the late
morning. In the absence of outside
buying power, professionals renewed
their pressure on selected issues and
Studebaker was depressed to 96, off
almost two points from the previous
close. while Baldwin showed a loss of
more than a point at 113. American
Smelling furnished an exception, ad
vancing fractionally in response TO
the Jump in earnings for the first six
months of 1923, which reflect the
sharp recovery in copper and otne~
metal shares.
Noon Hour
Rails lost their early buoyancy in
the noon dealings under influence OF
selling pressure directed against
Union Pacific, which dropped points
from the morning high. AS whole
the action of the market aroused so
much pessimism that one house
which has been consistently bearished
advised against selling stocks on the
theory that there was more apt TO
be a rally than a further decline
with the Street 90 per cent bearish.
Little Evidence of public support was
found in the transactions, which rep
resented largely the operations OF
professional traders.
Fourth Hour
Heaviness was fostered in the gen
eral list in the early afternoon by
sDecial weakness in individual stocks.
Jones Leather had perpendicular
drop of eight points to new low Tor
the year, while Willys-Overland pre-
ferred reached new low ground on
the movement According to several
commission houses there has been a
81. ght increase in public buying this
week. but it has not reached sufti-
cient proportions to influence the
course of stocks. There has been con-
siderable averaging by traders who
bought stocks at higher prices.
Closing Hour
Dullnes dominated the last hour
of trading after professionals aban-
doned their gathering" actics on the
ground that the technical position of
the market would not stand much
more pressure without creating rally
that would endanger their position
among the already overcrowded ranks
of the short interests. Perhaps this
one consideration prevented the whole
general list from being thrown into
a decline. as the lack of public par
ticipation left the technical structure
largely in the hands of professionals
who have bee overwhelmingly bear
ish for the last few weeks.