Evening star., 1923-09-01
RAIL SHARES HARDLY MOVE
Dawson Chemical Gets Most of At.
tentiiou on Big Board.
BY STUART r. WEST.
speclal nispatch 10 The Star.

spccIal ptspatch TO The star.
NEW YORK. September Had II
not been for the violent fluctuations
again in Dawson Chemical, which has
been "a feature since its sensational
1iSe and fall earlier in the week. trad
ing on the stock exchange in today's
briet pre-holiday session would have
been extremely duh.
In fact. price changes as whole
were meaningless and the list was
"pathotic To outside news. There was
1iJtlc response to the announcement
"t cut in midcontinent crude oil
Magnolia Pete. while neither the de-
NelopmentS in the GraeCo Italian dis
puIe and the walkout of anthracite
miners on the one hand. nor the more
favorable domestic trade reports on
the other had any apparent effect
Chemical Draws Attention.
The ranks of the active trading
element were largely reduced because
Of ths holidays, and this was reflect
ed in market operations.
Dawson Chemicals performance
virtually overshadowed every other
movement in the market. Dawson
had closed on the previous day al
J2i.. II opened down sharply. In
the first fifteen minutes a sale OF
".2uc shares at 46 had occurred, and
hen followed rapid decline to 81
stop loss orders, i'll some instances
bUnC he'd. were accountable for some
at the carly dips in quotations. ~
- Dawson was off over ) points on
tie day and 80 points from its high
Of few days ago. Subsequently il
was very active and unsettled be
low 40
This further weakness in the stock
followed the announcement that the
business conduct committee of the
stock exchange had begun an inves-
legation OF the trading in Dawson in
the past week.
Probe Causes Caution.
1t was thought that much of the
selling was induced by fears that the
investigation would make il impos-
possible for other rapid upturns at
the expense of the short interest
Whatever TIE value OF the silica jel
process and the fact one or two large
companies had contracted for its use
on basis quite profitable to Dawson
Wer" lost sight OF. Today's move
1nent iii the stock was purely tech
l1icai
Domestic oil stocks were hardly
sensitive TO price cuts by Magnolia
Pete in the midcontinent territory to-
day. such issues as Sinclair. Phillips
Pctc. Marland and Producers and Re-
hnerS were off slightly at the open
ing. but there was no important pres
sure against this group and prices
igencrallS We're steady. The first six
months report of Cosden showing a
decrease IN net income of about ST.
t26o.o00 as compared with the same
! period OF 1922, and a larger decrease
III surplus were not especially reflect
ed in the Cusden shares.
Railroad stocks Quiet.
Stocks Of the coal-carrying rail-
roads did little in face of the Strik G
of the anthracite miners. Reading
sold down loss than a point at the
outset but lost no further ground
nf 3,
Other members of the coai-Carryiug
group paid little heed to the news
Of the strike. The shorts in Famous
Players had more difficulty in cover
ing. Dupont and General Motors
were both strong on the expectations
oI Increased dividends. Such mark It
leaders as United States Steel COM
mon, American Can and Studeba ker
sold down fractionally. Gulf States
steel was a soft spot among special
ties. The rubber and tire shares con-
unued heavy.
Wall Street Features.
The street was less concerned with
the reduction today by the Magnolia
Pete Company of it's prices for crude
oil in the midcontfnent territory
than it was with the possibility that
the other and dominant interests in
that district would follow Magnolia's
lead. THIS company announced a
fbworing of 20 to 80 cents a barrel
on crude oil. effective September L.
Some persons expected that Prairie
Oil and Sinclair Purchasing Company.
which do the bulk Of the purchasing 6
business in the midcontinent field,
would announce reductions next Tues
day. or at least in the near future.
Midcontinent prices have apparently
been 'pegged' for some time. and
have heen out of line with the pro-
pprtionately lower quotations in CAL
ifornia and the east. SO that reduc-
tions in the midContinent territory are
not at all surprising