Evening star., 1923-09-17
GUT IN GASOLINE
PRICES EXPECTED
Fresh Selling in Oils Limited
in. Stock Market-Day's
Moves Irregular.
BY STUART p. WEST. :

BY STUART p. WEST.
Special Dispatch to The Star.
NEW. YORK, September l7.--An-
other cut of cent gallon in gaso-
line quotations today was not unex-
pected in the stock exchange, In fact,
Wall street had been discounting 1t in
the heavy selling OF tho. oil shares
last week. -
Today the market was inclined to
look upon the incident as a piece of
bad ntws' which it was a relief to
have out of the way. Here and there
fresh selling developed in the oil
group. Sinclair made a new low, re-
flecting the general belief that the
dividend is gone. There. was also
considerable pressure. against Cosden
despite the prevailing view that the
present rate will be maintained. The
stock, however, ran into strong sup
port around 29. In some of the other
oils, notably the Pan-Americans. a
good deal of short covering took
place on the theory that unfavorable
occurrences in the oil trade had for
the time being been exhausted.
Prices Very Irregular.
In the general list there was much
trregularity, but at no time was
there renewal of the heavy selling
movement which had swept the list
downward during the second half of
last week. Speculative sentiment
was divided. Some observers con-
tended that all there was to be ex-
pected was temporary upturn in a
period of decline. Others took the stand
that the market, IS it approached the
August lows would receive the same
effective support that it did then. The
latter were pleased with the way the
selling of theforenoon was absorbed
and with. the subsequent upturn.
With the general market for the
first time in nearly a week permit
ting, operations for the rise were re-
sumed in specialties. Notably among
these were the Continental Can,
Mack Truck, Dupont and Gulf States
Steel American Can moved forward
with Continental, although no extra
dividend is now expected at the next
meeting. The action of Dawson
Chemical fitted in with indications
that a steady absorption of the stock
has long been under way. materially
reducing the floating supply.
StceIs and Coppers Rally.
The ease with WHICH the Independ-
ent Steel shares rallied--especially
Bethlehem, Gulf States and Crucible
showed the extent to which opera
tions for the decline, based upon the
disappointing course of the steel
trade, had been based.
been awakened by the reports that
Germany had given in. snbsided with
the news over the week end from
abroad. Railway shares also did lit
tie, disposition being to await the
August traffic statements
Fresh buying came into Mack
Trucks today. Recently Mack in
creased the dividend on the common
from 81 to S6 annually, which was
regarded as conservative. In the first
oil he To L.
plicable to the common stock amount
ed to over Sl2 a share, and il is
likely that the net for the full twelve
months will approximate $22. 1t is
thought that the 1924 profits will be
less than they have been SO far this
year.
New York Air Brake Rumors.
Directors of New York Air Brake
are expected to meet on Wednesday
for dividend action. Some look for
a quarterly dividend at the rate of
81 annually, while others are quite
will be at a smaller rate. It is said
that a few of the directors are not
in favor of dividends at this time.
At present 81 annually is being paid.
Earnings are approximately $6 a
share.
The majority have been expecting
the regular dividend to be paid on
Cosden Oil in face of the recent bear
ish propaganda in the oil trade and
the cutting and passing of dividends
by other companies. Directors are
scheduled to meet on Thursday. Cos
don now pays So per annum. AL
though it has been affected to some
extent the past few weeks by the
heaviness In the oil stocks, II has
been better supported than most of
the others
Last Hour Trading Light.
Tho high prices in the general
market were made in the first part
OF the last hour There was no rush
to buy. The speculative leaders were
up a point to two points at their best.
but there was an obvious reluctance
to follow up the rise and trading
quieted down noticeably. Toward the
close there was a good deal of re-
for q quick turn early in the day.
In the outside business situation
the main point raised now is as to
the ability of business to pass on
to the public the increase In wage
costs. Attempt to do this by advanc-
0ing prices would involve the risk of
the buying movement falling of. On
the other hand, without a further
price increase, there would be doubt
as to the adequacy of the profit
margin.
SO far as todays price movement
was concerned 1t indicated little more
than that operations for the decline
had been carried too far. The rally
like the equipments, steels and
motors in which speculative selling
was particularly active.