Evening star., 1923-09-25
STOCKS Sell. OFF
! INDAY'S. TRADING
Ruhr Reports and Good Rail
Earnings Fail to Start
/. Forward Movement.
BY STUART +. WEST.

opeClhl blspdtCi u Ihc star.
NEW YORK, September 25.-The
two main points made against the
stotck market today were first that 1t
did not respond to the German sur
render in the Ruhr and the conse-
quent rise in the foreign exchanges,
and second that it was equally unin-
ftuenced by the first few of the Au-
gust railway statements.
Much store had been set upon the
latter by a number of critics, who
were looking for the rails to have
an upward movement Much disap-
pointment, accordingly was felt at
the action of the railway stocks to-
day. The big Jump in New York Cen
trail earnings over August, 1922, had
no effect whatver upon the stock.
Baltimore and Ohio. which had stood
out so, strongly for nearly a week,
was borne down by realizing sales.
Traders were getting out of the stock
on the idea that nothing was likely
TO be dole now about a dividend. Wa
bash preferred A had little run up,
but 1t was quickly over. Most of the
other rails. were neglected.
,StudeDaker Toes Lower.
Bearish Z activities converged upon
Studebaker The weakness in this
stock which sold at new low for the
year. had a sympathetic effect upon
other motor shares. particularly
Chandler. Those in touch with the
automobile industry can see no in
centive, In the Immediate trade situa-
tion for anybody to take hold of the
motor shares and put them UP. They
even maY be willing to see them. work
downward under professional selling,
in order to- get the opportunity to
has happened in other years, and it
quite easily may be the explanation for
the decline now.
Further buying occurred at one
time in Industrial Alcohol Corn
Products gave another demonstration
of the relative scarcity of the market
supply. But these and other attempts
on the long side were abandoned
when the weakness in Studebaker
became pronounced
SteeE shares Also Heavy.
Steel shares were heavy again.
Crucible dropping over two points
after opening at 81 and United States
Steel common getting down near its
recent low There was a little buy
ing in the copper stocks on the no.
tion lthat the latest developments
would increase European interest in
the copper market. But this move
ment, too, was shortlived.
Announcement of simply the reg
ular dividend of l a per cent for
the. quarter on American Can common
was entirely in line with expecta-
tions: If a dividend increase is to
come a. all this year, well Informed
persons say, 1t will come in Decem-
Der. There is no doubt. of course,
that American Can could distribute
more and still not depart from it's
reputation for extreme conservatism.
In 1922 earnings after preferred divi-
dends we're the equivalent of over SIS
a share. 1t is commonly believed
that the results this year will be at
least equally favorable.
Baltimore and Ohio Dividend Talk.
The street was again canvassing the
possibility that the Baltimore and
Ohio directors at Wednesdays meet
ing will take up the question of a
dividend. But the action of the stock
showed that there was not much hope
onathis score. If Baltimore and Ohio
is to be put back on a dividend basis
this year such decision would more
logically be reached att the December
be approximately, known. Then a.
semi-annual 2 per cent or even Il
per cent would not be difficult TO con-
ceive.
Latest figufes on North American
foreshadow record breaking state
ment for the twelve months ending
August 81. 1t is expected to show
over S50.50 on the new common stock
of $40 par value. This is befores the
depreciation write-off. which is likely
to be liberal one, but it makes it
sure that the present 81 dividend is
being covered at least two and one
half times over. -,f
Pound Motors Up to Close.
The motors continued during the
late afternoon to be the club used
against the general market. Stude-
baker went off. over points, WHY'S
Overland preferred was driven down
sharply and PRESSURE was marked
against Chandler Motors. Steel COM
mon drew close to it's low for the
year and other steel shares were off a
point or two points, Baldwin Loco
motive responding, as usual, readily
to any f1uctuation, fell away with the
rest. So did American Can. Among
the specialties Dawson Chemical was
noticeably weak and there was selling
of Hartman Corporation stock follow
ing the announcement of the new
capitalization plans