Evening star., 1923-09-21
FOUR BIG STOCKS
TOUCH new LOWS
Baldwin, Studebaker, U. S.
Steel and American WooIen
at Years Bottom.
BY STUART p. WEST.

Special Dispatch to The Star.
NEW YORK, September 21.-To-
days market was another case of con-
centrated selling in a few selected
stocks with a view. to forcing a gem
eral decline. Baldwin Locomotive
under lib, Studebaker under par,
Steel common under 81 and American
Wool below "a were all at their
lowest.
Reassuring statement of the presi-
dent of the American Woolen Com
pany in which he denied reports of
new financing and the cutting of divi-
dends checked the selling in that
stock. But operators for the decline
continued their efforts with some sue
cess against the equipments, motors
and steels. The argument in these in
stances was that new business was
sooner or later plant operations
would have to be curtailed.
COsdcn Again Thrown Over.
Ccsden oil was actively sold in an
ticipation of unfavorable action at
the dividend meeting scheduled after
the close of business on the stock
exchange. The impression was that
the board was divided, some wishing
only a cut of 50 and others the pass
ing of the dividend altogether, but
that the latter were likely to prevail.
Other oil shares were irregular. some
of of them slightly lower and others
trifie higher. But the main point was
that, for the third day in succession,
there was no heavy selling. In fact,
the behavior of the oil group did
much to encourage the view that. the
worst is now known about oil trade
conditions and has presumably been
we'll discounted in the market for
these stocks.
Sugar Stocks Strong.
Of hris 10
steadiness of the sugar stocks, which
managed to retain most of their re-
cent gains. Another was the con-
templative strength in few of the
rails. Baltimore and Ohio was the
leader in these, getting across so,
where it was up more than 3 points
from the low early in the week.
The motive in its case was the
expectation of another favorable
traffic statement for August. 1t could
not b. said, however, that there was
any evidence of the upward move
ment in the railway section, which
some have been predicting.
Some early buying of Reading and
Erie issues appeared to represent
nothing more substantial than the
latest covering of shorts.
Wall Street Sentiment Divided.
Leading brokerage houses sent out
varied opinions on the market today,
one made a good deal of the rumor
that heavy losses by certain big spec
ulators on the long side of the oil
shares and on the short side of cotton
had compelled the sacrifice of other
holdings. A second firm called at
tention to the fact that the price
average was within u points OF the
lowest of the year, and claimed that
it was too early to expect a termina-
tion of the downward swing. A third
house looked for the main downward
movement to be resumed, but thought
that the oil shares had been liquidat-
ed ahead of other groups.
Against these bearish expressions
were set however, the reassuring
opinions recently given out by lead
ers in the business and financial
world and sustained by the head of
the Department of Commerce and the
Federal Reserve Board.
Utility Stocks Hold Their own.
There has been little feature in the
market for public utility stocks for
some time, but it has been noticeable
that there was little liquidation in
list were going down. Consolidated
Gas has been freely bought around
so. and Brooklyn Edison has been,
taken between loo and 107, on the
'attracttveness of their yields and the
Keeling that dividends are well Sc
cured North American has been
well SUPPORTED around 90, and scarce
ly any Columbia Gas has come out
luDllC 6aS OF New Jersey has re-
ported for August a balance after
charges of $16S,015 against $72,542
last year.
Federal Reserve Report.
The weekly statement of the New
York Federal Reserve Bank is a re-
markable exhibit At the season when
ordinarily the crop moving is at its
height and when the demand for
money is further enlarged by the
necessity of financing the autumn
trade. the member banks have paid
off S6I00O,O00 at the reserve institu-
ton. while the latter have reduced
its bill holding by an additional $13,-
600 1000
Mainly as a result of this loan re-
duction and to a much less extent
because of the continued accumula-
tion of gold reserve ratio has had
the remarkable jump from S1.3 to
S7.7 per cent, the latter the highest in
over year. 1t is small wonder with
this testimony to the ease of the au-
tumn money market that call loans
should have been, made on the stock
exchange as low at 3h per cent, and
borrowers on time contracts who
were willing to pay So per cent at
the start of the present week. should
have dropped their bids to 5h per
cent for the longer term and 81 for
the shorter.