Evening star., 1923-09-05
GAINS RECORDED
IN SPECIAL. STOCKS
Shares to Profit by Horror in
Japan Go Higher-Note of
Caution Maintained.
BY STUART p. wESTv

Special Dispatch to The Star
. NEW YORK, September 5.-Although
= an number of issues of the speciality
isype prices on the stock exchange to-
5day were bid up quite sharply. the
rally after the early period of inde-
Gision proceeded at a moderate pace.
IT took in very nearly all groups, but
.the gains in the leading issues were
scarcely more than sufficient to wipe
out the losses of the previous day.
where buying occurred on any large
scale it was either induced by special
considerations, as in the case of
Dawson Chemical or Mallinson Com
: pany, or was partly due to the desire
Sof short sellers to cover in commit
ineRts made on the previous day.
= American Can was very active and
,Strong, and Continental Can was in
Suemand again. The street believes
sthat the large short interest in Amer
lean Can had not been thoroughly
.ifquidated during the August advance
q on the stock exchange, and this, to-
tsether with the exceptionally good
iearnlngs position. has had much to
do with the movement of the stock.
tContinental Can is said TO be earning
sbetween $40 and $12 per share against
l. Dawson Chemicals rise was at
itended by an announcement of the
sformation of d new company to mar
iket Silica Jel toilet articles. the by
iproducts of the process which had
. been contracted for by leading oil
,rehners and other interests. Davis
Shemical stockholders are to have
sprior privilege in subscribing to the
5rapital stock of the new concern.
fMallinSon's strength was due to the
a NJ. E..Pts TN
.fof raw silk upon the resumption of
Sactive trading in the silk market
s9'his company has large stocks of
silk on hand.
4 Usual Leaders Turn Dull.
4 The representative industrials like
! limited States Steel common. Stude-
F: baker and Baldwin Locomotive got
"a point above the final prices of the
hprevious day and then turned rather
dull. while the general market was
hanging fire.
In the railway group, Baltimore and
Ohio was active around so on good
earnings. and anticipa tions that the
roads refundfng operations will be
handled satisfactorily and largely
out of earnings. Chicago and Alton
'preferred and common stocks were
active and strong. The earnings oil
this company have been much better
than they were.
g. Caution in Markets.
Increased steadiness characterized
the markets as a whole today. Trad
iers and SPECTATORS still obviously
Were maintaining waiting attitude
pending more definite news of the
Japanese disaster and the progress OF
events in the Balkans, but factors OF
the world situation favorable to
american commerce and industry ap-
parently We're given due consldera-
1ion.
The common stock of Mallnson &
Co. was strong feature. The be-
lief generally held is that when busi-
mess in silk markets is actively re-
sumed the price will turn upward
Mallinson is understood to have ac-
Cumulated large stocks of silk before
the Japanese disaster. and the prices
( paid were considerably below even
the present quotations. Kayser & Co
stock also was affected fayorably to-
day.
Dawson Chemical stockholders will
have prior privilege to suoscrlbe &c
the capital stock of the subsidiary
company. There win be $4,000 shares
I of per cent cumulative preferred
: stock of SO par value and 100000
shares of no FAR common.
! Shares of companies engaged In
the manufacture of food products
such as National Biscuit and Beech
I nut Packing. were actively bought
Their strength was predicated chiefly
upon satisfactory earnings and rep
! resented in the former instance, al
| least, some covering for short ac-
count.
Foreign Exchanges Lower.
! The foreign exchanges offered an
exception to the tone of the other
markets. Sterling found a new low
for the year at 4.50 9-16, but re-
/ covered slightly later. French
francs. Belgian francs and Italian
lira all showed losses. while Greek
drachma were down to 1.7s. Ger.
man marks also dropped to a new
level at 20. 900. 900 for 81.
. The stocks of the anthracite car
i-iers remained quiet and inactive
: AS the day drew to close the
strength Of stocks grew more pro-
nounced and many of the speculative
favorites on the exchange reached
their high points of the day in the
date trading. The rails attracted
only a minor amount of attention.
MARKET CLOSES STRONG