Evening star., 1923-04-23
SELLING SPREADS
F.. IN STOCK MARKET
Fierce Attacks on Baldwin,
Studebaker and Steel.
Sugars Hold Well.
BY STUART p. WEST.

Special Dispatch 10 The Star. e..
NEW YORK. April 23.-Today's
stock market opened steady with
fractional advances in most instances.
Then it ran into heavy selling which
appeared to originate in another bear
attack but subsequently developed
evidences of considerable real liquida-
tfon.
Certain stocks which were receiv-
ing pool support offered better resist
ance than the average, but in the bal
ance of the list. where no organized
efforts. were being made to sustain
prices, the decline made rapid prog
ress Although the 1o-eent cut in
snidcontinent crude oil had been
rather generally expected as an ad-
5ustment to meet the reduction in
other sections of the country, it fur
ntShed An excuse for another attack
upon the oil stocks.
Leaders Forced Down.
Around midday and in the early
afternoon the attack concentrated
upon Studebaker and Baldwin Loco
motive. 1t took very heavy offerings
to put the former below 12G. while
the struggle in Baldwin around 130
was equally intense.
:. More than anything else. however.
the bear party showed its; power by
putting United safes Steel common
close TO 104, which was the lowest
of the year.
Railway shares and coppers. despite
the fact that they had had only
moderate advance, were depressed
with tho rest.
Sugar stocks were affected at times
by the general rSc pressure. but
on the whole WrC t-urn hHtt"F sup
ported than mos. .. Ia ether groups
because of tn. favorable develop
1nents during the day IN the sugar
trade
Today's Financial Review.
The conspicuous incidents in the
financial sit, ,tion today were fur-
ther rather heavy pressure against
the stock market. a cut of 10 cents
Il barrel in MidContinent crude OIL.
Il new high for raw sugar and sud
den jump in the German Bank rate,
from - to IS per cent.
The stock marile- on occasions IKE
today never hothers very much
about calm reason ing. The main
thing was that professional traders:
having seized the psychological
moment when the outside public were
apathetic and large financial inter-
ests, in many instances. at least IN
different, launched an attack last
Friday and continued 1t during the
early part of today's trading with
considerable success.
More Selling in Marks.
Following the action of the Reichs-
bank, selling was renewed in the Ger
man mark. carrying 1t down to the
low of a week ago. No such official
discount as Is per cent has been
known in any financial crisis in mod
rrn times. The obvious Purpose~ls to
set such a premium upon German pri-
rate banks and upon big industries
that these will sell out some of their
holdings of foreign exchange and for
eign securities and thereby help the
central institution in its attempt at
stabiliZa ton.
Sugar Gains Noticeable.
The advance in the prices Of raw
and refined sugar today was the
more noticeable because of the pend
ing government suit against the.
sugar exchange and further down
ward revisicns of prices in quarters
like the oil trade, which have helped
sugar options got up nearly 20 points
above where they were quoted on
Saturday. Refiners paid 612 cents for
cuban raw sugar TOR the first time
this year and there We're compare
lively few offerings at that high
figure. At the same time refined
sugar was adjusted upward by one
or two Of the leading retiners.
Copper Consumption Heavy.
Rumors continue to be heard re-
garding a further advance in the
quotations for the copper metal. The
consumption of copper is still at a
high rate. as is shown by the state
ment that shipments for March ex-
ceeded all previous records. The
American Brass Company and other
important copper fabricators are
using copper at record rate. This
tends to make "A very strong metal
market situation because there can
be very little shading of prices
through the Offering of second hand
copper Offerings of this kind are
reported quickly taken because there
is considerable competition among
consumers. -
Improvement in Late Trading.
American Locomotive was the first
stock to indicate signs of a turn a
lot of it had been taken around 1S2
while the early selling was at it's
height, and suddenly the stock shot
forward to 1874 This caused a hur
ried rush to cover Baldwin Locomo-
tive, which had encountered power
full support around 1876.
Steel common, after getting down
to 104A that is, within quarter
of a point of it's very lowest of the
year-acted distinctly better. Amer
lean Wool was another which through
the days ordeal stood up better than
II has been doing recently. Dividend
talk accompanied the rise to new
the newly listed West Penn Power.
Copyright. 1871