Evening star., 1923-07-03
STOCKS G0.L0WER
IN FINAL TRADING
Pivotal Shares Maintain
Sagging Trend as Bears
Push Selling Drive.
by STUART r. WEST.

Special Dispatch 10 lut
NEW YORK, June 3.-A NUMBER
of weak spots were developed In the
market today following Mondays re-
coyery. but these, while producing a
great deal of irregularity. did not
precipitate further liquidation in the
general list.
In view of the report of the special
committee on New Haven affairs,
some sort of capital reorganization
Is looked for and the stock broke
badly again. For the last two
months, to be sure, New Haven mas
been able to more than cover fixed
charges, but taking the year as
whole. and allowing for seasonal
variations, It is very certain to fall
considerably short.
Break In Atlantic Gulf.
The break in Atlantic. Gulf and
West Indies of some 3 points to much
the lowest OF the year was naturally
accompanied by rumors that some
sort of overhauling of capital account
might be in prospect for this prop
erty, too. There was, however no
was recalled that Atlantic Gulf COM
mon in 1915 sold as low as without
a reorganization resulting and that
IN 1919 the same stock was up to ls2
Nevertheless. a selling price below
10, with conditions in the shipping
trade and in the oil trade the way
they are now. is a suspicious circum-
stance. The president OF the com
pany in the 1922 report stated that
the tanker fleet was fully occupied.
Later accounts have had 1T that the
freight business was picking UP. But
"a N
small If they amount to anything at
all while the decline in oil prices
las made II more doubtful than ever
bow the Atlantic Gulf stands with
regard to it's investments in oil prop
critics.
Central Leather Weak.
Central Leather was another stock
In which there was evidently left over
li1uidation. 1t made new low for
tie year. Reports that earnings of
the company have recently been
showing marked improvement are
very much doubted, in view of the
market action Of Central Leather
street being badly fooled by private
eatimates regarding the earnings of
this company.
In today's financial situation the
more important Developments were
another new low for the year in
sterling exchange. a further decline
in cotton prices. following Monday S
government report. distinctly easier
tendency in money accompanied by
a slight hardening of investment
values and an unsettled stock
market.
Sterling retraced some of it's lost
ground later in the day, but not until
it had sold below s4.56 which meant
a 17-cent drop from the February
high.
r-ba .,roD Il, tba colt roooay rota
to 4 per cent and the generally i'm
proved prices in the bond market
were the ordinary sequels to the
release of the large sums tied up in
the mid-year settlements.
Review and Outlook.
In the stock trading there was the
usual reselling by professionals oper-
ing of the demand from the short
interest upon which the recovery had
been largely dependent: and finally,
the unwillingness of the solid ele
ments which had stemmed the tide
of liquidation-small outside invest
follow prices up. Under these cir
cumstances a general falling back
was not unexpected.
There were people in the street
today who thought 1t significant that
q man who has been credited
with operating the recent pool In
Wabash preferred A Just lately left
for Europe, and that coincident with
his departure there were signs of
selling in the stock. Presumably
this was liquidation, the story went.
So far as earnings of the road are
concerned, the Improvement in oper-
atiOns has been quite marked.
Two examples of the way the
street has paid scarcely any atten-
tion to values during the recent un-
settlement in the market have been
furnished by the Brooklyn Rapid
Transit stock and the Steel and Tube
preferred issue. The former lately
has been selling seven points below
the amount actually paid on 1t in
cash on account of an assessment.
while Steel and Tube preferred failed
to reach 10. the price at which 1t
was announced IL was to be retired
under the plan Of sale to the Young
stown Sheet and Tube Company.
Prices Drop in Afternoon.
Scattered liquidation and bear pres
sure continued through the afternoon In
numerous directions. A striking fea-
ture was Missouri Pacific preferred,
which broke well below 80 for the
first time. where 1t was off 20 points
from the 1923 high. Disappointment
over earnings results for the road and
the abandonment of hope regarding any
early action on preferred dividends have
made the market in this stock vul-
nerable.
MARKET CLOSES wEAR