, 1923-05-04

STOCK LOSSES
ARE RECORDED
Unsettled Opening Turned
Into Decline by Big Selling
Movement.

NEW York. May 4.-Heavy sell.
ing by professional short interests
again undermined today's active
stock market. forcing many OF the
leading issues to new low levels for
the year. Industrials sagged one to
hve points and railroad shares one
TO three points below yesterdays flnal
figures. The closing was steadier.
sales Appropriated 1850, 900 shares.
NEW YORK. May 4-Speculative
sentiment was still unsettled at the
opening of today's stock market. In.
iial transactions showing highly ir.
regular changes. Selling pressure was
against a number of spec.
ialties, Stewart Warner breaking ~
points and National Leao dropping
a point to a new low record for the
year. Consolidated Gas yielded III
points American Can advanced IL
and Crucible and Gulf States stee.s.
aldwin and Pacific OH made moder.
ate recovery from yesterdays heav-
mess.
Boar traders launched another
heavy attack shortly after the open.
ne. touching off another large vol.
ime of stop loss orcers. Stewart war.
1er extended It's break to IL points.
touching 81. New low records for the
year were made by United States
Steel, Missouri Pacific preferred. Pa
,fic Gas and Electric. Western Tn.
N and American Metal. Atlantic
cast Line dropped III to 11oM. Du--
~oiicating It's previous low. Losses of
! to nearly 2 points were recorded
by Brooklyn Union Gas, Savage
Nrms. General Electric. Mack Truck
ron Products, Transue Williams,
reynolds Spring. and Famous Play
srs. DUPONT and Timken Roller Bear
ng were each UP one. Foreign ex.
shanges opened irregular. Demand
sterling dropped Il of a cent 10
'4.e2S an othe French gains 8 points
20 6.6e cents. German marks were
luoted at .oo27K cents.
Operations for the short account
were conducted with marked success
Turing the morning but tho bears met
tn resistance when they attempted
% further recessions in pivotal
'tocks. Equipments. food and motor
6AoACo SAtlaCQ 10 b6lllnR
pressure but good buying support
a apparent in the oils. Independent
steels. copper and certain railroad
shares. Additional new low records
or the year were made by Baldwin,
American. Locomotive preferred,
american Car, Marine preferred.
american Sugar. Standard Milling,
Consolidated Cigar. american Ice,
american Zinc. United States Alcohol,
Mathieson Alkali. American Hide and
leather preferred and keystone
Tires. Otrer conspicuous weak spots
We're Postum Cereal and stromberg
Carburetor of 3 and az points re-
.s~pectively. Call money opened at AZ
e cent.
Representative railroad shares
were engulfed in the active selling
movement which broke out again af.
ter midday. Canadian Pacific and
Union Pacific dropped 8 points and
other shares 1 to 2. Semi-demoralized
conditions prevailed for some OF the
specialties. Stewart Warner dumping
1917 points and American Tobacco,
Marine preferred. Atlantic Gulf and
West indies, Beechnut packing,
stromberg Corburetor. American lea
Underwood Typewriter. eastman Ko-
dak and Mexwell Motors "A" 3 to 5n
points. Low prices for the year were
registered by a large proportion Of
the list on the break.
Short covering operations by bear
traders and purchases by so-called
bargain hunters brought about a
rally in some parts of the list in the
hour, DUPONT. Stewart Warner
and American Can making good re.
coverios from their low points OF the
day.