Evening star., 1923-04-28
)|LSAND SUGARS /
ARE [HEAv|LY'SOlD
Stock Price Reactpnary:: in
Today's Two-Hour Wah
Street Session. :
BY STUART l.. sNEST.

1cclal DiSnatch 10 | ne star.
NEW YORK. April 2S:-Oil shares
md sugars bore the Grunt os the
:scllng on the stock exchange today.
there seemed to be, hoS;ever, rather
better support for the coils as: they
reached tl.eir low levels
Large bl5cks of Cosdesl We're :taken
~ 30, after which the stock CALLED.
''he same was true of Marlan6 after
II touched Is. and of Phillips petro-
;rum. which went dow,a a point and
- half and subsequently, retraeed the
.reater part of the losS5
The extreme weakness of Virginia
arolina Chemical preferred and the
'.w low Tor the American Cotton
ills were rot the reSdlt of general
market conditions i'll aAy way. They
= ere rejecting a special situation.
where earnings are peor. with little
nope of. improvements so rsuch so
hat there has been co=lsiderisble dis
"usSion as To whether cap5tal ac-
COUNTS of such compa5ies o:ght not
-" be adjusted to < perilanently
,oWer income.
Rally in Final Grading.
The sugar group als9 rallied in the
."cond and last hour CUBA Game pre-
"rred under 60 was OFF more than a
lint at one time; ,P'9nta AEegre and
line of point B,st these losses
We're substantially reduced in the
anal trading.
steel common at 1855 vas off a
r'"int. but il, too, recovered. Bald
in Locomotive and american Loco
.,otive both acted well. one of the
f"atures was the strength: of Gen
nlal Motors at 11l., which. followed
:hc upbidding of bu .Pont TO new
Ugh. The pool in A'uyaalel Fruit
made a good showing, backed by re-
,nrtS that dividends Nill soon begin
at the rate of either s., or 81 share.
Little News i'm Oil Trade.
Nothing really fresh happened to-
day in the oil trade to explain this
selling one or two 6ther companies
followed the lead of the Standard Oil
- New Jersey. and r&ducosi gasoline
prices. but these vera i'll CHE nature
If local adjustments. and Eere not to
he regarded as new :utS. The real
"eaSon why the oil sto7'ks should have
hrcn more sensitive than :the others
u the market of the last two weeks
- that, they were the last to resist
the reaction which seq in an the gen
raj market the middle 5of March
Their strength. while. the rest of the
list was SagcinG. attFacted COM
raratively large outside following.
and consequently Their market posi-
ZION was weaker than th5t of other
stocks.
Traders working or. tho short side
tried t" make capital also out of the
effort to start a huyetS' Ssrike in the
sugar trade. SuGag sGocks were
driven down a poinG or: more. and
both raw sugar quotations and sugar
futures went lower. But neither in
The sugar market nor ils the stock
market were the overnisAt incidents
taken seriously.
Fisher Body'< Outlook.
The earnings Of tie Fisher Body
'"' the fiscal year ended April 80. are
..Nrectcd Ia total well above $93 a
"hare on 900 shares of common
stock against about half that amount
IN the previous fiscal period. The
corporation in its fiscal year will shin
more than 100000 bodies. against
i5S224 in 192I.sand 32S.%1S in 1920,
the best year previous. II is fully ex-
lrected that the company in the fiscal
ear ended April 80. 1924. will ship
something like 100000 bodies. which
compares with a producing capacity
completed.
Studcbaker I'm Tumble.
The market closed with the tendency
rather mixed Steel common ending at
its low Of l0J. Crucible Steel was
" eak and Studebaker came down
sharply under selling by traders who
We're afraid that after all the direc-
tors might not vote an extra dividend
at .the MEETING Monday The better
support in the oil shares continued.
however and in the majosity OF other
stocks the final tone was steady.