Evening star., 1923-06-19
STOCKS IN RALLY;
SOON LOSE GAINS
u. S. Steel at New Low.
Other Leaders Break-Good
Trading in Rails.
By STUART p. WEST.

Snecial Dispatch to The Star.
NEW YORK, June 19.-1t took an
hour or more on the stock exchange
today for the market to get over 'he
effects of Mondays severe shock.
Naturally a break of to points III
a single day had undermined a great
many speculative accounts ana hao
compelled pools and individual trao-
ers to throw over their holdings re-
sardIess of any question of what
stocks were worth. This was the
sort of selling in progress at Moi
day's close II continued at the open
ing TODAY and kept on in parls vi
The list throughout the forenoon. Sut
In +he leaders. like the SteelS. equip
ments and motor shares. a better ap-
sorptiye power appeared, ana iatei
on made itself felt. ,a,.
Scare rumors about various houses
being in trouble had followed In lne
wake of Mondays decline. the DaSe-
Icssness of these stories was fuily
established by the statement ol ti''
president of the stock eNcnahse'
who reported that tn" business CON
duct committee had found. that there
vas not the slightest weakness apoi'
the firms whose names were peihs
banded about.
More Forced Selling.
Forced liquidation continued, how
ever. in many directions and kept
the market unsettled through the
eerIy afternoon. On the heels or tne
statement by the Marlaad Oil preSl-
dent that his company was earning
dividends three times over Marlahu
stock broke badly. Many holders
had figured that. in view or the rae.
been made at 40. the price would Iot
be allowed to break through thls
level When the anticipated support
did not appear and Mariana uroppeu
below the 40 figure. there was
rush of selling. which carried 1t down
another . points. The oil group as
whole had harder work rallying
than the average elsewhere.
Rail shares Taken Up.
When the first check to the selling
on the stock exchange came early To-
day two railway common stocks
stood out rather prominently, as they
had on previous days in the recen
trading. They were Southern ran
way and Baltimore and Ohio. and peo-
pie who continued bullish on these Is
sues, as well as other members or the
railway group. such as New York
Central. Atlantic Coast Line and Erie
first preferred. based their confidence
chiefly upon satisfactory earnings.
Gains Quickly Wiped Out.
Midway through the afternoon rep
resentative stocks had rallied as much
as ll2 to points. But this recovery
invited fresh selling at the beginning
of the final hour. and these gains
were quickly lost. Steel common
made new low, the weakness in
Crucfble Steel continued, and Bald
win Locomotive. Studebaker and the
other trading favorites came down
again. Standard Oil of California,
which had held up conspicuously on
the preceding day, was finally swept
down below so under wave or sell
ing. Marland Oil was off nearly 4
points.
Mark Collapse Halted.
In the other markets outside the
stock exchange there was the same
irregularity of movement. but with
out the acute pressure of the pre-
vious day. During the greater part
OF the e'me cotton was inclined to
rally, while wheat was undecided.
Some recovery occurred in sugar
futures, but crude rubber was weak
again. The collapse in the German
mark was halted and the decline in
French francs was not resumed.