, 1923-05-01

STOCKS TOUCH
L0WERLEvELS
General Selling Movement
Causes Sharp Decline in
Afternoon.

NEW YORK, May 1.-Profession-
al bear operators succeeded In bring
ing about a secondary reaction in to
days more active stool market but
the usual market leaders showed bet
ter resistance to selling pressure. Sew
eral weak spots were developed, how
ever. notably Union Tank and Strom.
berg Carburetor. Professional ssnti-
ment apparently continued bearish
but some good Investment buying was
reported at tho lower level. Sales
Appropriated 1900, 900 shares.
NEW YORK. May Inability or
unwillingness to meet the flood OF
margin calls sent out by Brokerage
houses after yesterdays sharp re
action in the stock market resulted
in a further selling pressure at to-
days opening with a resultant decline
n prices. Marked h~eaviness wa
shown by several Independent steels
motors, OILS and industrial sp~ecialties.
WHY'S overland preferred dropped
2 points. electric storage battery TX
and Columbia Gas and Republic Steel
l each. Kelly Springfield rallied az
pc nts from yesterdays close and
Sears Roebuck III.
Prices made an irregular recover
n the later dealings. Baldwin, stude-
baker. Stewart Warner Speedometer,
Corn Products. and U. 8. Alcohol. al
sold l to 2 points above yesterday s
closing prices. Several additional
weak spots developed, however, Cuba
cane sugar preferred dropped az
points and Adams Express 2. Among
the rails Canadian Pacific showed a
moderate gain. while Southern Paci
&c, Baltimore and Ohio, and Louis.
vile and Nashville, yielded fractitn.
ally to selling pressure. Trading in
foreign exchanges was light because
of the holiday abroad but opening
rates showed a firm tone. Demand
sterling advanced q of a cent to
s4.63K and French francs advanced
2 points to 6.T6 cents.
The irregular price movement dur.
ing the morning session reflected
considerable nervousness on the part
of many traders. While there was
no evidence of the drastic liquida.
ton that took place yesterday, the
IiAdttIi ItCtStluUS IN ttNeFAl 1nQl
vidual issues whose following ordin
arifF is not large clearly indicated
forced selling. The usual leader.
snapped back in response to shor.
covering operations. Kelly Spring
field. which dropped nearly sever
points Yesterday recovered more thar
half of Its loss before noon. Trad
ing in the first hour ran well owe
400 900 shares but the volume O
sales decreased when the initial sell
ing orders had been absorbed. Tn
derwood Typewriter dropped 81
points. Hartman Corporation az and
Dawson Chemical 2. Chicago and
Northwestern and Canadian Pacific
led the irregular recovery In the
rails. Call money opened at SIX per
cent but eased off to 5h in the sec.
ond hour.
Yesterdays lowest prices were eI.
ceeded by a considerable number OF
stocks after midday when the mar
ket underwent another sharp sink,
ing spell. United States Steel dropped
to 1929. its lowest figure OF the year.
Stewart Warner sold 7h points un-
der yesterdays final. figure. while
DUPONT, Simmons company. United
Drug, Texas and Pacific and Math
Alkali yielded 2 to 3 points. Distribu.
ton OF supporting or6ers caused some
late fractional recoveries.
The closing was irregular. The II
nal hour witnessed some decided i'm
provement in prices. Lower money
rates and buying on the theory that
the decline had remedied technical
conditions caused the upturn.
Baldwin, ~Studebaker, Gulf States
Steel. Utah Copper. California Petrol
cum and Pan American led the rally.