Evening star., 1923-06-15
FURTHER SELLING
HITS OILS HARD
Rubber Shares Also Score
New Lows as Bears Re-
sumo Attacks.
ny STUART p. WEST.
speciaI Dispatch 10 The Star


NEW YORK. June 15.-Today's
stock market the greater part Of the
time saw the same sort of thing
Eoing on as on Thursday. Profes-
oional sentiment was overwhelming
Is bearish. not for any solid reason
that could be adduced regarding
general conditions, but simply be-
cause for the time being 1t was
easier to get prices down than to
get them up.
Oil shares as group were not
quite as sensitive to attack as they
had been on the two preceding days.
But a number of them made new
lows for the year.
The rubber group was again under
fire. with new lows for United States
Rubber and Kelly-Springfield. and
particularly heavy selling in Key
stone. Representatives of the tire
trade refused to commit themselves
on the question of whether there is
10 be a price-cutting war, but the
street is looking for the other tire
makers to follow the example of the
FireStone.
other Stocks Driven Down.
No careful discrimination, however
was made in the days market be-
tween stocks representing industries
that are not doing as well as they
were earlier in the year and stocks
of companies that have not expert
enced any setback. Thus Interna-
tional Paper was driven down under
40, to its lowest of the year, although
the news print business Is known tc
have returned to a profitable condi-
tion with the higher price scale an
nounced three months ago.
Dawson Chemical distinguished it.
self by running up for time quite
violently. against the general mar
ket. Inasmuch as no pool would have
picked out depressing time like this
morning to operations for the rise
the jump in Dawson was set down
as real buying, quite likely based
upon progress in the reported nego-
tiationS for the disposal of the
Southern Well Bought.
The steadiness in the railway
shares was noteworthy throughout
Southern railway was quietly bu
persistently taken around 81. New
York Central under 103 and Atchisor
son, a per cent stock, should have
drawn level with New York Central
a per cent stock, indicated the be-
lief that the former road viii follow
the example Of the New York Cen
trail and put its stock on Z pei
cent basis.
California OIL Situation.
In face of the pessimism regard
ing the overproduction of crude oil
In California as we'll as the mid
continent districts and the recen'
weakness in the oil shares. some en-.
couragement was given to holders OF
these stocks today in the report thai
the peak of output on the Pacific
coast could be looked for shortly. II
was said that a large refinery has
been taking all oil offered lately ir
the southern California fields. More
over, there have been cancellations OF
tankerage and storage facilities. The
greatest gains in crude oil production
have been in the California district
despite the fact that not long ago II
was reported that some of the flusf
production was to be shut in.
May Department stores Strong.
May Department Stores held GROUND
time substantially above the previous
days close and almost to its high fol-
the year. This stock has been well
supported during the recent selling
of the industrials and is one of the
comparatively few the market action
of which has fitted in with good
earnings reports. 1t is expected tina,
the dividend on May Department will
be increased from the present IS to
Sc annually. Like Woolworth
ed the prosperity in the chain store
business in the past several months
In the stock market of the day II
was another case of professional op-
orators, in the absence of buying by
outside investors and the lack of any
concentrated support from the inside
pursuing their experiments with Of
fering prices down.
Forced Selling in Oils.
Some weak accounts were appar-
emily forced out in the oil stocks and
in the rubbers. Both of these rep
resent industries where there has
been considerable decline in prices
of the raw materials. and where the
question has been opened to what
extent this will compel inventory write
offs.
For a time being at least, the fall
in the German mark was arrested,
but the decline continued in French
francs. These latter, selling around
S34 cents, had lost two-thirds Of the
gain which occurred three months
ago. just prior to the floating of the
new internal loans. They were down
los cents from the years high, in
January, and up only three quarters
of cent from the extreme low, in
the second week of April, which also
was record low.