Evening star., 1923-05-03
STOCKS SELL Off
|NLATE TRADING
Equipments and Sugars
Break and Send Other
Issues Downward.
BY STUART II. WEST.

BY STUART II. WEST.
Special Dispatch to The Star.
NEW YORK, May 3.--Two leading
features in the stock market today
were renewal in large way of buy
ing in General Motors, accompanied.
as usual, by a sharp advance in Du
Pont and better demand for some of
the railway shares.
1t has been said all along that the
people back of the market for Cen
strongest groups working at present
on the bull side. 1t was remarkable
that in hesitating general price
movement they could put this stock
above 17-almost to its high of the
season.
The dividend meetings Of General
Motors and Du Pont are scheduled for
later in the month. 1t is pretty we'll
established that the Du Pont dividend
will be raised from S. to So. and the
street is beginning to talk more about
higher rate on General Motors. At
least the data regarding current earn
ings and orders on hand would seem
to afford ground for such expectation.
Two Strong Rail Stocks.
The two strongest stocks in the rail-
Virginia and Pere Marquette. the
former making a new high for the
year, above AZ, and the latter cross
ing 20 again. This explanation. stated
before. ds that dividends are expected
in both instances and some are look
ing for a distribution on Pere Mar
Quette as early as June.
Sugar stocks were decidedly more
sensitive than on previous days 70
the agitation for restriction of buy
ing. This was particularly true of
Cuba Cane preferred and Punta
Allegro In the early afternoon a
sharp drive vas made against Stude-
baker. Baldwin Locomotive and
American Locomotive for no reason.
however, except that these stocks had
suffered relatively less than the aver
age of their class in the recent de-
cline.
The sudden drop of TO points in
Baldwin Locomotive. American Loco
motive and Pullman. and a further
and more violent break In the sugar
stocks were the two upsetting hap
penings of the afternoon on the stock
exchange.
Sugar Stocks Break.
Offerings Of the sugars found a
of Cuban Cane preferred. This stock.
which had closed Wednesday at Sc.
was steadily pressed for sale, until
large stock orders caused drop be-
tween transactions from SO to 81 and
still lower prices later on. Punta
Allegro. breaking through so, was off
10 points from the seasons high.
Cuban American common was not
quite az weak, hut was down at one
time nearly points.
While the midafternoon decline was
general. there was no great amount
of weakness outside of the two
groups mentioned. Du Pont came
down points from the forenoon
high. and there were losses of a
point or . points in other OF the
more sensitive industrials.
Railway shares. however. held up
better and so did the coppers. Spe-
Kennecott and Utah Copper, and Steel
common touched a new low at 102h
but, despite this, was much better
taken care of than on previous days.
Little Attention to News.
The stock market again today mov-
outside news. Some special weak
ness in the sugar stocks might have
been connected reasonably enough
with the campaign to curtail sugar
itself expressed no alarm; it was
scarcely changed either for actual
sugar or for the speculative options.
Elsewhere the stock exchange
trading was given over pretty largely
to further experiments designed to
show whether or not the readjust-
ment of the speculative structure had
been completed by the severe decline
at the outset of the week.
When the first 25 cents per barrel
oil three weeks ago. 1T was the signal
for a rush to sell the oil stocks. A
second wave of selling followed the
first ten-cent cut in mid-continent
tion of this in Wednesdays market
when the second cut was announced
in the mid-continent territory nor IN
the market today when the second
25-cent reduction was made known
for the Pennsylvania fields.
OIL Trade Outlook.
This may have meant that the oil
ure such effect as the recent price
cutting may have upon company
earnings, or it may have reflected
confidence that efforts to restrain
shipments of the low-priced Califor-
MIA product will attain their purpose
OF correcting the overproduction In
the oil trade.
Figures issued by the American
Petroleum Institute show that a good
deal has already been Accomplished
For the week ending April % receipts
OF California oil at gulf ports and on
the Atlantic seaboard dropped to a
daily average Of 146.285 barrels,
against the daily average Of 225.ooo
the week before.
Francs went lower at the start. but
rallied subsequently. A sharp reversal
was shown in the latest bank Of
France statement from the defation.
ary movement in note circulation
which had been going on for nearly
month. The French government has
again had to increase it's BORROWINGS
IN the unusual sum Of 100000, 900
francs and this has been accompanied
by an increase in outstanding paper
currency of nearly o0000,oo0.
Oils Join I'm Decline.
The gerekSl list had held compare
lively steady until the middle OF tho
afternoon. Then tho extreme weak.
ness IN the sugars and equipments be-
gan to affect the rest of the mark ct
and prices came down ali around.
The oil shares, which had resisted at
hrst the unfavorable news OF the
price-cutting. were finally drawn
down with the rest.