Evening star., 1923-07-30
MANY STOCKS HIT
NEW LOW MARKS
Selling Pressure Exerted as
Weeks Trading Opens in
Wall Street Market.
BY STUART p. WEST.

special Dispatch 70 The star.
NEW YORK, July 30.-The mar
ket this morning had another hour
or so in which there was heavy SELL
ing. partly representing response TO
additional margin calls over the week
end During the time it took for
these offerings to be absorbed new
low records for the year were made
in a number of important stocks. in
cluding United States Steel common,
Baldwin Locomotive, Great Northern
preferred, Northern Pacific and some
of the oils. Then the short sellers
started to take in their profits and
this along with some fresh buying
brought about for time an irregular
recovery.
Those who set store by averages
made point out OF the fact that the
level of industrial shares mad broken
through the low of the June decline,
while the level OF the railway shares
was very near bottom. Observers who
clung to a hopeful view claimed that
a $ prices reached this critical average
the same support which had turned
the market in the early part of the
month might be expected to reappear
1t was agreed that it would not take
much buying TO bring about an abrupt
change. but the public still is timid
and the large interests Indifferent.
Overland Preferred strong.
WHY'S Overland preferred attract
ed notice by sharp run up to 20,
even while the general list was most
unsettled. Attention was again Civ
TO reports that the company is
ing off the II per cent in accumu-
lated dividends on the preferred
shares.
The security markets were unset
tied again today. Foreign exchanges
went lower. Concern was naturally
felt over the illness of the chief exec
utive. but it could not be said that
this had a leading influence in the
operations of the day.
Practically speaking. there was
nothing in the over-Sunday news to
change the viewpoint on the financial
outlook in general. Predictions of
further outbreak in Germany were
not borne out. still there We're no
signs that the Berlin government had
taken effective measures to meet the
crisis.
Marks Go Lower.
The German mark took another vio-
lent tumble. but. inaSmuch as the
whole structure OF prices and wages
in Germany has now been arranged
TO accommodate itself 10 any iuctua-
t1ons that may occur in the money
unit. these daily downward plunges
no longer have the significance they
once had.
Sterling exchange was off nearly
cent in the pound and was down
cents from it's recent high The
drop N French and Italian currencies
was less.
The Studebaker report for the sec
ond quarter, due tomorrow, is expect
ed to show earnings slightly under
10 per cent on the common stock. as
against per cent in the first three
months. The feeling around the
street today regarding the dividend
was that only the regular 2la per cent
quarterly distribution would be made.
Senr~ Rnehuck tn Eron.------
The report from Chicago that Sears
RoebuCk would pay off at maturity
its outstanding Sl6,907 900 per cent
notes. due in october. without the aid
of new financing. attracted interest
today, Earnings are said to be run
ning around S12 to S14 a share. The
hope of dividends is not generally
held. although it is admitted that this
company is in better position than
II was year ago.
The announcement that the QUAR-
terly dividend OF the Pure Oil COM
pany had been reduced from so cents
TO 81 cents did not surprise the
ments in view of the current operat-
ing conditions is responsible for the
cut. and there were many who be-
lleved that other Independents might
nave TO take similar action.
II was learned today that no mat
ter what action id-Continent oil re-
hneis may take toward shutting down
their plants during August. produ-
GERS and refiners probably Will not
curtall its operations. This company
Is said TO have heavily oversold its own
gasoline and pending the completion
of its additional refining plants has
been buyer of outside gasoline to
fill its contracts.
Sugar and Cotton Weak.
New lows for the year were made
IN cotton options and raw sugar was
oHered at cents a pound But these
declines were of less Importance than
the latest commodity price index in
general. which showed that for the
hrst time since April there has been
an advance in the average during the
last week. This fits in we'll with the
testimony from steel and other indus
tries that new orders are beginning
TO pick up.
Ihe effort of the better buying at
the low prices of the forenoon com
menced to show more In the mark ~
of the last hour