Evening star., 1923-06-06
Stocks DOBEST
I'm FINAL HOUR
Sugar Group Again, Active.
/ Steel Crosses 97-Some
Special issues Weak.
BY STUART p. WEST.

Special Dispatch to The Star.
NEW. YORK, June 6.-The stock
market had to face the test of nu-
mereus weak spots developing in
special issues today. 1t bore this test
in the main pretty we'll.
A half dozen or so stocks, including
principally. some of the oils, were
driven down point to two points
but without evoking any responses
to speak of in other directions.
Announcement of the intention to
lower the dividend on Pure Oil from
a SO to a $3.50 basis was followed by
a break of nearly three points in the
stock to a new low for the year. This
is clearly enough special case
where more capital is needed in the
conduct of the business.
Other stocks, Also Drop.
The action furnished the provoca-
tion for further attacks upon other
oils like General Asphalt, Mexican
Seaboard and Texas Pacific Coal and
OIL The last named sold at the
lowest yet touched since ii was adj
mitted to the trading list three years
ago. ..i
1t was a matter of note that the
weakness in these particular oils
did not extend to the entire group,
Marland. Cosden and Producers and
Refiners were distinctly better
New York General was the leader
of the rails, the street feeling quite
confident of an increased divided at
the coming meeting. The spectacle
of this stock above par again failed,
however, to arouse much interest In
other rail stocks.
Special weakness continued in In
ternattonal Harvester, but without
influencing the rest of tho market.
Leaders Come Back.
The more active stocks. like Bald
win Locomotive and Studebaker
American Can and Steel common were
of half point to a point in the
they apl: l:Sarud to have run into ef-
fective support and came back read
lily.
The outstanding incidents in the
financial situation today lay outside
the stock market.
There wa., nothing particularly sig
nificant about the stock exchange
movement, except that 1t showed, the
same as on previous days, the pres
ence of strong forces back of the ex-
listing price level. No attempt was
made to arouse interest in any i'm
mediate prospects of another general
upward swing. This will. have to de-
pend upon later developments in the
business world and in the harvest
states
But the market still refused to be
Influenced as 1t was month age by
the outcropping of weakness In indi-
vidual stocks.
OF far greater interest than any
thing happening in the share list was
the latest figures on railway car
loadings covering the week ending
May 26.
The last hour was the liveliest part
OF the day. 1t was then that steel
common drew across 81 and that
Baldwin Locomotive, American Loco
and other leaders made their best
showing. The sugar group came tu
life for the first time in several days
May Department stores.
May Department Stores has ad-
vanced recently for apparently no
fall the dividend will have been in
creased to s6 annually. Earnings
amply justify such an increase. In
the western properties of the COM
pany particularly, profits have gone
ahead substantially this year and
May has been discounting the i'm
provement which has occurred.
Private dispatches were received
in Wall street today regarding the
situation in Federal Mining and
Smelling and that was reported that
company have been buyers of the
stock lately. Federal Mining prefer
red today was more active at higher
prices following its advance on Tues
day, but was still only a few points
above the low of the year. 1t Is said
that the preferred dividend is being
earned twice over