Evening star., 1923-06-25
SHARP DECLINES
IN STOCK MARKET
Chandler Leads Break il
! Motors-0ther Leaders
; Also Join Slump.
BY sTEUART p. WEST.

special Dispatch 10 Il ne Star.
NEW YORK. June 25.-The decline
on the Stock Exchange today began
with a sharp attack on the motor
stock. The success which attended
bearish efforts in this quarter en-
couraged their extension to other
parts of the list and prices yielded
all around
The alleged reason for the weak
ness in the motors was that in order
to meet the accustomed falling off in
business during the second half year,
price cuts now announced by few
would eventually become general.
A very poor market was found for
Chandler Motors. The stock had
closed on Saturday at 5SSs. 1t
broke from SO to al between sales
at which figure 1t was down nearly
points from the extreme low or last
week. Rumors about the security of
the Chandler dividend are familiar
at this time of the year.
Dividend Called Safe.
A banking interest close to the
company said today that they were
just as ridiculous now as they had al
ways been, that Chandler had already
stock, against it's So requirements for
the entire twelve month, and that
from present indications it would
show for the full year between S12
and SIS share. Attention was call
ed to the fact that the company has
no debt and that it would carry a
substantial cash balance to surplus
account at the year end.
The fact that a statement so auth
oritative and SO reassuring should
have had such little effect was another
instance demonstrating the lack of
public interest in the market.
Studebaker Under Attack.
Studebaker was also under heavy
pressure, making a new low for the
inside of Studebaker financial opera
tions have not abandoned their
opinion that a nextra dividend will
be voted in July, but the street for the
most part does not share this antici-
patton.
Corn Products continued to feel the
removal of the immediate speculative
incentive which came with the declara-
tion of the extra dividend on Friday.
Traders We're bearish on this stock on
the ground that it had not borne it's
part in the general readiustment. Mer-
camille Marine preferred made new
low record. and even the sugar stocks
finally gave way with the rest. BY aft
ernoon the leaders among the indus
trials were off to points, and the
rails point to points.
Coppers Hold Fairly Well.
COPPER stocks gave about the best
account of any group. although there
was no announcement in develop
ments of the day in the copper mar
ket. Anaconda, after getting below
Al, rallied and along with Kennecott
was well sustained around the Sat-
r--Ip
lated in the afternoon that the Ford
Motor Company was about to an
nounce a price reduction, but the story
originated in speculative quarters and
not much credence was given to 1t.
The fact that General Motors and
Hudson held steady all through the
break in Chandler and Studebake er
'howed that 1t was the market posi-
ion of the latter two stocks rather
han any general concern regarding
ne motor industry which was back
of the selling.
Railway shares went off quite as
easily as the rest and showed little
buoyancy when prices came back
moderately in the general list in the
late trading.
Bethlehem Steel Strong.
Reports reached the street today
that the business of Bethlehem Steel
Company has shown marked i'm
provement during June and that bet
ter earnings are indicated than had
previously been expected. The feel
Ing was that the IS dividend Is Sc
cure. Earnings in March were at a
rate sufficient to cover dividends and
April and May were said to have ex-
ceeded the March results.
In the opinion of some Interested
people that if Baldwin Locomotive
does S105,000.0OO business in 1929 as,
tney say, now seems possible, the
company's net profits will equal the
record OF five years ago, when over
AZ per cent was shown on the com
mon stock. There is talk in some
quarters of important developments
believed to be impending in the Bald
win situation
selling In the weakened cotton mar
kets was partly speculative reaction
from the rebound in the latter half of
last week, and partly better reafiza-
tlon that recent weather conditions
nave been exceptionally favorab BILE for
Ine growing crops. In the other
markets copper was dull. with no in
oicatlons or an immediate movement
either way, but sugar was notably
strong again.
Foreign Exchange Moves,
sterling, francs and lire all went
somewhat lower, but marks were
steady. They were quoted around
Ido.ooo r to the dollar, as against the
not signify that opinion regarding
the German currency outlook had
uIndersone change for the better
~ Simply was due to the partial sus-
pension or trading in marks until
the latest moves of the German Gov
eeiLnihent I'm with view to stabiliza
tion are better understood.
An experiment along the line of
establishing fixed valuation fnr ~ :
mark in tax and wage payments
would undoubtedly fail In the end IN
Germany as 1T failed in Austria. Rnt
ns, ons otnsr expedient suggested in the
cable advices of the last few davsW
namely. that dealings in paper cnr-
rency and the giving out OF officja1
quotations are to be confined to Ger
,in TAN specihed banking institutions
might conceivably have some tenno.
rary effect at least upon the nomipa
market price Of German currency.
MARKET CLOSES WEAK