Evening star., 1923-05-01
MANY STOCKS HIT
NEW LOW PRICES
Bears Pound Weak Spots in
Another Day of Wild Sell
. ing-Some Recovery.
BY STUART r. WEST.

Special DIspatcn 10 Inc StaT
NEW YORK, May 1.-Many new
low prices were made in the stock
market today.
Steel common was lower than it
has been any time this year. Ana
conda, at 46, was within little more
than a point of its 1928 bottom. Many
railway stocks were either at or very
close to their lows for the year.
Cuba Cane sugar issues were es-
pecially weak. The preferred below
81 was off IL points from its high,
while the common was heavily sold
under Is. That the break in the
Cuba canes was not due to anything
new in the sugar situation was shown
by the fact that other sugar stocks
were comparatively we'll sustained.
Kelly Springfield. which had broken
sensationally at the close Monday.
rallied today over points in the first
hour and elsewhere prices rebounded
point or more. But toward midday
PRESSURE was renewed all through the
list and in the afternoon many stocks
made new lows
Bears Pick Weak Spot.
Bear traders were looking especial
ly for stocks in which there was rea-
son to anticipate no organized resist
ance. That was why they singled out
steel common. the coppers and the
rails egardless of the fact that these
undue activity in the recent specula-
tion for the rise could have been
charged.
AS a rule oil shares appeared to be
receiving better support. They were
not leaders in selling movement as
they had been on previous days.
Nevertheless, Cosden continued to feel
the effect of the denial that a deal was
on with the Standard Oil of Indiana.
this rumor having had much to do
with the advance across so. and Cen
eral Asphalt broke through Al.
igh-priced specialties like Dupont
end Stewart Warner broke badly un-
ner the fierce attack of the early af
ternoon.
Some Recovery Made.
II was not until midway through
the afternoon that the stock market
developed real tendency toward re-
covery. Copper stocks which had been
very weak in the forenoon did a good
deal better after the statement by the
president of the Kennecott Copper
outrunning production. despite the
falling off in the European demand.
This took the edge off bearish senti-
lnent created toward the copper
shares by the recent easing in metal
prices. 1t was also another proof of
how little the early decline had taken
into account actual conditions of out
side business.
Kennecott. IT appears. is earning
its full So dividend from the revenue
Of it's Graden holdings alone Taking
all sources of income into account,
the dividend is being covered twice
over. Steel common. which had
dropped below 103. had fair rally
Studebaker came back readily. and
Marland was the best supported of
the oil group. New York Central
rallied above 90. after selling below
that figure for the first time this
year.
Stocks at New Lows.
To say that the market in its cam
paign Of February and early March
had overdiscounted the return of bus
mess prosperity was doubtless true.
but at today's low points many stock s
We're selling at their low prices of
the year and these were stocks repre-
senting Industries which have born
their full share in the forward move
nlent of trade. In other words. In
quite part of the list, stock ex-
did before the extraordinary business
expansion Of the first three months
of 1923.
The exceptionally good first quarter
earnings of Mack Trucks, reported
officially today had been fully an
its largest earning capacity in the
last six months. and it is said that
the second and third quarters Of 1923
will prove at least equally as good as
the first. Naturally advancing costs
will be as much of a factor in the
Mack situation as In other industrial
concerns, but increasing sales will
probably offset this.
A five-point opening drop in Rock
Island Z per cent preferred and fur
ther weakness In the common below
80 today, were due not only to the
general selling, but also to the poor
March earnings which showed an
other deficit.