Evening star., 1923-07-11
BEARS PUSH PRICES
/ follower LEVELS
Raids Prove Success Due to
Lack of Buying Support.
| Exchanges Stronger.
BY STUART r. WEST.

Special Dispatch to The Star.
9 NEW YORK. July 11.-Prices went
4 lower again on the stock exchange to-
f. day. but it was not the same sort OF
declining movement that characterized
. the last three weeks of June. In that
period the volume of trading was much
heavier. 1t included lot of real liqui-
dation from overburdened speculative
. sional selling. But today there was very
little stock coming from actual holders.
Where prices went down 1t was because
traders were encountering no effective
opposition on the buying side.
Steel common was driven down below
30, partly in further reflection of the
decrease in untitled orders, which was
so much larger than expected, and part
ly because of the proclamation by the
American Federation of Labor that ii
intended to make another effort to un-
1onize the steel mills. These efforts fail
ed in 1919 and 1920 because the large
majority of the workers appeared salts
fed with their status under the open
shop.
Sugar Stocks Tumble.
That Cuban raw sugar had sold be-
low cents for the first time since
the rise was checked two months ago
HdO not Deen appreciated at the CLOSE
of buSineSSS last night. This morn
ing the sugar stocks were promptly
offered down again. At 46 Punta AL
eyre was nearly two points under the
Tuesday close and over five points
under the Monday close.
The street quite ifnored the fact that
the Cuban producers have disposed of
three-quarters of their crop at good
prices and are not materially affected
by fluctuations in the price of their
.tl
stocks on their hands, are the ones
that are being hit.
Bears Attack Baldwin.
- Baldwin Locomotive was a special
= object of attention from the bear ele-
: ment. but there was no pretense of
declining business. orders on the
books of the locomotive companies
no prospect, with railway traffic
breaking all records. Of there being
any let-up in the demand for ears
and locomotives. Baldwin can be
manipulated ver.r easily. either up
or down.
Among specialties General Asphalt
made new low record and Mack
. Trucks was off points from the
Monday MONDAY high high Selling of Burns
Interests closely in touch with the
company explained Tuesdays sharp
decline s due to delayed Iquida- :
tion of speculative accounts that had
not been thoroughly cleared uD dur
ing the June decline.
Financial Review md Outlook.
: The dominant impulse in the
markets today was to await Thurs
days speech of the British premier
on reparations.
So far as the various price move
mentS were concerned they testified
TO a more hopeful feeling in financial
circles that the British program for
dealing with Germany will not in
Nolve an open break with France.
sterling exchange advanced over a
= cent and was up nearly cents from
last weeks low. French francs also
iTegained the ground lost during the
last week. Italian lire and German
marks rallied moderately.
/. With the exchanges and govern
sment bonds holding up SO well, there
plexities entering as an acute influ-
ence in the stock market of the day
AS matter of fact the fluctuations
In stocks meant nothing more than
either on the buying or selling side
and that professionals were expert
menting as to how far they could
offer prices down without taking too
many risks.
Miami Copper Developments.
: Word has just reached the street
of important developments at the
mines of the Miami Copper Company.
The reports indicate that the com
spany has struck perhaps the richest
copper ore yet discovered on that
property, and 1t is the opinion of
people who know most about the
matter that it will be reflected ulti-
-mately in higher earnings and in
creased dividends. The high grade
ssulphide ore just discovered is said
of any at the old ore bodies of the
company. Miami pays 50 annually
sfn dividends.
: After Yesterdays decline in the
displayed today, and it was at
.tributed quite generally to the con-
aditions in the industry itself. The
strouble seems to be chiefly in the
refined sugar market Cuban raws
sold down below cents a pound to-
day and the refined product was at
its low levels of the first two days
of the week. There is reported to be
only 100000 tons of raw sugar still
.unsold in Cuba and the leading pro-
fducers there are said to have sold
approximately three-quarters of their
1923 harvest.
Il. However. refners, who bought
rather heavily some time ago and
Inelted the raw product. now have
large stores of marketable refined
sugar on their hands. Consumption
has been much smaller than expected
and the outlook for the refners is
admittedly poor.
s. Public Participation.
:. large Broadway wire house in
fits market letter today said: 1T
As pretty difficult to get anybody to
'take a market like this seriously and
I'VE believe this lack of public parti-
cipation is itsslf a market factor of
considerable Importance. In Feb
1ruary ard March when the mark ct
was going at a pace of million
.and a half shares a day and stocks
were 20 points higher, severl large
houses saw days when their own
volume of business handled exceeded
100000 shares. Today, after three
months of decline the total volume
.done by all houses put together is a
s1fttle more than three times that
samount. This comes pretty near to
representing the nearest approach
possible to utter absence of public
Interest in the market"