Evening star., 1923-05-02
FURTHER HEAVY
STOCK SELLING
Market Today Also Shows
Signs of Good Buying at
New Low Levels.
BY STUART u. WEST.

Special Dispatch to The Star.
NEW YORK. May 2.-Opinions diff
fcred widely as business on the stock
exchange started today. but 1T was
generally conceded that Tuesday
enormous turnover, accompanied as
it was by considerable weakness in
parts of the list, was just the proper
setting for important accumulation of
stocks to take place. Unquestlonaoly
there was a great deal of such buying
Tuesday and again today.
The report OF another ten-cent cus
in Mid-Continent crude OIL brought
some fresh selling for time into
the oil shares. notably CoSuen. but
in the end it did not have amy etfect
either on the oil shares or on the
general market. The best Judgment
in the oil trade is that peSsimism re-
and price cuts upon company earn
lnSS has been overcome.
steel Weak; Sugars Firmer.
Steel common was driven down to
a new low, but il may well have
been that special pressure was belnS 4
brought to hear upon this stock In
order to facilitate short covering III
other directions.
1t was noteworthy that the sugar
stocks We're no longer sensitive to
adverse trade developments. They
were we'll sustained from the start.
despite the fact that transactions in
Cuban raws We're being made at 6 Il
d pound, as against the recent high
Of 65s
Kennecott Copper continued to feel
the reassuring effect OF the statement
by the president that the SO dividend
Was being covered twice over. Con-
solidated Gas was bought on Increased
@iviucnd talk and pittsburgh and
West Virginia had the unique dis
tinction OF equallinS the season 5
high IN expectation o1 its going cn q
dividend basis
WOoIworth IL Feature.
The pool in Cuyamel Fruit took care
OF its speciality. High priced indus
trials with a narrow market, such
as General Electric and Woolwurth
rallied as easily as they had come
Gown.
The outstanding strength in Wool
worth today was feature. 1t is un-
derStood current earnings are approx
mateIy - per cent higher than they
were last year. Instead of declaring
Il stock dividend in 1922 as anticl-
pated. the company wrote down its
inventory. Still there is a feeling that
Il Split-up is coming, but when, no one
can say.
The action of the market today
tended to confirm the view that the
recent decline has been due tar more
10 inside than outside causes, that it
has been the clearing up of a weak
speculative position, rather than an IN
dicatlon OF any cnangt i'll important
quarters regarding the business outlook.
From practical standpoint the
most noticeable feature was that
whereas for a month past the mark ct
has ignored favorable trade news and
laid emphasis on all that was unfav-
"rablc. that it has completely reversed
this attitude
Call Money Lower.
With government Withdrawals upon
the New York banks completed, call
money went lower. The renewed rate
was dropped from So, To ia per cent
and loans for the day only were made
in the afternoon at 4 ". These f1uctu-
ationS in the call money market, how
ever. have ceased to have any intiu-
ence on speculative conditions. let
alone the investment market.
German marks rallied later in the
day but not before they had dropped
below the 80 level. The forecast of
a new reparations offer of 30.000,O0O
gold marks to be raised through for
rign loans, secured by the entire in
dustrial resources OF Germany. was
impressive but did not have any ef-
feet either on mark exchange or
francs.