Evening star., 1923-06-26
VIOLENT BREAK
| IN STOCK MARKET
Steel and Many Other Lead
,ers at New Low Marks.
Oils Drop With Rest.
BY STUART WEST.

Special Dispatch TO The Star.
NEW YORK, June 26.-Rallway
shares took the lead in the renewed
downward movement in the market
today. This was not a matter OF sur
prise. For weeks past brokerage
houses have been telling their Gus
toners to buy the rails on the ground
that they were the safest and the
ones most likely to lead in any rally.
How far these advices have been foi-
lowed is problematical. But 1t IS
quite clear that where outside traders
have bought at all their purchases
have favored the railway list
In consequence the market position
IN this quarter as it stood at the open
ing this morning was weaker thah II
was in other directions, ana the pear
party understanding this, directed
their attack chiefly against the rails.
Atchison Drops Below Par.
After the official assurance given
almost week ago that AtcniSoh
would not increase its DIVIDEND a.
this time the action of the directors
was no surprise. Nevertheless,
Atchison stock. which had recently
sold as high as l04. dropped below
par.
stocks where either the beginning OF
dividends or increase in existing
dividends has been under discussion.
Among these were Great Northern
preferred Northern Pacific, Baltimore
and Ohio, Chicago Northwestern and
Southern Railway. =,
New low records were made all
through the industrial list. in such
stocks as Baldwin Locomotive, Stude-
baker. American Wool, along with
numerous others Oil shares went
with the rest, although 1t was felt
the limitation of pipe runs in the
mid-continent territory was the most
important step yet taken to rectify
the oil trade situation.
Coppers Join In Break.
Copper shares. after their remark
able display of steadiness on the pre-
vious day. finally succumbed to the
selling. and so did the sugars, de-
spite the favorable outlook for the
sugar industry. Rubber stocks were
weak, with United States Rubber .
points under the lowest figure for the
year.
United States Steel common made
q new low for the year in the after
noon, but the steel stocks as group
were not as weak as most others.
New York Central below par was over
4 points from the high reached just
after the increase in the dividend.
Baldwin Locomotive sold nearly 2
points below the previous low for
1928
Railway shares were down all the
way from to 3k points. One of the
weakest In this group was Chicago
Northwestern. The best support ap-
pearing anywhere on the list was in
Studebaker, as it grew close. to par
above the Monday final.
1t is understood that conferences
hain hn1I Iat,
officials of the Dawson Chemical
Company and other interests toward
negotiating the projected deal for
the sale Of Silica Jel. Some an
nouncement is looked for late this
week. The Royal Dutch Company
is expected to contract for this
product.
a prominent Broadway wire house
which reported two weeks ago that
the pro-rating of pipe line runs n
occur, upon the formal announce
mont of this action today made the
Following statement: Some belated
selling of the oils is predicted. but
some daylight in the oil situat ion
have been coming back into the
market on the buying side in the oil
stocks since the beginning of last
week"
Review and Outlook.
BY spectators for the decline, which
Forced out good deal Of fresh
liquidation the stock market TODAY
was brought into much the same dis
a week ago.
The explanations accompanying the
break today were vague. There
seemed to be some evidence of call
ing OF bank loans on impaired pool
accounts. This at such a time, is al
ways a demoralizing influence. lead
ing to all sorts of pessimistic pre-
dictions.
Conspicuous weakness lin the rail-
way shares again called attention to
the Harding program for dealing with
the railway problem, which. the more
1t is studied. the more unsatisfactory
1t appears from the standpoint of the
stronger roads.