Evening star., 1923-02-01
SELLING PRESSURE
/ ISLA|D TO DURANT
Action of Motors Causes
Sharp Decline-Debt News
/. Helpful Influence.
BY STUART P.r WEST.

Special Dispatch to The Star.
NEW YORK, February 1.-The sell
Ing which came into the stock mar
ket today and particularly during the
hrst hour after the opening was set
Gown entnireiy to the collapse We'd
nesday and again today in the Durant
motors
There had scarcely been time We'd
nesday afternoon to figure up the in
dividual losses showing on brokerag ge
accounts in consequence of the severe
fall In the Durants. But these losses
having been ascertained. Calls for ad-
dlticnal margins were promptly sent
out with the result that quite a bit OF
stock was thrown over at todays
opening. II came from people who
Lad lost heavily in the Durants and
who preferred to get rid OF other stocks
rather than put up extra money.
Chandler Takes Plunge.
Fisher Body, mixed up with the Du-
rant episode and still feeling the effect
OF the extraordinary offer of new stock
at SIS a share, broke another 10
POINTS
United Retail Stores stock was
weak, following the annual report
1qent Of dividends. although this va was
scarcely of much Importance in view
of the increased net income on
United Cigar Stores upon which the
retail stores corporation mainly de-
pendS for its revenue.
An order to sell at the market" a
coed sized block of Chandler Motors
carried that stock down in a few min
utes from IS TO 62ia. 4 vigorous
drive against Baldwin Locomotive
forced that stock below $50. The pan
y however jnc = ha cp,-aa
err part of the time. gave a good ac-
count of themselves. and the pools
and other speculative interests
showed their power in holding w
socks like American Can. the Elec-
tries. Beechnut, Corn Products and
Phillips Petroleum.
Review and Outlook.
On the whole the general outlook
rs it appeared to the markets today
was rather improved over what 1t laG
been on previous days
No definite agreement. to be sure
had yet been reached regarding the
British occupation of Mosul, but Lau.
same dispatches seemed to hold ou,
more hope than they had previously
Of a peaceful settlement
Financial opinion continued a:
Skeptical as ever regarding the sue.
cess of the French campaign in the
Euhr, and il was no more Impressed
with the adoption OF still more Sc
we're measures by the French and
Belgian authorities than it had beer
weeks. Still ii was felt that the
worst was pretty well known. tina,
the danger of a German uprising haG
lessened and that the foolishness ol
the war talk which was going the
rounds at the beginning of the weel
has been exposed.
Debt News Helpful.
Meanwhile the settlement of tn,
British debt question was a helpful
influence. The markets paid no atten
ton to the prospective opposition il
the Senate. Sterling exchange wen
Up over cent in the pound, makins
an advance of cents since Monda.
last. The London security markets
~ strong, and foreign selling. which
has been factor in the New Yorl
stock market, especially in one or two
of the oil shares. abruptly ceased.
French exchange after an early de
cline, had a fair recovery, just as OF
the previous day, and both French anC
Belgian bonds went higher.
casions in the past where an episode
like the Durant Motors smash ha.
upset the entire speculative struc-
ture. 1t was therefore another trib.
ute to the strength OF the market
position that the general run Of stocks
should have stood uD s well as they
did
The afternoon market was for tn.
most part extremely dull. Commits
and floor traders, finding it increas-
ingly difficult to follow the fluctuations
were disposed to do very little.
Copyright 1921