Evening star., 1923-06-01
SELLING IS HEAVY
/ INSTOCK MARKET
Bears Have Little Trouble in
Pounding Down Prices
I in Whole List.
BY STUART p. WEST.

Special Dispatch to The Star.
NEW YORK, June Prices start
ed in today on the stock exchange
about where they left off the day be-
fore. Efforts to continue the cam
paign in specialties proved, however,
only temporarily successful.
When traders found that these op-
erations were not getting any fol-
lowing they began to experiment with
the short side again and were rather
surprised to find how readily prices
yielded.
Much stress was laid upon the fact
that incoming orders on the books or
the steel companies were falling more
and more below current production.
below 81 il was a signal for concerted
pressure against the general list.
Coppers Agnin Sold.
Coppers were sold because of the
disappointing action of the copper
metal in its drop to 14A, after IL
had apparently turned the corner at
the close of last week with its rise
from Is to 151a cents.
Oil stocks paid no attention what
ever to another half-cent advance
in the quotations on midcontinent
gasoline, although this put the, price
3ls cents above the, level or two
weeks ago. Marland Oil directors
are expected to declare on Saturday
the regular dividend and the stock
appeared to be encountering better
support around 45. 1t is still be-
lieved that the short interest in the
Pan-American is very large and Is
trying its best to get out of a pre-
oarious position. Support for this
view was found in the way these
stocks acted today, holding alp as
they did in the face of the decline
elsewhere.
Baldwin Locomotive, selling ex the
semi-annual dividend of 31e per cent,
dropped down to 129, but American
Locomotive stood its ground de-
ctdedy better.
Rally In Afternoon.
The stock market displayed bet
ter resistance midway through the
afternoon. and here and there prices
the trading element. having its mind
made up to a substantial reaction. re-
fused TO take account OF anything
favorable on the outside.
Advices from the copper industry
We're more reassuring. The low quo
tation of 144 was not repeated;
buyers were willing to pay 14Ss
while sellers were holding off for 10.
Yet Anaconda dropped below 40, Ken
necott below SO and other members
OF the group ConllHueu uHueE pres
sure.
FfnancIaI rrvr-,, and Outlook.
In all the three leading specu-
1ative markets-stocks, grain and
cotton-prices today went lower. But
il could not be said, as il might have
been two months ago, that there was
a common motive back of these move
ments namely, the need of correcting
and over-enthusiastic speculation for
the rise. Today the causes were
quite diSsimilar.
The weakness in stocks was ascrib-
ed. and in all probability rightly,
more to inside than outside condi-
tionS. Some excuse was found for
selling of the copper stocks on the
ground that the drop in the metal be-
low Is cents had come as an unpleas-
ant surprise.
The argument was advanced against
the steel group that while prices and
output were holding up fairly well
so far, there would have to come some
recession when the mills began to
give out old orders and depend more
on new business.
Rails Drop with Others.
But to show how little real inter-
est there was in the facts of industry,
railway shares went down with the
rest despite the remarkable showing
made in the April traffic statements
and the assurance afforded by the
record breaking car loading figures
that May would prove just as good a
month. Indeed, the total of nearly
100000 cars loaded with revenue
freight for the week ended May 10
not only goes far ahead of any cor
responding period, but approaches
more nearly the maximum of 1920
than anything yet seen this year.