Evening star., 1923-05-17
BEARS AGAIN FIND
, WEAKENED STOCKS
coppers and Some Oils Are
| Special Targets-FinaI
Il Trading Very Dull.
ny STUART p. WEST.

epecisl Dispatch to The Star
NEW YORK, May 17.-As business
on the stock exchange began TO-DAY
it found the bear party still In searcn
of individual weak spots with which
TO intimidate buying in the general
list
These weak points. however. were
no longer as numerous or as con-
spicuous as they had been. Anaconda
Copper, Utah and Kennecott were
offered down on the contention that
they had not had the decline suitable
to the reaction in the copper metal.
STANDARD Oils Weak.
Special weakness in Standard Oil
Of New Jersey and Standard OH OF
California followed the lengthy state
ment of the former company, appear
ing today. answering the charges Oh
the La Toilette committee. IL was
to spread the impression that the
Standard Oil people were worried
over this legislative inquiry and Its
possible effects and were showing
their mental attitude in the market
The notable thing was the way
other oil shares stood up while the
Standards were sagging. Philips
Petroleum dipped below 80 and Sin
clair below 80.
Pure Oil was sold on the disap--
pointing 1922 report which showed
earnings of only $1.37 a share against
s2.51 the year before. But most of the
other members of the group were
consistently firm. Producers and re-
flners were helped by the excellent
showing for last year. net amounting
to nearly SIC share.
Postum Cereal Breaks.
Another violent break occurred in
Postum Cereal. With the declaration
of the 100 per cent stock dividend
the good news" was all out and pool
support was apparently withdrawn.
Attempts OF sell stock Wednesday and
today found scarcely any market.
AS a matter of fact. the street has
ceased to regard stock dividends as
bull argument unless the split
ting up involves a larger cash dis
tribution. as in the case of American
Locomotive. The agitation to- re-
strict new building operations had
the steel stocks. but IL did show in
weakness in international Cement.
The report of this company for the
first quarter disclosed S1.19 earned
on the stock.
Trading Unusually Dull.
1t was a very dull afternoon on the
stock exchange. In fact. the days
est of the year.
American Cotton Oil and Virginia
Chemical issues fell to a new low, still
indicating that one or both of these
companies may have to readjust capt.
tai account to conform to what seems
likely to be permanently lower in
come.
Preliminary indications rega riding
the 1923 earnings of United States
Rubber Company give an estimate of
between $40 and s12 applicable to
the common stock. People well in
do not look for dividend on the COM
mon this year. Rubbers working
capital is strong. but it is likely that
the favorable earnings will be used to
foftify its position more thoroughly.
The company is reported to be in good
shape. with Inventories in d healthy
condition.
Hard Drive on Coppers.
The copper stocks were under more
pressure today than on any day in
the past fortnight, apparently be-
cause of the recent decline in the
quotations on the metal both here
and abroad. Bids have been received
by leading producers at 15A cents a
pound, but little business is report ed
under 15h cents. and most producers
look for a favorable turn soon in the
market. 1t was reagrded in Wall
street to-day az a significant thing
that copper metal had risen at Lon
don.
The cotton market appeared to be
getting it's nerve back no less than
the stock market. A further rather
brisk recovery in cotton options un-
doubtedly reflected the more solid sort
or Judgment. that recent talk about
slackening of the cotton goods trade
and the falling off in mill demands
has been overdOne