, 1923-05-07
NEWS AND QUOTATIONS By LEASED WIRE
STOCK PRICES
ON T0B0GGAN
All Issues Weak With Reduc.
tons Most Violent in Late
Favorites.

NEW 1OtSh. May col
lapsed sharply in today's stock mar.
ket and most of the active issues
dropped to new low levels for the
year. The widespread circulation Of
fraudulent checks and buying orders,
the relatively high interest rates on
the latest government issue of treas.
ury notes. the announcement of q
conference on r~e-valuation of railroad
securities by the LaFollette group in
Congress and the violent declines in
he grain and cotton markets were
seized upon by short interests as ex-
cuses for hammering the list. Losses
of one to five points were common
throughout tho day. Sales approx
mated 400 900 shares.
NEW YORK, May Z. Speculative
sentiment was still unsettled at the
opening of today's stock market but
gains exceeded losses In the initial
dealings. New York GENITAL was the
outstanding strong spot, gaining 2is
points. American Tobacco advanced
rs and Mack Truk is, while large
fractional gains were recorded by
Baldwin, Cuba Cane Sugar preferred,
Dawson Chemical and American Ice.
S~tudebaker and United States Steel
common yielded slightly to selling
pressure.
Bear traders resumed their attacks
on the market after the early buying
orders had been absorbed. Baldwin
was again the target being hammer
ed down to 1925 a new low record for
the year and IL points below Sat
nrday's final quotations. New York
Central and Corn products each for
feited 2 points of their earlier "a
point gains. California Petroleum and
DUPONT also dropped Q points each
while United Drug first preferred.
an American Petroleum Studebaker
and Beechnut packing yield 1 TO III
points. American Wooden and Ameri-
can Waterworks each advanced a
point. United States Steel common.
also established n new low price for
the year at 1918, off one. Foreign
exchanges opened irregular. Demand
sterling advanced * of a cent to
S4.62k. and French francs dropped
s points to s6.5s cents, German marks
slumped from .oo29 to .o027%c.
Prices sagSed steadily throughout
the list during tho morning On a rel
atively slight volume of dealing. The
discovery that fraudulent certified
checks had been used in connection
with buying orders for a number OF
standard stocks and an apparent
lack of buyin gsupport had encour-
aged further selling on the part of
bear traders. Pressure was extended
against most of the list and was
particularly effective in tho oils,
equipments. rubbers, textiles. public
utilities and rails. Additional new
low records for the year were made
Pacific Oil. Brooklyn Edison. Column
bia Gas, Montana Power. American
WOODEN. Rock Island. Sinclair OIL.
Skeily OH and American Metal.
Stewart Warner speedometer broke
more than nine points and losses of
l3 to Az were registered by Strom-
berg Carburetor, Pullman. DUPONT,
Republic Steel. Mack Truck. and CAL
ifornia Petroleum. Call money opened
at AK per cent.
Another considerable slice was
taken off the prices of the leading
stocks during the afternoon selling.
Declines were rather violent in shares
which had been unduly advanced in
the late bull market but all quarters
OF the list exhibited considerable
weakness. Bears were in high feather,
the unresisting qualities of high
grade investment shares. inducing &c
tive short selling. United States Steel
got down close to par. touching 1oob.
Stewart. Warner broke 1919 points.
Stromberg Carburetor 5k. DUPONT 8.
Baldwin, California Petroleum and
Gulf States Steel 4. Losses elsewhere
from 9 to 3 points were numerous
The closing was heavy. The re-
dictionary tendency of prices on
tinued throughout the late dealings.
United States Steel common, broke
broke par for the first time this year.
stromberg Carburetor dropped nearly
10 points. DUPONT 8 and Beechnut
5x. In the last few minutes extern
sive short coverings rallied many of
the leaders n point or more.