Evening star., 1923-10-01
MANY STOCKS DROP
/ TO LOWER LEVELS.
Some Rebound at Close Fol-
lows Day Largely in
\ Control of Bears.
BY STUART p. WEST.

Special Dispatch 10 The Star.
NEW YORK, October In today's
market professional traders were
found working at cross s-purposes.
There were intervals of strength dur
ing which some particular stocks were
bid up and there were periods of ap-
parent weakness as selling broke out
in other directions.
Cnn stocks Pounded Down.
In view of the bullishness expressed
on the subject of the canning indus
try. it was something of shock to
we're driven down. The main pool
operation in Continental Can which
carried IL up to 55Ia some three weeks
ago, has evidently been abandoned.
Probably the movement was given UP
because of the unresponsive atmos-
pherc of the market in general.
American Can, which had been NOV
ing with other active industrials,
broke away from the latter and fol-
lowed Continental Can in its decline.
More New Lows Made.
New low prices were made in Stu
debaker. Chandler and Kelly Spring
teld. Hudson Motor sold at the low
lar So basis. Willys Overland prefer
red was not helped by the report that
the company's schedule called for an
increase in production during October
and that a further progressive In.
crease was expected in November and
December. The bear side pointed to
this as another instance of how the
market for the motor stocks was ig-
noring hopeful statements from the
trade. The selling extended to Hupp
Motor and to Stewart Warner.
Brisk Buying In Oils.
Ill,
while it lasted, was quite brisk. Pa
"ific Oil was the leader with "a jump
Of over point. When the stocks was
around its low of 81 Il. the statement
was frequently made that it was
worth this figure as an assets propo-
ton, regardless of current earnings
and the suspension of dividends.
At today's high Pacific Oil was up
Z points from bottom, Marland and
Phillips each up and Standard Oil
OF California the same.
The action Of these stocks fitted in
with the Judgment which has so often
been expressed during the last fort
night that the oil shares were sold
out. that the worst was known about
the oil situation and that it had been
discounted in the oil stocks.
Brokerage Opinions Differ.
Most of the market letters today
were rather noncommital. One wire
= house. which has been beariSh. admit =
tod that as the price level approached
the previous low for the year ef-
fectivc support had been accorded.
One large Broadway firm had the
courage to take a bull stand. saying:
at is expected that railroad and other
demands for steel will be large in the
next few weeks. New sugar company
dividends are expected and the for
eign buying of the copper metal should
materially gain"
Foreign News Overlooked.
The only news over the week end at
all calculated to influence the mar
ketS was the various outbreaks re-
ported from Germany.
1t may have been that the outcome
of these disorders WAS regarded as
serious. or st may have been that the
various price movements were too
fully concerned with other affairs
considered more important But in
any event the German situation had
little or no effect. Foreign exchanges
Went lower, but the decline was un-
important.
National Biscuit strong.
National Biscuit, which has held up
against the general market, was SELL
ing today within points of its top.
One explanation is that the great
bulk of the s51,00e.0O0 common is
lodged in the hands of people of
means who held the old stock for
years without selling. and who are
I'm the same frame of mind toward the
new. Another reason is that low
wheat prices enable the company TO
make more than the ordinary profit.