Evening star. [volume] (Washington, D.C.) 1854-1972, 1923-07-02
BETTER TONE seen
IN STOCK MARKET
Shares Strong in Afternoon
! After More Slumps to
Years Low Records.
BY STUART p. WEST.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, July 1.-THE market
went through another period OF un-
settlement today, but after the hrst
hour or so developed distinctly pet
ter tone. Wall street houses handing
large business were sending out word
10 their clients that buying by small
investors and by important financial
interests was on the increase and was
beginning to have steadying lnhu-
ence. Against this the selling came
from speculative sources-from used
up pools and other margin accounts
and from small bear traders-and
was therefore what the street styled
as selling of a weak character.
Several sharp Breaks.
During the interval early in the
day when the market was hesltatlhs
several stocks broke sharply. Among
these were the Pan Americans. Some
Of the other oils were offered doWr
on continued talk of more price cut
ting to come. New Haven brokt
through IS, where ii was off points
from Saturday. The selling of tins
stock followed the report by the
committee, which, at the instance o,
the governors of the New EngIand
way conditions in that territory. Inc
Recommendations in this report were
equivalent to saying that the only
hope for New Haven lay In a Vol
untary adjustment of capital account
in which bond and stockholders alike
would have to make liberal sacrifices
Some of the fertilizer stocks were
weak again. especially American Az
ricultural Chemical preferred ano
common.
Chandler Motors Improves.
Chandler motors responded prompt
iy to the letter sent out by the presl'
dent of the company in which he as
sured stockholders that more thar
the full per cent dividend for the
year had been covered during the frs
six months
Pierce Arrow stocks broke badly
for a while in sympathy with th'
abrupt decline in the per cent bonds
The same buying came into Stude
baker below 80 that has been APP
parent in the stock since its approach
to par. This was buying of semi
investment nature.
The reversal in the market. once ii
started, proceeded steadily, ana Wha'
was more significant from the prac'
tical Wall Street point of view wa:
that the volume of transactions eX-
panded with the rise.
The early forcing down of Sucf
stocks as Baldwin Locomotive ant
Studebaker had looked very artificial
and these leaders rebounded will
particular ease.
Review and Outlook.
The recovery on the stock exchange
like the decline of the last week oil
so, was not due to anything in thu
outside news. 1t was simply recog
milton that the market had beer
pressed down too far. partly through
the liquidation of demoraliZed specu
lators and partly by persistent oper
ward movement could not fit in Will
any of the known facts regarding
the trade situation as it is.
Over Sunday dispatches from TIL
industrial centerS were on the who'll
optimistic. One OF the most i'm
portant contributions was the state
ment from Pittsburgh that the stee
mills, while naturally having expert
enced some showdown after TIL
feverish pace of the first quarter
were taking in more new business a
the present time than their entir
production amounted to before TIL
war.
Pronounced weakness again il
French and Italian currencieS wa
the feature of the day III the Interna
tional money markets. Italian lr
made a new low for the year. Franc
today were getting close to the 1872
low of 5.76H in the last week o
January and the record low of 5.72 \
In 1920. This movement was widel,
at variance with the optimistic state
ments emanating from financial cor
respondents in Paris.