Evening star., 1923-06-21
PRICES OF STOCKS
VERY IRREGULAR
Many Shares Recover From
Wild Break - Further
7 Weak Spots Uncovered.
By STUART r. WEST.

Special Dispatch to Tie Star.
NEW YORK, June 2l.---According
to the gossip of the street, the house
which failed Wednesday was carry
ing a good many more stocks than 1t
was credited with at first. 1t was
said to have had particularly large
holdings of the coppers, and the vio-
lent break in these stocks in the last
hour Wednesday was commonly set
down to selling for this account. APP
parently liquidation directly con-
nected with the Zimmerman and
Forshay episode had not been com
pleted at the close Wednesday,. 1t
broke out again today after an hour
or so of recovery. At the same time
there was a lot of selling by specu-
lators who had been called upon to
put up more money and were either
forced or preferred to reduce their
holdings.
Prices Very Irregular.
The price movement. accordingly.
was extremely irregular. Some OF
the industrials opened up rather
sharply, while the main body of the
list was little changed. Then came a
fairly general rally extending from a
point to two and a half points in the
speculative leaders. This represented
the hasty covering in of short con-
tracts. and when the covering pur-
chaSes We're over the market began
to feel the uncompleted distress
selling.
AS rule this forced liquidation
made itself felt in stocks of the spe-
cialty type. 4 number of these brok (
rather rapidly. In the general body
of the market. however. there seemed
to be a very sold Substratum of buy
Ing orders around the low levels OF
the previous day. Whenever these
effect OF this buying became mani
fest. SteelS. equipments and car
shares showed the best rallying pow
er. Rails and coppers were slower 10
respond.
Sugar stocks were helped by the
recovery of the last three days in the
sugar market. Actual raw sugar
which was quoted nominally around
cents pound at the start of the
week. is now being held at 51a cents
There was no question at any stage
about the stock market being rid of
its panicky feeling of the day before
But the rally did not become really
vigorous until well along in the aft
ernoon. a Washington dispatch
quoting the Secretary Of the Treasury
as assuring the country that the Wall
street failures Were not a sign of
weakness in the general situation
probably had some effect, coming. as
IT did, from the financial head of the
Steel Leads UpSwing.
The force of the early selling had
been expended by early afternoon
The last two hours saw prices push ed
forward steadily throughout the list
until the greater part of Yesterday
lost ground was retraced. Steel
shares gave about the best account OF
any. Steel common rallying more
than two points from its low. and
Bethlehem the same The oil shares
as a rule continued to drag rather
behind the general list.
Among the rails buying of South :
ern Railway and the Fries was note
worthy. Packard Motors which has
held up remarkably all through the
break again touched IA where it was
in one and a half points of its top
This stock has been bought in quite
a large way by people who believe
that the policy of paying extra divi-
dends will he continued as long as
earnings hold up the way they are
now.