Evening star., 1923-06-07
PRICES co LOWER
IN FINAL TRADING
Setback in Afternoon Follows
Earlier Rise in Many
Leading Stocks.>
BY STUART T.. WEST.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, June THE stock
market started in today with a con-
tinuance of the buying movement
which had developed in the last hour
of Wednesdays trading. Then, as
expected. heavy realizing sales were
encountered, and the price movement
became very irregular.
The feeling around the street was
still quite confident that the turn for
the better in the market which began
two weeks ago was a lasting turn,
but there was no expectation of an
other bull campaign like that of Feb
ruary and March in the immediate
future.
Rather the idea was what is
known as a trading market" namely
a market with comparatively small
fluctuations, yet one in which the
main initiative would lie on the long
side. 1t fitted in with these calcula-
tions that, having had several days
of advance. there should be lot of
profit taking today and that this SELL
ing should make itself felt.
Oil shares, while not weak. did not
act as well as other groups, in spite
of sharp falling off in imports of
crude oil reported in the latest
weekly ngureS.
Among the regular leaders the two
in which the most consistent support
was apparent were American Can and
American Locomotive
Rubber Prices Strong.
United States Rubber and Kelly
Springfield ran up a point or more in
recognition of the fact that neither
of these two companies was hurt by
the recent decline in crude rubber, but
tI,a ha N
position to reap advantage from the
lower prices of their raw material.
Among the snecialties Coca Cola
was a feature. Indications were that
the short interest, which began to
form two and three months ago in the
belief that the rising sugar prices
would hurt the Company'S earnings.
was trying to get in its commitments
as best it could. Considerable cover
ing was done at the time of the divi-
dend increase last month, but there
remained up to today a good d-SiZed
short account still outstanding. 1t was
the demonstration against these shorts
that was taking place today
Financial Review and Outlook.
The financial community had it's
eye out today for developments in
three different quarters.
1t was anxious to get what the re-
sponse would be to the announcement
that the Austrian loan would be Of
1t was interested, Furthermore, in
the question of whether the recent
Improvement in grain and cotton
prizes would continue and thus remove
what has been for the last month a
rather depressing feature in the sit
uation.
1 Thirdly. 1t was desirous of estab-
fishing whether the rise of the last
two weeks on the stock exchange
was simply a recovery from an un-
warrantedly low level or whether it
was the beginning of a new campaign
similar to that of the winter.
1t was not a matter of surprise that
the American portion of the Austrian
loan should have been subscribed for
between two and three times over.
ing upon an income for customs and
the tobacco monopoly, now running
more than double requirement for
interest and sinking fund, and a
satisfactory guarantee feature, these
bonds would naturally appeal strong
~ 10 the Semf-inveStment interests.
Drop in Afternoon Trading.
Predictions made early in the day
that the market, after having gone
up for the better part of a week, was
entitled to a setback, were borne out
with the course of the afternoon.
Steel common came down more
than a point, American Can the same
can Locomotive a point and a half to
two points from their early highs. In
ternational Harvester was again con-
SpiCuouSly weak.
In fact. the upward movement had
been pretty definitely checked by
midday and as the afternoon went
on the reaction which the professional
element had been looking for became
dehned 1t was most marked in the
locomotive. steel. can and other
shares which had been the leaders
of the recovery on the previous days.
In the light of the latest informa-
ton. which seemed somewhat to
brighten the prospect for an agree
ment on German reparations, much
attention was paid to this as a factor
in the markets. But it could not be
said that this was much of an in
huenCe today.
Some speculative buying came into
the copper shares on the theory that
the export trade in copper would be
one of the chief beneficiaries IL the
occupation of the Ruhr were brought
to an end and the German economic
position put in shape to mend.