Evening star., 1924-02-15
VIOLENT DECLINES
INST0CK MARKET
Oil Inquiry Here Is Vital Fac
tor in Helping Along Wild
Price Breaks.
BY STUART u. WEST

Special Dispatch TO The Star.
NEW YORK, February 13.-Prices
broke again on the stock exchange
today for no reason other than that
the advance of the last three months
had gone far enough to satisfy spec
ulative interests who were buyers
last autumn. For the last week or
more these interests have been turn
ing to the selling side and the change
was exemplified in the market today
Leaders Break Violently.
All classes of stocks were caught
In the downward swing, even those
where the trade position is especially
favorable. High-priced issues which
have recently been bid up extrava-
gantly. such as Fisher Body and Gen.
eral Electric, broke violently. Heavy
selling of General Motors, accom-
panied by severe decline in Du-
pont, were the sequel to the failure
of the General Motors directors to
do anything more than vote the usual
quarterly dividend. This had been the
result expected in conservative quar-
ters all along. 1t was only the highly
speculative element that took on any
stock in the talk of dividend increase
at this time.
United States Steel common, Beth
lehem Steel, Republic and the other
principal members of the steel group
gave way very easily. For a time
the other metal shares stood up
strongly, and in the first hour there
were some slight further advances
in Anaconda, American Smelling.
Cerro de Pasco and the rest. st. Jo-
seph Lead was bought on another
increase announced in the price of
it's product. But when the selling
pressure toward the middle of the
morning became sufficiently heavy
the metal shares yielded with the
general list.
Efforts Toward Rise Fail.
Efforts to renew operations for the
rise in United States Industrial AL
cohol and Aemrican Can were quick
ly nippei in the bud and these stocks
, broke as fast as any. Equipment
shares were freely sold, paying no
attention to reports that during the
last week or so incoming orders have
atty fayorites like Dawson Chemical,
American Hide and Leather preferred
and Central Leather preferred, dis
closed a very thin market when
pressed for sale: Nearly all the oil
shares were definitely weak again,
with losses of a point to three points.
Kelly Springfield was sold on predic
tions that the annual report woulu
show a substantial deficit, some said
as high as S1,000.000. United States
Rubber stocks also were weak.
Rails Join in Crash.
The unsubstantial character of
some of the recent buying in .ow-
priced rails was illustrated by the
action of Seaboard Air Line preferred
which, after selling almost at 20 at
the start. fell abruptly some two
at higher prices in New Orleans. Tex
as and Mexico on the strength of its
purchase of International Great
Northern. but the latter stock was
not affected.
The copper stocks displayed independ-
ent strength from the outset today and
kept to the front much of the time. 1t
Is predicted in some quarters that cop
per will reach II cents per pound in the
cause of the late buying in the copper
stocks, of course, has been the expecta-
tion that Japan would spend a consid-
cradle amount in the United States for
copper for reconstruction. Spectators
have been somewhat of an influence.
for they have taken a fresh interest in
the shares. The prospect of German
loan and an increasing demand for cop
Der In Europe are OtNer CONSIDERATIONS,
and some look for discounting move
ment Oh this account.
Foreign Exchange Weak.
The United States Rubber prelimi-
nary report for 1923 is expected to
show the preferred dividend fully
covered; with a balance of upwards
OF $1.O9 of the common. Recently
there hive been rumors of an un-
favorable showing.
In the{ foreign exchanges continued
weakness appeared in French francs,
while Belgian francs sank to another
new record low. Such matters as the
unparalleled carloadings for the first
week in February received scant no.
1ice. Railway shares went down with
the rest.
In the same way the further ad-
vance in copper and lead prices was
reflected only temporarily in the re-
spective stocks. 1T was quite the
reverse from the Wall street situa-
ton of a month ago. when 1t was
only such items of good news
which counted.
Oil Scandal a Factor.
OF course, Wall street always pre-
fers an outside explanation and II
had a great deal to say about the
oil scandal and the final results o1
the investigation at Washington. II
paid extraordinary attention to the
statement attributed to a prominen,
professional operator that 1t was be
cause of this that he had stopped ms
activities on the constructive side.
MARKET CLOSES WEAK.