Evening star., 1924-05-08
STOCK MARKET TODAY
in UNSETTLED STATE
Violent Break in French Franc
and Weakness in Other European
I Securities Features.
OIL SHARES AGAIN HEAVY
Pressure on Industrials and Rails
Relaxes in Afternoon.
BY STUART p. WEST.

Special Dispatch to The Star.
WALL STREET, NEW YORK, May
S-Today's stock market was more
or less unsettled by the violent break
in French francs and sympathetic
weakness in other European curren-
cies following the news from the
Ruhr. The big miners strike and the
threat of a communist uprising in
Germany were the chief subjects of
discussion. Operations for the RISE
such little as they had been, were
promptly checked, and professionals
turned to the short side again.
Baldwin Weaker Than Average.
Baldwin Locomotive. which had
been dragging behind the general list
during the irregular recovery in the
first part of the week, was weaker
than the average today. More atten-
tion was paid to the unofficial, but
seemingly reliable estimates, that the
company lost money during the hrst
quarter of the year. 1t is Admittedly
operating at only 80 per cent of ca
pacity and the outlook for new busl-
ness is not promising. The per cent
dividend is safe enough, but there IS
no likelihood of an increase and Bald
win Locomotive. as a simple Z per
cent dividend payer, has been selllnS
out of line. This is the way the
street looks at the situation. On the
other hand, traders are cautious about
selling Baldwin because of the SIN al
capital and the still smaller supply of
the stock available in the market.
Oil Shares Heavy.
Oil shares were heavy again. partly
because the weekly figures on pro-
duction and imports were unfavor-
able. and partly because of further
weakness displayed in Sinclair Con-
solidated. Selling of the latter was
accompanied by predictions that the
dividend of 50 would be either cut
or passed altogether. The losses in
other members of the group. such as
Standard of California, Marland. Pa
cific Oil and Producers and RehnerS,
extended to a point or more.
Colorado Fuel was pressed for sale
by traders who still had profits to
take The lack of confirmation for
reports of valuable oil discoveries,
buying of the stock by new interests
and the other rumors accompanying
the late ten point advance had an un-
favorable effect. Steel shares were
depressed in further response to Wed
nesday's trade reviews, indicating
that the process of readjustment had
not yet been completed. Gulf states
was especially sensitive.
Rails in Better Shape.
Railway shares were comparS lively
steady and a few even gained ground.
One of these was Chesapeake and
Ohio and another Chicago and North-
western. The buying of the latter
could not very well have been other
than speculative, tempted by the re-
turn of nearly s per cent offered at
present selling prices.
The road picked up considerably
during the first quarter, but whether
this Improvement is to be maintained
in face of the low prices of wheat
and the unsatisfactory agricultural
conditions in the northwest, must be
regarded as a question.
In the afternoon selling pressure
was relaxed against the industrials
and railway shares were taken up.
Delaware, Lackawanna and Western
h had a sharp jump and Atlantic Coast
Line was higher, with these excep-
tions, the buying favored the medium
and lower priced members of the
group. Chesapeake and Ohio rose
over a point Seaboard Air Line, pre-
fcrred, crossed %. New Haven was
actively dealt in around and Just
above 90. St. Louis and San Fran
cisco, preferred, which, in view of
the small amount outstanding, is re-
Rarded as a fair dividend prospect,
ran up somewhat sharply.
MARKET DULLEST OF YEAR.