Evening star., 1924-04-21
INDUSTRIAL LIST
CARRIED DOWNWARD
Break in Some Specia1ties From
Which Support fad Been :.
Withdcawn.
FORCED TO LOWEST LEVELS
Oils and Sugar Are Among the
Issues Attacked.
ny STUART u. WEST.

S,.cial Dispatch TO TheStar.
NEW YORK. April 2l.-Another Sc
we're fall occurred on the stock exchange
today, carrying a large part of the II"
dustrfal list to the lowest levels $" lar
reached this war The break began II
some of the .2ecialtirs from which pool
support h;id been abruptly withdrawn.
1t then ,nread to the oil and sugar
shares md at length, as the after
noon went nn. it got into the St"etS,
motors and equipments.
Drpp~ RcIow I99 fur First Time
BALDWIN Locomotive under lo9 for the
first. time, Cosdcu Oil below -, "theF
oil shares down and points 7ae
sugars eff similarly. steel common close
fn its low 81 tn, ycar-iheS" were some
,,f tho features Of the latt trading. oi
the other hand, the rails. FOR tue most
mart gave "A good account al themselves
and there was even sharp run-up on
Erg,. transactions in Icte Marquette"
accompanied 10y talk ut 4 diN'dehu III
crease. ,
announcements of the regular dividend
declaration bounded ~ uNtr : points
was carried down later ".lI IN rest
General MutulS broke II r"iHtS TOT ii'
FIRST time this Year.
Th,. particular sensation was pro
1id.d ltv Congolrum. Th" stock had
closed at 52ii saturday and on run
nina sales il sold at the opening tAI%
morning as low aS -. one report
was that bank loans had been called,
forcing the removal "t sustaining
bids and a dumping OF poor STOCK AT
the best prices ohtainahit. M
this was not absolutely confirmed II
was accepted as the most r"aSona-
bic explanation for the collapse.
Not Held a. Vital.
Although officials o. tnv company
would give out nothing. thcrc M&@
no reason I" suppose any untaNor able
turn in its business or hndnrlai al
fairs But ~ has been repeatedly
pointed out il was absurd Tor "a :"
stock. with no great margin over
dividends and hence. with Httl" pros
prct OF an incr"aSe. selling where y
MAS chrn a week ago. ri,Sr I" ~.
1t finally Eot down toda%' more IN
line with other stocks ot similar
earnings and dividends.
For the break of 10 , points in
tn" oil shares there was no fresh "N-
p!auaJion in trade conditions. Talk
continued that the marking MP OF
oil prices since the first Of the year
had been overdonr and that down
ward revision VAS To be expected
But the norr practical explanation
Was that certain large SpcclulatorS
who had made money on the long
side OF the oils in the rise of the
early winter had taken lh' Opposite
stand and We're working on the snort
side The thing which had favored
bear oprraf fiOuS was that attempts
had been made To sustain the OH
shares against the general reaction
OF February and March. COnScqucnt-
ly, they had not had the same read
JustmrG as other groups and were
In more vulnerable position. II
looked as if this technical cNpiana-
tiou was better one than any trade
explanation.
Basis Of Attack Sugar.
The attack on the Su-a- stocks fol-
lowed the rUhliCa tinn of more StatiS-
tics rediCtjnE record breaking crop
for l@23-Ig2i Cuha cane preferred
Iunta Al, cT" and American Beet
Sugar hrok, badly: but the cnnSpitsi-
ouyIy weak spot was american Sugar
The CcnCoicum episode directed at
teution to other induStrialS in the
Speciality class. and weak spots Wrr,
uncovered in Cuyamrl Fruit. Goa
cola and the newly listed Daniel
Boone Wooden Stewart Warner ran
uu sharply on the declaration OF the
regular dividend,
Decline Bccomes General.
In the afternoon the decline be
came general II took in the motors,
can and steel shares, which had With
stood the pressure earlier in the day.
uitcd States Steel common began
70 drop Immediately after Judge Gary
at the annual meeting said that II the
stock WAS cheap at S y some years
ago. it was cheaper still today as
more than the difference in selling
prices had been put back of the value
Of the stock. This was a fair Illus
tration of the prevailing temper the
utter disregard in market tempo
rarily dominated by bear spccula-
tiun for anything favorable in the
news.