Evening star., 1921-11-14
STEEL SHARES ARE
UNDER PRESSURE
BY STUART p. WEST.

NEW YORK, November 1.-THE
American plan for Limitation of naval
armament. with ~ strong appeal to
public sentiment, was reflected in to-
days markets. 1t was a reminder of
what used to happen in the days OF
the war boom. when there was a sug-
geStion of negotiations for peace.
The foreign exchanges, sterling
especially, became strong. Cotton,
pre-eminen4ly a peace market. re-
covered quite violently.
Money rates softened, while there
was hasty unloading Of the stocks of
all companieH the business Of which
would be hurt by q ten-year suspen-
sion Of naval construction.
Only the Bethlehem Steel issues
were noticeably weak at first, be-
plants depend so largely on govern
ment orders. But as the Bethlehem
stocks continued to give way until
the B shares were down over four
points. the selling spread to the other
steel stocks. and finally the weak
ness In the steel group dragged down
the rest Of the market
There was, however, no serious
weakness in the general list. Prices
had been going up almost continu-
ously for the better part of a fort
night and some sort of reaction
was due.
otner stocks recorded II: to 2
points rise.
Sterling Higher.
The advance in sterling exchange
to within less than cents In the
pound Of the highest Of the year fitted
IN with the news dispatches of the
day expressing confidence that the
British government would accept the
American proposals.
marks. followed In the path of
sterling.
There was little else in the news of
the day except that contributed from
the National Capital.
There was confirmation of last
weeks reports Of a decided improve
ment in the industries which make
use of vegetable oils. and this was
responsible for the strength early in
the session in such stocks as Ameri-
can Linseed. American Cotton Oil
and National Lead.
There were some indications of a
let-up in the eager investment buyin.
Wh1ch had swept through the bond
iist and flowed over into the stock
list last week and the week before.
Industrial Alcohol.
INDUSTRIAL alcohol had the melancholy
distinction Of making a new low record
ior the year. The meeting at which
the dividend will probably be taken
up 10 scheduled for Thursday next.
fused to discuss the Wall street rumor
wnich spread about naturally enough.
that the dividend would be passed al
together. If 1t is omitted the impress
SION left upon the public mind will not
pc agreeable. for only few weeks ago
hal I,
obviously anxious to give as wide
publicity as possible to the statement
that the price OF their product had re-
covered from the low Of 20 cents a GAL
ION TO 40 cents. and that the New Or
leans plant. closed for some time. was
to be reopened.
Financial Notes.
further gold shipments arriving
nscted soon in the exchange market.
me French liner La Savoie TO-DAY
brought the following gold consien.
nents in addition to $470,305 in gold
oars received by the Equitable Trust
gold valued at $1,000, 900. to A IseIin
Co.: fourte6n cases valued at $500
600. to the American EXPRESS Com
pany. ana three cases valued at $780,
oo0. to the Irving National Bank.
traders on the stock exchange were
interested today in word that Wilson
q Co. would shortly increase it's com
mo- mon stock from half million to
100000 shares
Plans for the proposed Pullman
Haskeil Barker merger are under
stood to have been practically com.
pleted. oot"-
The offering possibly later today of
*l.SSo,o0O Standard Tank Car Com
pany per cent equipment trust Ger
L1ncates is expected by the Union
Co. of Chicago. "