Evening star., 1923-10-09
FURTHER OIL CUT
UPSETS MARKET
Bears Again Pound Motors
and Independent SteeIs.
Drop in Bosch Magnetic.
ny STUART p. WEST.

Special Dispatch to Tht Ster
NEW YORK, October s.-Durlnt
the carly part of the session on I'M
stock exchange today the seiilns
;rStvemcnt which had developed Non
aav afternoon continued. Then it wa
checked for while. as 1t had beei
last week. by fresh buying in tn
railway list.
I'm to this morning the best opinion
IN wall street had been rather skep
teal about the Southern railway I'll
rretbrs doing anything -reSarohht
their common division at the meetlht
Thursday. But when it became knowl
that the stockholders at their meetihe
in. Richmond today were cSertint
strong pressure upon tne poaiW -
take IN the dividend question, busInt
orders reappeared in Southern Rali
Tue Southern railway president
addressing the shareholders meetlls
said that the road was handing more
traffic than ever before and that tht
increase in this years earnings mac
occurred in. spite of reduction II
freight rates.
Heavy Selling in Motors.
During the intervals when tht
r.arkct was under pressure the selilne
was heaviest in the motors, motor
accessories and the steels.
At - American Bosch Magnetic sol,
nj the lowest 1t thas ever reached. Tht
abrupt drop Of over four points ap
pcared To be due to an accumlatiof
ofA Asmall selling orders in market
which was bare of all near bids.
During the speculative enthusiasm
last February and March there was q
lot of talk about the stock going or
q dividend basis and on the strength
If this it was bid up to 90. the sly
months report showed earnings ~
the rate of S6 for the full YEAR. IN,
seasonal reaction in the motor INDUS
:ry has reduced this estimate conSld
.rably and has put dividends qult'
out Of the question. But the more IN
mediate practical reason for, the
weakness in the stock is that inter
SIS who might ordinarily be looked
rpr to furnish support. have not beel
friendly 10 the general market posi-
tion.
biggest News Relates to Oil.
Today's markets were again domi
| Hated by the discussion of the DO
>mestic business outlook.
The only actual contribution III IN IN,
way of news was Il further and rathel
severe cut in crude oil quotations II
. the California district. This was no
altogether unexpected in view OF th'
persistence with which the prosluc tioI
but it leaves the whole oil situation
so far as prices are concerned, up II
the air.
As SO much depends upon the statu!
OF the farmer, the check to the recen
Improvement in wheat prices was u
be accounted an unfavorable incident
rhc wheat market fell off rather
sharply today.
Oils and SteeIs Lower.
Independent Steel shares were offer
ell down, especially Bethlehem Steel
in anticipation that the midweei
trade reviews due Wednesday woule
show no Improvement, but would re
mort a further scaling down of pro-
Juction and quite possibly some
weakening of prices.
oil shares went lower, but rather
out of sympathy with the genera
market movement than because VI
the. fresh cut in California Crude an
=, nounced by Standard Oil of Californla
There was special weakness again II
International Harvester, thus upset
ting the impression that its affair:
had turned for the better.
Fifth Avenue Bus strong.
Fifth, Avenue Bus stood out
prominently among the low -pIlcee
issues. selling in rather large volume
around it's high prices of the year
,rhe rise in this stock has been paseo
largely upon reports from chicago
that the company would be con.
solidated with the Yellow Taxi Cat
Company. Fifth Avenue Bus pay:
"a cents per annum in dividends. Ir
1922 net income available FOL
dividends was s1.56 per share. 1t Il
estimated that the earnings in 1872:
will amount to at least 81 per snare
National Enameling Slumps.
The common stock of National Enam
cling and STAMPING COMPANY va wa
a new low for the year. Accompany
jng its decline were rumOrs that tn
present per cent on the common wa
none too certain. These reports wer
decidedly opposed to the statements at
tributed to the President about fou
months ago. when he said the outlool
for business and net income was es
,pecially good.
Shell Union OIL Reports.
An announcement is expected ol
Thursday of an increase in~the out
standing common stock of the Shell
Union Oil Company, and this is re
.garded as responsible for the SELLING
Tin the Junior shares. 1t was reported
today that two million additiona
shares of common at $40 per shar'
would be put out. There are e1gh
million outstanding. Dividends OF 5
per year have been paid on Shell
Union Oil common. For the first si'
months earnings on tne coihilon "oi
reported as equivalent to $1.27 PEI
share. Conditions in the oil industr!
are believed to have induced Shell
Union directors to increase the out
standing common stock.
In the final dealings the stock mar
ket continued unsettled. Copper
shares were notfceably weak, owint
TO the continued low price of th'
metal Inasmuch as the copper
producers have been operating OF
49, cent copper most of the. thir(
quarter, as against Is to 1G cent cop
per in the first half year, it Il
probable that the statements for tn,
third three months of the year viii
make an unfavorable comparison.