Evening star., 1923-09-13
SHARP DECLINES
IN STOCK PRICES
Many Leading Shares turn
Downward as Caution on
Bull Side Grows.
BY STUART y. WEST.

special Dl6phICn 10 L. '.,HTs
N!EW YORK. September laval
street quite generally accepted the
view today that important interests
which had expected q continuance Of
the August recovery, had become dis
couraged when 1t was found their
campaign for higher prices had not
availed and accordingly had given up
the ghost
This theory fitted in with the mar
kets action and, taken with the re-
ports of heavy liquidation in quarters
credited with Standard Oil affiliations,
brought about extensive profit taking
and short selling. Numerous active
industrials sank below the so-called
resistance points" established last
week and as the day went on the
selling became more urgent. Stocks
were thrown over, as many people
hastened to save at least part of the
profits built up during the previous
five weeks or more.
SteeIS Actively Sold.
United States Steel common. fol-
lowing its, three-point decline We'd
neSday, got down below 80, while
stocks of the independent companies.
such as Bethlehem. Gulf States and
Crucible were actively sold at levels
several points from their recent
highs.
The weakness in the steels origi-
mated earlier in the week when re-
ports were circulated that conditions
in the industry We're not 80 salts
factory. These reports were borne
out Wednesday by the Iron Age Re
view, which said that the first ten
working days OF September had
shown smaller new buying than was
anticipated, and that operations had
been reduced as result of the slack
entng demand
OIL Stocks Thrown Over.
Oil stocks were pressed for sale in
response TO further unfaVorable news
from the oil trade, and also because
of fears that the Marlaud dividend
would be passed at today's meeting
At the same time the American Petro-
leum Institute reported another aver
age daily increase in crude oil produc-
ton for last week.
Little thought was given to special
ties, while pools which had become
active with the idea OF attracting
following In their favor!te individual
issues were attempting to get out OF
American Can and other prominent
members of the industrial group.
Dawson Chemical held up fairly we'll.
Can stocks Also Lower.
Naturally enough the shares of the
can companies which had been leaders
of the recent advance in the indus
trial list suffered equally as much as
other active speculative favorites
during the downward movement the
past two days. Much talk has been
heard recently regarding the earn
ings and financial plans Of the can
companies. but would not surprise the
street to learn that much of 1t has
been exaggerated.
Can companies are entering very
active season, and earnings for the
twelve months will be highly favor
able, but 1t is not at all unlikely that
both concerns will be inclined to con-
serve their resources as has been
typical of American Can for num-
Der of years.
MarIand Oil Weak Feature.
Active selling in Marlahd Oil led
the street TO assume that unfavorable
action would be taken 1a the divt-
dend at the meeting Of directors in
New York after the close of business
today Marland declined sharply to
a new low of 1923. The company IS
understood to be earning its dividend,
but It will be necessary in the future
to resume drillings in Marland's
fields on q large scale, and con-
servative policy OF distribution to
shareholders would probably be re-
garded as consistent with conditions
The prominence 4 few days ago of
She copper stocks was forgotten when
prices were slipping away. Consump-
tion has been enormous, but il is
question now whether foreign de-
,Ynand in event Of RuhT settlement
would be large enough and ma
tcrialize soon enough to overcome
what slack may occur in domestic
requirements
Foreign Trade Figures.
The favorable condition OF foreign
trade as indicated by import and
export figures of the Department Of
Commerce had little influence on
price,. Imports of merchandise in
August fell off $6,376.403 TO 1876. .0O0,-
600. while exports rose from $301,-
774517 in July to 1913. 900, 900. For
the first eight months of this year
imports amounted to $3.50 2O0,61O.
while exports were s2.561,675 PA.
These figures represented a gain over
the similar period of 1922 of s697,-
644.55S in imports and S13S,140,079 in
exports
Stock Lowest at Finish,
In the late afternoon prices on the
stock exchange were at their lowest
for the day. and the speculative lead
ers were off two, three. four or more
points from the Wednesday final
baker, Corn Products. American Can
and Baldwin Locomotive and several
other active iDdustrialS not only had
lost all of their advance of the
past two weeks. but were under the
JGMs OF the week ending August %.
EADKTT HT ncr1 1rrr