Evening star., 1923-09-12
STOCKSSELL Off
ON STEEL REPORTS
Weakness Spreads to Rest
of LiSt-LoWS of Last
Week Are Reached.
BY START WEST.

special Dispatch TO The Star.
NEW YORK, September l2-Inter-
est in the stock market today was alb
sorbed pretty largely by the action of
the steel stock and their reception of
less favorable reports from steel CEN
ters.
The Iron Age states that new buying
Of steel products so far this month
has not been up to expectations, and
that both the United States Steel
Corporation and independent con-
Germs have reduced their rate of out
put.
Steel StoCks Sell Lower.
The market for the steel shares was
discounting these reports of the
slackening in demand and the cur
tailment of operations at the mills.
United States Steel common sold
down more than a point below. the
Tuesday close, and Bethlehem. Cruel
BILE, Republic and Gulf States all went
lower.
The heaviness of the steel stocks
had depressing effect upon the gen
eral list and retarded the continu
ance of the upward movement. Stocks
at their highs of the past two days
had. in many instances, exceeded
their best prices of the August. ad-
=
new high points for the season. Up
bidding of Individual stocks in the
recent trading was taken as an indi-
cation of the attempts of profession
ais to inspire confidence.
Speculative favoriteS like American
Can, Continental Can, Baldwin Loco
motive, Studebaker and Corn Prod
ucts all eased off, but remained about
as sluggish as they had been during
the past ten days.
Su~ar shares Prominent,
Sugar stocks were more prominent
the leading issues such as Cuban
American common, Cuba Can pre-
ferred and Punta Allegro reaching
their highest prices for the current
month. Their advance was due to
the better feeling in the sugar trade
and the raising of quotations on both
raw and refined sugar.
The oil stocks continued irregular,
with further heavy dealings in Cos
den. There was considerable profit
taking following the sharp advance
which came In anticipation that the
directors, at their meeting soon, would
pay the regular dividends. The gen
eTal OH list appeared to show scarcely
any concern over the cut in crude oil
announced by the Gulf Oil Company.
Copper stocks were quiet. but re-
mained fairly firm. Speciality move
ments We're less in evidence. DaV-
ison Chemical was the outstanding
incident in this class. again touching
a new top for the current movemeQt
Gulf Oil Meets Cut.
According to private advices re-
ceived today. the Gulf Oil Company
has cut the prices of all grades of
crude oil 20 cents per barrel in Ok
lahoma and Kansas, thereby meeting
the reduction initiated in the mid
continent district recently by the Mag
nolia Petroleum Company. Prairie
Oil and Gas. the dominating factor
rfl aS-ir
business, also was expected to lower
prices.
Although it is generally believed
that the peak of weekly increases in
oil supplies. from domestic and for
eign sources, was reached late in
July, many think it probable that
gains IN the average daily production
in this country will be shown for
few more weeks, at least, Official fig
ures, usually published on Thursday,
will be awaited for what they will
show regarding domestic output and
imports. Reports of further increases
in total supplies last week are ex
'pected.
Leather Stocks Are Sold.
Shares of the leather companies
Central Leather and American Hide
and Leather-were pressed for sale
and suggested the revival of bear at
tackS against this group. The low
prices in the preferred and common
fer in the year were predicated in dis
appointing earnings statements and the
reports that the leather industry was
finding sit difficult to operate at satis-
factory profits. In the first quarter
Central Leather showed net income of
about $1,500.000, but in the second
quarter deficit of $4,000 was report
ed. So far as one could judge from
the action of the stocks today the third
quarter did not turn out as well as
expected
Further Slump in Afternoons.
The market turned down in the
afternoon and prices numerous ac-
tive issues drew close to the lows
of last week. Offerings were un-
usually heavy in many of the recent
industrial faYorites and in such
stocks as Studebaker American Can
and United States Steel common. The
last named got around 81, while
Studebaker got down to 105 mid
way through the afternoon. The
can stocks were down two or more
points under their previous closing
level.
Sterling exchange showed added
strength in spite of the discourag-
ing increases in the number of un-
ports Of 1essening of business ac-.
tivity. French francs were firm early
but weakened slightly during the aft
ernoon. Italian lire were off slightly.
German marks reached a new low
at los, 700, 900 to the dollar.
lis generally recognized among
I'D bankers that a heavy loan is neces-
sary to save Germany from financial
and industrial collapse. A billion
dollar loan is regarded as a possibil-
ity. but It is stated on excellent au-
thority here that no such loan will
or can be made until there is a diff
ferent settlement of the Ruhr ques-
tion and a final adjustment of the
amount which Germany must pay the
allies in reparations.
MARKET CLOSES wEAY