The Washington times., 1923-09-15
fall. AS
.B|||l:I.LLISHP POOLS ]
vi 1HDRAW
Bears Believed to Have Reaped
| Heavy Harvest on
I Decline.
BY W. s. COUSINS.
ScepyrtEht, la2s. p .cosmopoIitan


News ServicesJ y
! NEW YORK. Sent. 15.-The week
in the stock market was featured
by the withdrawal OF the bullish
pools which lately, have been bidding
prices higher: and the resultant
sharp decline of speculative stocks
which exhibited such unusual buoy
ancy. us,
I There was little in the move,
either at home or abroad to- account
for the sudden change. Save for the
military coup in Spain, news !. OF
which did not reach here until the
stock market decline was well under
way foreign Developments might
have been put In the asset eO1ilTatl.
Domestic trade and business fur
nishen new Vidences OF continuing
on the upward path ~ !, "a e.5 s Il
Is. Steel Decline Seasonal.
The decline in: STEEL orders and IN
the operating capacities Of the steel
mills a. revealed IN the monthly
staternentS, IS s report Of summer
activities rather than 4 forward look
tor the fall season. and Judge Gary
predicted. an increase in steel busi-
ness this year. Copper buying for
home and foreign consumption was
resumed IN good volume, s6tton mar:
kets endured heavy ,profit-taking
without serious concessions IN
prices, and freight car l0adinRs
again exceeded an previous records.
In the speculative, district, the
most cOnmoll explanation offered
for the break il stocks, III the first
e. ,00O;00O share" day since the lat-.
ter part of June, was the re1inquisl1-:
ing Of the efforts of the ht1iIlgh pe0.s
pie to attract the public into the
market BY pushing prices of stIa-
tegic stock to higher levels. Instead
Of accomplishing their purpose, It In
believed they played into the hands
OF the bears, who reaped another
harvest BY their ability TO buy back
the stocks which they sold earlier
in the week &c six to ten pointszre-
duction.
on Producers Alarmed.
!. Large offerings OF stocks by.
houses identified with big banking
and oil interests, stirred reports, that
unsettlement or the oil industry was
one reason for the selling movement.
Contrary to expectations there has
been no turn" in the crude oil pro-
duction situation, and oil producers
are alarmed at the continued glut
ting of the market At rapidly decllh-1
ing prices. Another of the independ-
ents, Marland Oil. passed the divi-
dend tl1is.week, lin order to conserve
resources during the orgy Of price
cutting IL
Steel stocks fell rapidly under sell.
ing pressure. In two sessions of the
market rG1lf States declined 10
points; Bethlehem went down s.;
United tSates Steel, s, and Republic
Steel, s. Rails Withsteod the pres
sure much better than the indus
trials, but the equipment stocks !,
though earning more than at any
time since the end Of the war, sold
off sharply, under the leadership of
Baldwin. Further declines in auto
mobile prices and those OF Access
series, principally tires, failed to at
feet the motor stocks; which made
a fair recovery.
Foreign Exchange Stable.
In view Of the heavy banking
transactions incident to the pur-
chase Of Treasury certificates and
the payment of the third income tax
fnstallment, 1t was natural that call
money rates should stiffen to 6 per
cent late in the week.
This was an added handicap to the
stock market With the exception
OF the mark, which Is now being
practically ignored. In foreign .e0-
change. circles, the foreign ex-
changes were more Sstable, sterling
and francs reflecting the prospect
Of an ending Of the expensive and
embarrassing occupation of the
Ruhr district.