Evening star. [volume] (Washington, D.C.) 1854-1972, 1923-07-10
PRICES GO Lower
ON DULL TRADING
Bears Check Yesterdays
] Advance and Bring About
Many Declines.
BY STUART p. WEST.

BY STUART p. WEST.
Special Dispatch to The Star.
NEW YORK, July 10.-The main
characteristic of the stock market to-
day was the slow down in business.
Professional traders were at work
on the short side, contending that
some further reaction should follow
the three-day rise late last week.
They met with moderate success IN
exploiting this theory. Nevertheless,
the principal point was that the de-
cline was not accompanied, as it was
a fortnight ago by large transactions.
bat by steadily diminishing activity.
The Inference was that little real
liquidation was going on. but that
the selling was coming mainly from
professionals.
Steel Report Rear Factor.
The decrease of nearly 100000 tons
in untitled orders of the United States
Steel Corporation was at least 100,-
600 larger than the highest estimate.
efforts to force prices down. Another
in Pennsylvania crude oil prices.
This furnished the excuse for another
drive against the oil shares with an
unsettling price on the market else
where.
Mercantile Marine preferred was a
weak feature, making a new low for
the year. There was nothing new
in this connection now that the dlvi-
dend has been passed. At present
ocean freight rates this part OF the
liable. Below seq a share. good
case could be worked out for the
proposition that the stock was worth
this amount on treasury assets alone.
But with the heavy write-ons when
q shipping company has to make for
depreciation of vessels and with
earnings deficits besides, inroads upon
surplus account proceed very rapidly.
Sugars and Coppers Quiet.
Sugar stocks showed no special
weakness, because of the price cutting
war in the refined sugar market.
merely moving with the rest of the
list Coppers were unresponsive to
the latest statistics. indicating that
stocks on hand were reduced some
100000 pounds in June and for the
first time since the war were below
the 200. 0G0 coo mark. In other words.
the statistical position of copper Is
the strongest it has yet been.
The chief point of interest in the
financial situation today was as to
how the markets would react to the
announcement that the British pre-
mier would probably set forth on
Thursday his attitude on reparations.
In the view of the banking COM
munity this will bring affairs with
France to a head. A breakup of the
entente would not be surprising.
Yet in the markets of the day there
Were no signs OF uneasiness. The
n Of n O
down went up. Sterling advanced
across $4.57, against last weeks low
OF S4.54% Francs in cents were
quoted above $50, as against their
low of SIT, and even German marks
advanced.
The grain market, quite as much as
the exchange market, is responsive
10 the least intimation of internation-
Il complications. Had there been any
anxiety in the grain trade it would
have shown in sharply rising prices
instead of inactivity.
Steel Business Falling Off.
The decrease of $4,000 tons in
orders on the books of the Steel Cor
poration. making a total for the last
two months of over 100000. is
measure of the extent to which new
business has been falling behind
shipments. On the other hand, these
shipments have. of course, repre-
scented an altogether abnormal ac-
tivity at the mills.
The steel industry is getting back
to a more normal basis, where pro-
duction will have to come down from
the excessive ratios of last February
and March and adjust itself to a less
ened but still very fair volume of
new orders.
Stock Market Notes.
Attention was drawn today by a
Broadway house to the report that
some former owners of Burns Broth
crS stocks, who were forced out by
some of the earlier brokerage
troubles, have been credited with re-
placing their interest. Burns Brothers
is said to have over s7.500,000 net
quick assets and to be earning about
20 per cent on the A stock. The COM
pany expects good coal market
throughout the summer. being as yet
unable to put coal in storage.
Private advices from the Tulsa dis
trict today were to the effect that
reduction in the price of Midcon-
formation is available regarding the
extent to which Midcontinent will
reduce prices.
Steel and Tube Preferred.
Trading in steel and tube preferred
went on moderately. following the re-
ports that some difficulty had been
encountered in the sale of the $40
100000 Youngstown Sheet and Tube
q per cent debenture bonds, offered
by a syndicate recently at 80 and
accrued interest, and the proceeds
of which were intended to finance the
purchase of Steel and Tube by the
Youngstown company.
Lately opposition to the merger
from the interests represented by
the Allied Chemical and Dye Corpor-
alton was said to have arisen. and the
status of the whole situation is not
clear