The Birmingham age-herald., 1924-06-07
DRIVE ONOILS
 WEAKENS STOCKS
Professionals Force Drop In Steels, Sugar, Rub-
 Der And Specialties

NEW YORK, June 6LStock prices weakened perceptibly today under the persistent hammering of professional traders. Encouraged by the success of drive against the oil shares, based orl~a fresh cut in mid Continent Crude Oil prices, they extended their opera tions to other sections of the list, fore . ing sharp declines in steel, sugar, rub Der and speciality issues. At the close of the day thirty industrial stocks, in- cluding United States Steel, were in new low ground for the year.
 Ability of the bear clement to Ide- press, prices in whatever sections of the list it launched fits attacks, under mined speculative confidence and real izing developed toward the close in the rail and public utility groups, which had shown independent strength earlier in the day. Rail shares turned down. ward for the first time this week and gains which had carried several pub lice utility issues to new 1921 high levels were cancelled.
 With the recent forward movement in various rails and public utilities fail ing to stimulate much outside buying, there were indications that pool op- erations, presumably under way, were suspended late in the day when the supply of ether stocks became too great for the market to absorb. Before the reaction, however. new 1924 high levels were reached by Central of New Jersey, Missouri Pacific and Katy preferred issues, West Penn Power common and preferred, Standard Gas, Federal Light and Traction and International Tele- phone. NJ new developments were brought fofwartL to account for the drop of 11a points in United States Steel to the years lowest level at 94A, although reconsideration of the weekly trade reports, revealing operations of 50 per cent, and an unparalleled decline in pig iron production in May, con tributed to its weakness. Bethlehem also touched a new low price at 45A !; Republic at 4212 and- Vanadium at 20X.
 The reduction of 10 to 50 cents a barrel in mid-Continental in crude oil prices precipitated fresh bear at tack on the oil shares and also was effective in bringing out some liquida- tion. New low records for 1924 were established by Atlantic Refining, Cos den, Texas company, Phillips, Cali fornia Petroleum, Associated Oil and SIuCldlF' CIdHuIIu OllS SuLlcLCu HUI crate recessions.
 Bearish Cuban sugar statistics and the disappointing demand for the re- fined at current low levels inspired selling of these issues. American Sugar preferred dropped four points. Punta Alegra 2% and South Porto Rican, Cuban American and Cuban Dominican also eased off to new 1924 bottom prices. Rubber company shares were sold on. rumors of forthcoming price cuts.
 Foreign exchanges were firm. French francs registered substantial improve ment, apparently on the Reichstag's ap- proval of the Dawes report and late in the day was selling around 5.15 cents. Sterling was slightly higher, above 4.31.
 Call money, after opening at PA per cent, the lowest renewal rate in two years, later sagged off to 215 per cent Sixty day time loans were con- tracted at 3A per cent and longer &C., commodations at 4 per cent with the market showing a distinctly easier tone. Commercial paper discounts ranged from AZ to AZ per cent.