Evening star., 1924-02-13
WEAKNESS IN OILS
. SENDS STOCKS Off
Washington Views on Leases
Causes Heavy Selling
Pressure in Leaders.
BY STUART II. WEST.

BY STUART p. WEST.
Special Dispatch to The Star.
NEW YORK. February 13.-Today' s
stock market was a mixture OF reallz-
ing sales with fresh buying, but with
the selling gradually getting the up
Der hand.
Increased attention was given to
rhe. long neglected metal group.
American Smelling was bought on
predictions that the annual report
will show over $40 share for the
common stock. Utah, Anaconda and
the South American Coppers were
more in demand than they have been
in d long while, this in consequence
uf the better tone in the copper metal
market. But the copper and zinc
Joined in the upward movement de-
spite the fact that there was small
increase in unsold supplies during
January.
st. Joseph Lead was bid up in
recognition of the fact that the sta-
tistical position q the lead industry
is much better than it was some
months ago. American Metals Went
along with the other members or the
group.
Oil shares Under Pressure.
Oil shares were under pressure
from the start. The street believes
that the outcome of the proceedings
ut Washington will be the cancella-
tion of the oil leases and that TINS
will mean surely unfavorable action
ON the Pan Americau dividends. Inc
Pan Americans were heavily sold. ES-
pecial weakness in Standard Oll or
New Jersey attracted attention, as IL
suggested that important interests
We're no longer as enthusiastic as
they had been over the prospects Tor
the oils.
Pacific Oil, Cosden. Marland and
Standard of California were all per-
sstently offered. Remembering that
it was the oils that led the market
upward. their weakness had more
effect upon general sentiment thar
anything else that happened.
Fisher Body Hounds Upward.
During the early part Of the day
various speciality movements weIe
notable. An upward bound of over
10 points occurred in Fisher Body
but had no influence upon General
Motors. The street was still discuss
ing the possibility of an increase OF
an extra dividend OH General Motors
at Thursdays meeting, but the action
of the stock hardly fitted in with
such expectations.
CongoIeum made a new high as it
reached Go. The maintenance or the
regular dividend on Famous Players
had been anticipated in well informed
circles for the last week or more, con-
Sequently the announcement had lit
tie effect. Gimbel Brothers had a
brief run up and United States Real
tE made Il new high.
Low priced rails were strong for a
time under the lead of the Wabash
and New Haven, but the advance Pc
tered out before long and was alb
ruptly checked in the afternoon as
the oil shares began to drag the mar
llet down. Buying of the Wabash
stocks was based on the statement at
tributed to the chairman of the road
on Monday that, the earnings this
year would be in the neighborhood of
s. for the common stock.
Southern Railway Drops.
As the general list swung down
ward in the later trading. there was
rush to secure profits in Southern
Hallway and other low-priced rails
in which the public has recently been
making money.
The January foreign trade returns,
both for America and Great Britain,
show the effect of the falling off in
purchase of ighpriced cotton, which
We're the main factors in swelling our
export totals in preceding months
January exports We're down sol.oou.-
600 from December and s10.OOO.OoU
from November. In the meantime, I'M
ports increased s14.000,000. SO that the
excess exports were reduced to
S95, ,00O, 900. against S140.0O0.OOO the
month before and s112,00O,0o0 two
months before.
Special Market Features.
Dawson Chemical had another of
It's characteristic dips today, on 4 rel
atively small offering. Dawson had
previously struck double bottom or
10. 1t is apparent that the earnings
and financial position of the company
as well as the outlook for the silica
gel developments, have little to do
with the action of the stock. The
same interests which were behind
the move to around so some time ago
shave been credited recently with hav-
ing become active again.
A new top for Missouri Pacific pre-
ferred attracted some attention fol-
lowing the recent advance in this IS
sue. With outside income counted In,
Missouri Pacific fully covered liked
charges, with something left over In
1928. Excess maintenance OF over
$4,000, 900 or close to approximately
SIS Il share on the preferred was re-
ported for the twelve months. A ma
terially improved showing in 1874 is
expected
Steel Operations NrOW.
The Iron Age in its weekly review
noted steel mill operations still on
the increase. although in the eastern
districts bookings are not up to what
they were in January. The steel
shares were quite as weak as any
thing in the stock market of the last
TWO hours. But the late selling move
ment was pretty heavy all through
the list.
The downward movement, resumed a
week ago in the French franc, con-
tinued Where it was selling today
st was within 90 points, a mere fifth
of a cent, from its low of all times
made last month.
stocks Tumble I'm Last Hour.
Once the downward swing got def
nitely under way, it proceeded with
some rapidity. Traders, getting the
idea that the edge was off the mark ct
hastened to unload long stocks and
in a moderate way to take the short
side.
The ease with which United States
Steel common went down made con-
siderable of an impression. The stock
dropped below 101 in the last hour
Baldwin Locomotive, Studebaker
American Can, Bethlehem Steel, Re.
publican Iron and Steel and other
representative industrials followed
the lead of steel common.
Sugar stocks and the low-priceG
rails stood up better during the
afternoon decline than anything else
MARKET CLOSES HEAVY.
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