Evening star., 1924-05-12
OIL AND STEEL TODAY
! CENTER OF.INTEREST'
New Low Prices for Year Recorded
on Change ir Both
Groups.
AMERICAN 3 CAM : TUMBLEs
Greater Part of Railway List Re
sists Pressure.
ny STUART p. WEST.
,ccial DISPATCH to The Star

Special Dispatch to The Star. p
NEW YORK, May 12.-The stock
market closed heavy today, and in ru-
nlerous instances weak, after session
in which prices moved generally down
ward
In view of Saturdays exciting happen
tngs, oil and steel shares were natural
" the center of interest on the stock
exchange today. In both groups new
low prices for the year were made. In
the case of the oils, the stocks which
sold lower than at any time in 1924 in
cluded Cosden, Marland, Texas Com
pany and Skelley.
The weakness in the last named
was especially notable, following so
soon the publication of the statement
for the March quarter, which made
a good showing and which was ao-
companied, on the outside by opti-
nistic. comment regarding the future.
Further Price, Cut Doubted.
In view Of: the fact that many good
judges have gone wrong on the oil
situation, opinions as TO whether
there would be more price cutting or
not were received with a good deal
of qualifications. The preponderance
of these opinions, however. was that
the 25-cent cut in the midcontin en- t
field was Sufficiently radical to ac-
compliSh the purpoSe-namely, to
discourage new drilling.
o. Steel shares were heavily sold from
sources which had not had time to
act following the appearance of the
tonnage figures on Saturday. The
comment generally made was that
even all that has been said about
the rapid falling-o off in steel produc-
.tion during April had not been suf
ficient to prepare the street for a
shrinkage of nearly $4,000 tons in
untitled business on the books of the
Steel Corporation; Steel common had
dropped from 97R 10 96iH in the last
few minutes of Saturdays session.
The opening sales today were at 95L&
This was the previous low record
for the year, and there was quite
struggle around this figure before it
sold below Al for the first time. and
Others, like Gulf States, Republic and
Crucible, either equalled or surpassed
their former lows.
American Can Gives Way.
American Can, which had been
better supported than most others
heretofore, at length gave way with
the rest Inc process or redOJuSClnS
Baldwin Locomotive, to q more suit
able selling level as a Z per cent
stock with no chance of an increase
continued. The old Studebaker
ceased to be dealt in, but the new
stock was active and somewhat
lower
Pronounced weakness occurred in
Hudson Motors. which came within
little more than . points of the low
est it has ever sold, Less than. two
months ago the president of the
company spoke of the growing re-
sources and of the ability to main
tain a s3 dividend on the Increased
issue. p
1t was about the same time that
the president of the Warner
also made reaSsuring statement,
which did not reassure. Stewart
Warner stock was selling around 80
then. 1t broke badly today, well
under so.
Rails Resist Selling.
The greater part of the railway
list continued to resist the selling
movement. Atlantic Coast Line was
bid up across 12j on talk of a stock
dividend like that OF Louisville &
Nashville. Atchison. had a remark
able rise to 1903 IN the belief that an
increase to Z per cent later In the
year is reasonably sure.