Evening star., 1925-02-14
INDEPENDENT sTEELs WEAK.
Outstanding Incident in Today's
Two-Hour Session.
BY STUART p WEST.

BY STUART p. WEST.
Special Dispatch to The Star
NEW YORK. February 14.-The
weakness of the steel shares, par
ficularly the so-called independents
was the outstanding incident in to-
days short session on the stock ex-
change. 1t had the effect of in
f1uencing sentiment adversely, and as
consequence, the entire list was
lower. Even the oil shares which
started in higher on the announce
ments of advances in Pennsylvania
Crude and also in gasoline quotations
came down from their early tops.
The immediate cause of the fur
ther selling in the steels was the
disappointing overnight statement of
earnings of the Republic Iron and
Steel Co. The net income for 1924
Was s3,769,353. which, after preferred
dividend requirements. amounted to
56 cents a share on the 100000 shares
of common stock, as compared with
net income of sS,600,792, or S15.01 a
share, in 1923.
Republics Sharp Break.
Republic Iron stock broke badly.
1t had closed Friday at 561a. The
1924 high was 63as Similarly. Cruel
BILE Steel held below Il for the first
time, as against the high of rs last
year. Bethlehem Steel also made a
new low. L. S. Steel common, which
had closed at 126 on the previous
day, was actively sold around the
125 level.
The Republic Iron income account
increased the feeling of doubt which
has grown in recent weeks regarding
the profit margin of the steel produc-
ers and has been reflected not only in
h,,t in, he
the stocks.
Under the leadership of the steels,
other leaders, like Baldwin Locomo-
tive and some of the standard rails,
were down, although the losses were
not large. However. this was suft1
cient to increase appreciably the
ground sacrificed in the course of the
past week.
Pipe Again Goes Higher.
United States Cast Iron Pipe was
several points higher, although well
under its recent top. American Can,
which sold down approximately a
point, later met some support. West
ern Union on increased dividend talk
turned strong, and Air Reduction was
feature on the upside following Fri
days ~ point rise. American Ice
also was higher. Among the rails St
Paul preferred was sold again, keep
ing active below the 70 level. Chlca-
go Northwestern was at new low
for the year.
Baldwin Locomotive Breaks.
Baldwin Locomotive broke below
131 as compared with the Friday final
of 132A. Its decline was typical OF
the movement in other industrial
leaders, which were rather freely
supplied much of the time. The 1924
report of Baldwin's operations will
be out soon, but so far as earnin gs
are concerned it is probable that the
poor showing last year has been
pretty we'll discounted. A new pool
is said to have taken hold Of Baldwin
Texas Gulf Sulphur Outlook.
Directors of Texas Gulf Sulphur
will meet for dividend action next
Thursday and it is expected that the
rate will be raised from 81 to So
annually. 1t is difficult to determine
from the last earnings figures what
profits the company has been making
for the allowance on account of de-
pletion, etc, seems rather large. The
1924 statement showed the 81 divi-
dend little more than covered, but 1t
it believed that a much larger sum
could have been reported. The COM
pany has large supplies of sulphur
above ground, representing an equity
calculated at $50 or more per share