Evening star., 1927-09-22
SELLING IS HEAVY
IN STOCK MARKET
Prices Recede apidIy-Bear
Attack CenterS Around
S. Steel Common.
BY GEORGE T. HUGHES.
,ecial Dispatch TO The star.

Special Dispatch TO The Star.
NEW YORK. September 22.-
Stocks were offered for sale in great
volume today. \ good deal of the
offerings doubtless came from pro
fessional spectators for the decline
but there was also a proportion rep
resenting real liquidation. AS result
prices receded rapidly.
The selling centered especially
around L. S. Steel. In the first hour
il carried the price of that stock down
below l53. which was between seven
and eight points from the high of
earlier in the month. which was also
the record The independent steels
went along with the leader although
they were not so active.
If /. s. Steel is unable to main
tain its position in the market 1t Is
hardly 10 be expected that the indie
rendents viii do any better.
Other Shares Depressed.
General Electric. Allied Chemical,
baldwin. Houston Oil and other spec
ulative faVorites were more or less
Cpnressed while the pressure on steel
was at it's height. Utilities and rails
cid better and yet there were eXcep-
tions here also.
Attempts to explain the weakness
varied. Something was made OF the
unsatisfactory conditions in the steel
trade. particularly the price situation.
The Dow Jones average price OF elght
important iron and steel products
based on Iron Age quotations declned
this week TO new low for the year.
Nor was early Improvement forecast
In the weekly trade reviews.
Then predictions of large disburse-
toolyboldprS wpra not
as confident as they had been. United
States Steel earned $500 n share in
The first six months of 1927. or an an
hual rate of $11.20. In the June quar-
ter earnings were S2.79 a share, or at
the annual rate of $11.16 a share. Even
lf results for the balance of the year
we're TO be as good, there would not
be any too large a margin over the
b dividend and meanwhile steel stock
1T 153 Yields only ASS per cent. Ad-
hitting the wonderful long range pros
pect, it was argued today that the
price of the stock had temporarily
syerdiscounted investment demand.
Some Strong Spots.
There was a special reason for the
heaviness in General Motors new
stock. Contracts in the new stock
must be settled tomorrow and doubt
less many traders did not care to put
hp the necessary cash or margin to
larry the stock. incidentally, it is esti-
mated when the new shares are dealt
n in the regular way il will increase
the loan account something like $780,,
BOO 900.
The market did not lack strong
tpots. One Of these continued to be
The packing issues. Cudahy Packing
kent to a new high for the year. One
Dr. two specialties were in demand, but
without effect upon the balance of the
list.
Selling Pressure Continues.
Stocks continued under pressure in
flle AFTERNOON. Baldwin was made the
ehief target after it was announced
that only routine business was dis
eussed at the directors meeting and
That the company was operating
around Is per cent Of capacity. Touch
ing 240, the price was off nearly IA
points on the day. General Motors
MAS in greater supply also, and the
quotation for both the old and the
hew stock gave way. Houston Oil.
around las, was down nearly points
from the high yesterday.
While losses were general, the larg-
est declines were recorded in the
stocks which had been up most vio-
lently. International Harvester, at
e20, was down points on the day.
Even some of the rails sold off, among
them Delaware & Hudson, Baltimore
& Ohio, and Rock Island, but as a
rule these stocks were far steadier
kbap tho induStrials