Evening star. [volume] (Washington, D.C.) 1854-1972, 1923-08-09
FEATURES SCARCE
/ IN STOCK MARKET
Brief Upturn in Early Hours.
Pressure on Number
of Issues.
BY STUART T.. WEST.


Special Dispatch to The Star.
NEW YORK, August with a
holiday in prospect Friday and a good
part of the street purposing to be
away Saturday, too. little interest was
taken in the market today. A brief
upturn occurred in the first hour fol-
lowing the announcement of the in
crease in the American Locomotive
dividend from a SIS to a Sc annual ba-
sis. This did not come as any sur
prise after the extraordi mary state
ment for the half year, showing that
earnings were running at the rate of
more than S24 share on the new
stock
Fails to Check Decline.
Denial by the president of the
Famous PLAYERS Company that any
new financing was contemplated
failed to check the decline in the
stock. Central Leather went lower
on talk that the company would have
Il deficit for the present quarter.
Eastman Kodak had Il further break
following the announcement at the
close yesterday that only the regular
quarterly dividend had been declared.
ira dividend of 10 cents share. Wall
street felt that in view of the decline
in tho market bringing SO many good
stocks down to Il II and even
higher basis. Eastman Kodak as a )
per cent dividend payer, with no as
surance TO when extras may be
expected. has been selling too high.
Other specialties which were under
pressure were Sears, Roebucf and
Texas Gulf Sulphur. The decline in
q ,,,., %
general market conditions of a stock
in which speculation had run wild
last spring.
Dupont stock was bid up in sym
pathy with General Motors on the
idea that an increased dividend on
the latter would mean at once a
larger distribution on the former.
Slight Furry I'm Rails.
Traders considered that enough
covering had been done in the north
western rails to make them vulner-
able again. They continued to harm
upon the fact that with a maximum
freight traffic -. Paul was not cover
ing fixed charges and Great Northern
and Northern Pacific were barely
more than covering their per cent
The st. Paul stocks were driven down
around their low points.
Other bonds of this grade to show
significant strength were Southern
Pacific refunding As. only about a
point below the high of the year
clfic collateral is. Oregon Washing
ton Railway and Navigation IS and
Union Pacific first As Among the in
duStrials, New York Gas Electric
Light, Heat and Power IS and Armour
Real Estate las both went higher
The Armour issue is still s points be
low the high OF the year.
In connection with the advance in
the prime investment issues an in
teresting report was current that the
tuying orders were coming from
SmSterdsm, Holland. and from Ber-
zen, Norway. It was suggested that
the ultimate destination of the Sc
"uritieS was Germany, the Inference
being that German capital was
seeking refuge in American SeCuri-
one was willing TO pay high prices
Tor what they wanted in this line.
Foreign Bonds React.
Under light trading foreign bonds
were inclined to react The Paris
Lyons and Mediterranean 6s dropped
a point to 20. At today,s price
roads dividends are guaranteed by
the French government. French SIS
and 7l2s We're fractionally lower, while
the city of Greater Prague : 12S went
below IS. to the low of last week. The
ter demand.
There was no great change in the
speculative rails. st: Louis san Fran
cisco income Is We're a little higher, al
though still yielding more than per
cent.
Among tho iudustrials there was
weakness in Marine g. on few
sales The drop in the stock preced-
Cd that in the bonds.
All the United States government
nbligat iouS were strong.