New Britain herald., 1924-07-22
Wall Street Briefs

Speculative sentiment affecting the steel stocks has been subject 10 marked confusion with the approach of the quarterly meeting Of the |. \. Steel and Bethlehem corporations. Reports of poor earnings by inde- pendents and rumors questioning the safety Of the Bethlehem dividend re- gently carried the latter's shares down to the years lowest level. Wall street. however, heard yesterday that the [, s. Steel cor poratton's earnings for the second quarter would be larger than ex- pected, and short interests in the steel immediately manifested their uneasi- ness.
 Earnings Of the Union Oil Co, of California for the first halt of 1924 were reported 10 be al the annual rate of s12,400.0O0 after deprecia- ton charges of s5,2o0,0oo. This would he equivalent to SIS a share earned on the common stock The figures do not include the deprecia- ton in the company's oil inventory. said to have been carried on the books at sl5,000,0o0 less than realia- able values
 A reduction of one cent a gallon in the tank wagon price of kerosene was announced today by the Standard oil Co. of New York. The new quota tions. effective throughout its terri tory in New York and New England, IS 1S cents gallon,
 New York, July 22.-Heavy profit taking in public utility issues after their recent sensational advance has resulted in comparative neglect of these issues in the stock market. Sound fundamental conditions, how eyer, prevail in the industry. The usual increasing trend of earnings for most companies continues and although seasonal recessions in con- sumption is noted in many parts Of the country, normal increase is re- ported. New capital invested in the past year continues to show substan- tial earning capacity.
 P. S. Hill, president of the Amer ican Tobacco Co. estimates that 7o,- OON. OO0, 900 cigarettes will be con- sumed in the United States this year. Sales were increasing not only in this country, he said, but in Europe where the quantity consumed would be even greater if good tobacco could be obtained. Earnings of the con- pany were running more than 10 per cent ahead of last year, he asserted.
 The railroads are eypending their plans to meet the season crop move ments owing 10 increased estimates of the prospective wheat crop giving a winter yield of 542, 2,551 ,0o0 bushels, an increase of 3S,2S2, 900 bushels over June 1 and the spring wheat harvest estimate of 197,461, ,000 bushels which is 13,6S0,0 ,000 bushels greater. EX- cessive traffic in peaches and water melons from Georgia and also cante- loupes and lettuce is reported owing to record yields of these crops.
 Liquidation of s15,o00,00o block of railroad bonds by the Gould inter- ests has been under way for the last ten days, Wall street heard today, Banks have been heavy purchasers Of the securities, which included St. Louis Ss Iron Mountain, River X Guit 4s and Western Maryland As.
 A recent ruling Of the New York stock exchange voiding all transac- lions in when issued' securities of the Denver S Rio Grande Western Railroad Co. may result in court ac- tions to test the validity of contracts. Threats have been made by an inde- pendent brokerage house to compel the acceptance of such securities which 1t sold to an exchange flrn. The rulipg of the stock exchange was based on alteration of the reorgani- zation plans, said to have changed the
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