Evening star., 1924-04-10
BEARS PUSH DRIVE
ON STEEL SHARES
Continued Weakness Shown IN
Number of Prominent Indus
trials on Change.
SOME ISSUES AT NEW LOWS
Strength of Pacific Rails Among
Market Features.
nv STr4RT u, WEST.

Special Dispatch to The Star.
WALL. STREET, New York, April
lO-Continucd weakness in a mum
Der of the prominent industrials was
mingled with strength in certain OF
.he rails and public utilities in the
stock market today. The decrease OF
I50,094 tons in the untitled orders OF
the United States Steel Corporation
was in line with expectations
Nevertheless it afforded the bear
party encouragement TO go ahead
with its drive against the steel
stocks. Reports from the west that
unemployment in the automohlle
trade was on the increase were sue
CesSfully used against the motor
stocks. Stude ebaker sold below 30 Tor
the first time, and there was par
ticularly bad break in WHY'S over
land preferred. Nobody hears nova /
days about the paying OFF of DIVIDEND
arrears. which was rumored when the
stock was 20 points higher.
New lows for the year were made
not only in the steel and motor
shares, but in other prominent IN :
dustrials like American Can, Amerl, {,
can Wooden, Baldwin Locomotive ana
the sugars. AS has been the case all
along, oil shares offered better resist
ance, although they did not escape
The selling pressure. Disappointment
over the terms of the Wool"orI IN
financial plan was reflected in an
other break in the stock under 3ou.
Trading began in the new shares
rs, the equivalent of 300 for the ola
issue. Copper shares appeared 10 De
receiving better support in recosni- =
tion of the improved statistical posi-
ton of the copper metal and the nope
for a settlement in Europe. But Ma
rional Lead weakened on word ina
American Smelling and Refining had
The feature among the rails was
the remarkable strength in Texas
and Pacific, the stock selling at new
high prices, even while other thlnss
ferred was drawn along sympa-
thetically. In the case of Texas ana
Pacific a sufficient explanation could
be found in current earnings, which
are enough to pay the D per cent
on the new preferred shares, to be
issued under the reorganization. and
leave very respectable margin
available for the common. But the
street paid more attention to the
report that a merger is under negH
Texas and Pacific the Missouri Pa
cific and the New Orleans, Texas and
Mexico.
The rise in American Water Works
shares was carried further, with the
common above so for the first time.
and with the participating preferred
selling about where 1t would be en-
titled to sell as a fulf six dollar stock.
Columbia Gas and Electric probably
owed its steadiness to the rise In
American Water Works, although, of
course, there is no connection be-
tween the two properties.
The whole keynote of the day
operations on the stock exchange
vas that industrial activity was on
the ebb and that the stock market
was readjuSting itself accordingly.
The fact that prices were already OF
10 to 20 points from their January
high and that this must mean a
good deal in the way of "discounting
was not taken into account. Steel
shares were heavily sold. both before
snd after the publication of the ton
mage results, and one after another
nhe industrial leaders were driven
down to new lows for 1924
Sugar Refining at Low Point.
The current statistical position in
the sugar trade was not the influence
behind today's further sharp break In
American Sugar Refining. This
stock fell to it's lowest for the time,
and like other industrial shares pay
ing no dividends and with negligi-
BILE or doubtful earning power it was
apparently seeking a level which
hood of dividends. The margin be-
selling prices of the refined product
has been so slim that even as large a
company as American Sugar cannot
earn enough to pay dividends.