Evening star., 1924-08-10
STOCKS CO HIGHER
IN SHORT SESSION
Saturday Market Shows
Steadier Tone-RaiIroad
Shares Are Very Active.
STEEL COMMON HITS 1903
Tonnage Report Better Than Ex-
peeted in Street-Several New
High Records.
STEEL COMMON HITS 1903
RE the Associated Press

By the Associated Press.
NEW YORK, August 9.-Stock
prices displayed q better tone in to-
days brief session of the market.
Some irregularity was noted at the
opening, when realizing sales again
appeared in large volume, but the
steady accumulation of rails men
toned in connection with the pro-
posed consolidation steadied the list
sand eventually led to conSiderab BILE
short covering in industrial shares.
Delaware and Hudson, which has
sbeen mentioned as part of proposed
fifth great trunk line system east of
Chicago, was pushed up nearly 5
points to 129, a new 1924 high. while
ssAi ch awanna, which, Wall street ru-
imors state, is to be taken into the
proposed Nickel Plate" system, also
Established new maximum price at
$40. Canadian Pacific and Texas and
Pacific also bettered their previous
stop prices. Nickel Plate and Wabash
preferred A. each climbed more than
Ia point.
National Lead Very Strong.
National Lead was the outstanding
Individual strong spot in the indus
trial group, climbing more than s
points to record top of 161 after
having sold as low as 123l2 last
April. Other issues to break through
their previous high prices were Foun-
dation Company, Pullman, Montgom-
cry Ward, General Baking and Ken
neCott Copper.
United States Steel common again
touched los, but slipped back later
20 1U1 II, up IS on the day. American
Can closed "a higher, but the other
socalled pivotal shares were prac-
tieally unchanged.
>, Oils displayed firm tone, Pan
and several others improving frac-
tionally. Omission of the common
dividend on Atlantic Refining was not
announced until after the session
ended, that stock closing a higher
at 50 after having sold as high as Sc
Goppers were benefited by higher sill
yer prices, Cerro de Pasco being one
of the most active.
Steel Report Favorable.
z' a reduction of 75,433 tons in the
untitled orders of the United States
Steel Corporation was somewhat
smaller than expected, as most con-
ServatiYe estimates had looked for a
decline of 100000 tons. With reports
OF Improvement coming from prac
tically all centers of the steel indus
try, the next monthly statement is
expected by the trade to show an in
crease in untitled orders.
a. The weekly clearing house state
ulent showed mixed changes. Loans,
discounts and investments dropped
S32,TOI, 900; reserve of member banks
in the Federal Reserve Bank $S,6S4,
600 and net demand deposits S41, 49,
900. Cash in own vaults increased
S4,102,000 and time deposits $685. 900.
aggregate reserve totaled $620, ,oOo,-
200, leaving excess reserve of $21,-
666, 500, decrease of $4,294,0S0.
pIor, fft,st tod ir-ro
SUlarly within narrow limits. Demand
sterling hovered around S4.52 and
French francs were fairly active
around 5l2 cents.
Wall Street Briefs. "
Combined earning power of the five
railroads included in the Van Swerin-
gems "Nickle Plate" merger is more
than sufficient to cover the 8 per cent
common and preferred dividends con-
template for the new company, ac-
cording to analysis of 1928 earnings.
This shows aggregate prohtS avail
able for common dividends equal to
about $l4 a share on the total amount
of stock involved in the consolidation.
IAN estimate of this years earning ca
-pacity, based on operations in the
first six months, indicates that the
return for 1924 will be fully as large.
The principal Improvement in busi-
place in the West, according to mer-
place in the west, according to mer-
Ecdntile agencies. Free marketing of
ywheat, especially in the Southwest,
has released money and stimulated
country buying in wholesale and job
sbers' trade. Other evidences of i'm
provement which are not restricted
40 the region beyond the Mississippi
-include increased bank clearings,
gains in mail order and chain store
sales and a rising index number OF
commodity prices.
Oil Supplies Mounting.
With current production of crude oil
in the United States, approximating
two million barrels daily, experts to-
day were inclined to bark back to A
few months ago, when the daily out
put averaged about 1850, 600 barrels.
Talk of a possible shortage in sup
plies was heard at that time. Today
potential production about to be re-
leased may add some 100000 barrels
10 the daily yield, with still further
Increasing in the offing.
A much different sentiment now
prevails toward advancing commits
sion rates of stock exchange members
than when broached several months
a6o. Then the market was extremely
idu,l and il was believed that new in
tend further to restrict trading. With
IA more general public now, leading
houses anticipate little or no contrac-
ition of speculation from this cause.
. The National Tea Company reports
fsaIes for the six months of this year
tS19049,SS7, against $13, ,7S4,052 for the
corresponding period last year. Sales
for June Were S2,SS5,6S1, against
$2,S59,564 for June 1928. -..