Evening star., 1924-10-24
MOVES ARE MIXED
|NLATE DEALINGS
More Stocks Go Up Than Sell
Off-RaiIroad Shares
Are Again Strong.
BY STUART p. WEST.

Special Dispatch to The Star.
NEW YORK, October 24.-Pric'
changes in the stock market today
were a good deal mixed. For the
first two hours operations for the
rise predominated Then realizing
sales increased, and individual weak
spots crept out here and there.
United States Steel common drew
close to los following the publica-
tion of Judge Gary's address, IT
which he referred to the increase OF
business during the current month
and spoke of the third quarter earn
ings as having been substantial
But Crucible Steel was very weak
Republic Iron & Steel was heavy, and
SO was Colorado Fuel & Iron.
bethlehem Steel Recedes.
Bethlehem Steel opened at 40 as
against Thursdays low of 3134. but
the advance was entirely due to short
covering. Later on the stock receded,
and 1t was noticeab' e that selling was
coming into the preferred shares. The
quarterly re- ort issued after the close
of business the previous day had been
quite as bad as expected. showing eX-
. penSeS and charges covered, but with
a scant margin of s102.167 There
was a deficit of s1,075.129 after pre-
ferred dividends. compared with sur
plus of s1,080,207 last year.
Railway stocks were strong for a
time under the lead of New York Cen
trail, Atchison, Reading and LehiGh
Valley. When it is definitely assured
that there will be no important change
in the transportation act. an increase
in the Atchison dividend is regarded
as virtually certain. The Street is ever
talking about an incre ised distribution
on New York Centra,, but this gossip
is not necessary to explain the rise in
the stock. II is merely getting back
in prorer line with its present return.
The selling of Southern Railway, due
10 the fact that, after the United
States Cast Iron Pipe decision. the
southern Railway preferred Sharehold-
ers might be able to enforce their aim
for the payment of back dividends, ap-
peared to be over.
Gossip Helps Rail Stocks.
Rutland preferred sold at a new
high, above 63, and Ontario and West
ern was strong for a while. above %
New Haven has a joint interest with
New York Central In the Rutland
property and would like to acquire a
full interest. The idea is that New
Haven would be willing to trade, at
least in part, its interest in the on
tarto and Western for the New York
Central holdings of the Rutland
American Smelling dominated the
market for the metal shares. During
the first six months of 1924 earning
were nearly $3.50 on the common, and
rs much more is expected in the sec
ond half year. United States Smelt-
ing, American Metals, Anaconda,
kennecott and Utah were all strong.
Butte and Superior made some re-
sponse to the report for the Septem-
f53,193, as against deficit of i
slightly larger amount in the preced-
ing quarter.
Reserve Banks Record.
The Wall Street markets kept on in
much the same position as they had
been all week. Investment securities
were taken around their high prices al
though showing no inclination toward a
further immediate advance. Specula
tive stocks and bonds were more irregu-
lar. There were more points of strength
than of weakness; still some OF the
weak points stood forth very noticeably
Fitting in with the high level of in
vestment prices, as typified particularly
by the record figures for the United
States Treasury long term loan was the
remarkable report of the Federal Re-
serve banks for the week ended Thurs
day. At the height of the crop moving
season, when, in other years, the money
market has frequently been upset, the
member banks have actually been pay
ing off obligations to the Government
institutions. Federal Reserve discounts,
in consequence, were reduced the week
nearly $40, 900, 600, and note circulation
$15,500,o00 These changes produced an
advance from I'll to 1872 in the ratio
of reserve to combined deposit and note
liabilities