Evening star., 1924-09-29
STOCKS SELL OFF
/ IN FINAL TRADING
Weakness in Coppers Felt by
Rest of List-Break in
Nash Motors.
BY STUART Il. WEST.

Special Dispatch to The Star.
NEW YORK, September 2a.-Thert
was nothing of sufficient Importance
in the news over Sunday to afec'
stock market sentiment. Consequent
lyI operations were resumed along
the same lines as they left off last
week, namely concentrating the buy
ing power upon various individual
stocks and groups OF stocks, while
letting the rest of the list take its
natural course.
Utilities Again in Favor.
Public utilities were again in favor
Advices from Baltimore that the Con.
solidated Gas x Electric Co. of tina
city was earning its IS dividend be
tween three and four times Over
caused another advance in the stock
The floating supply was reported
from the boardroom as being very
small. Pacific Gas & E,letric, pay
ing sS, was bought because of the
attraCtivcness of its yield. 1t sold a
new high around par. Rnmors o.
a dividend increase accompanied the
rise of Public Service of New Jersey
to 63, which was also new high.
An increase in the Atchison diVi
dend from to per cent has virtual
ly been taken for granted. The only
question is how fully this has beeI
discounted in the present selling
price. Today Atchj on. paying ., sole
nearly a point higher than New. lorl
Central, paving :.
Break n Nash Motors.
After its 2j-point rise last week d
sharp reaction in Nash Motors wa:
not surprising. The action of Cen
eral Motors shares fitted in with in
timations which have been quietly
,,iJ- nj in fnr he la fa "A
banking interests connected with the
company would not object to have a
better market for General Motors
stocks during the period when the
capita liZation plan is being put into
effect. Studebaker continued 10 be
taken freely around its high OF A.
The president of the company was
quoted as saying that operations Will
probably run at capacity until
Christmas.
Among the motor suppy stocks the
feature was Timken Roller Bearing.
TIE buying was based on the ld"a
that while the regular dividend is 81
the extra. amounting TO - cents d
Quarter, may be regarded as reason
ably safe.
Merger RumOr> Help Rails.
Merger rumorS accompanied the
rise in Chicag Great Western pre-
ferred across - and the unuSua
activity in the common. The fact
that the st. Paul reported for August
a decrease, both in gross and IN
net brought fresh selling into the
St. Paul shares. Great Northern pre-
ferred was also heavy as the result
of the poor showing in its August
figures.
Oil shares continued under pres
sure, Cosden at % selling at new
low for the year. and Sinclair, Phil
lips and some of the others getting
down within point of their 1924
lows. Most of this selling appeared
TO represent the taking of specu-
lative losses in this group with the
idea of recouping in others.
CoppcrS Weaken List.
What hurt the afternoon stock mar
ket was the weakness in the copper
shares. This is another instance.
like that OF oil. where the predictions
from the highest trade sources have
gone wrong. The copper metal is Of
fered now at l3 cents pound. where
as only month ago ii was selling al
1879 cents and Wall street was en-
thusiastic about the prospects for a
further rise in view of the adoption
of the Dawes plan. The copper in
duStry has wakened to the fact that
European economic recovery is very
stimulating idea, but that its fulfill
ment is still a good ways off.
There will have to be extension on
a large scale of private American
credit before European buying power
can be materially increased. even
granting the balancing of the Euro
pean budget and the continuity OF
reparationS payments.