Evening star., 1924-08-26
::sT0CKS SELL DOWN
!. A, As MARKET CLOSES
Cross Currents Numerous
All Day-NickeI Plate Runs
Up on Merger News.
BY STUART y. WEST.

"A
@specIa, Dispatch to The star,
NEW YORK. August a6.-In today's
sstock market there were numerous
| cross currents, with interest centereC
not in the general price movement
, hut in the fluctuations of individual
{ stocks.
Shares of companies involved in the
ivan Sweringen combination were not
responsive to the announcement o1
5 the final steps putting through the
/ deal. Erie shares scarcely budged or
the overnight announcement that the
directors had accepted the terms o
Bthe Nickel Plate. The same was true
$ of Chesapeake and Obi Yet, in bott
& instances. todays prices were vel
under. those commonly figured out il
: the exchange OF these stocks for the
hshares of the new Nickel Plate Hold
ing GO.
The present Nickel Plate stock wa:
the only one of the group which die
ANYTHING. 1t ran un sharply. Pitts
! hurgh & West Virginia was bouGh
=, again III the belief that this was one
+. Of the next to figure in Il consolida
ton.
Motors Attract Interest.
+, Motor stocks attracted good dea
/ Of interest. Hudson -cqualed its higf
/. of the year. The stock had beer
! steadily bought since the declaration
! Il few days ago of the regular divi
dend and since the unofficial but
4. authoritative statement was put ou
!, that in the first seven months of the
: year the full 81 annual dividend re-
duiremeuts had been earned Thl:
. made Hudson selling on nearly II
/ per cent. basis appeal to goot
= many Jordan Motors ran up over 4
rfoint. and Chandler was better taken
care of.
! Among the public utilities North
/; American was the feature. reaching
to the announcement that holders
, would receive 50 cents a share for
The quarter in cash unless they elect
; ed to take the dividend in stock 1t
) MAS virtually equivalent to raising
! the dividend to the annual rate OF
8 $40 against So. International Tele-
phone & Telegraph was another
utility which was very strong. Re
can't reports have indicated earnings
for this stock almost double the Sc
dividend.
Iron Pipe Mt New High.
Cast Iron Pipe made a new hiEl,
as it crossed los. National Lead rar
up sharply, and so did General Elec-
tr'ic. Buying was resumed in Allis
Chalmers at rising prices. Alls
Chalmers earnings are running al
the rate of s. ard are expected to
reach $40 by the end of the year
THE break in National EnameIins
below 20, as compared with Monday.
close of 227s. led to the usual tall
OF severe competition cutting dowr
profits. The latest information OF
National E.namelinG affairs is thai
preferred dividends have been GOV.
cred.
In speculative quarters much
significance has been attached late
~ to Steels position as leader,
and there has been disposition tc
look upon its action as a guide tc
the market movement. The next
dividend meeting will take place Oc
tober Is. Whatever improvement
may occur in the steel industry dur
ing the next several weeks will. ac'
,Fording- to the prevailing Wall street
.view, have an important bearing
;tsupon the market for United State:
eel common
4 Earnings of at least s. a year and
ia strong financial position are the
.nain influences behind the advance
tan International Cement to new high
itprices. Six months ago in the sale
of preferred stock the company Sc
.cured all the money it needed for
trurrent expansions. The new Nor
tholk plant will be operating early in
lh925.- No dividend increase is con-
.femplated.
y Foreign Exchange Dull.
= Foreign exchanges were dull, TAX
iing the same attitude they have
ikhown for the last week or more.
ttThis is that the immediate good
sbeeling aroused by the success of the
!1.oudon conference and the prospec-
.stive adoption of the Dawes plan has
!been discounted as a market inf1u-
Hence. The question now is whether
..when this plan goes into effect, it
,will produce all the fine consequences
.predicted for it,
,S The stock market all day plainly
tShowed a conflict of judgment. At the
s.beginnirg prices were higher, and the
.papid upbidding of half a dozen or so
Especial stocks served to partially re-
Hiye interest. But by the middle of
The afternoon it had become clear that
,stAe general market was not responding
: t5 these operations. and in the last
! hour prices fell away again.