Evening star. [volume] (Washington, D.C.) 1854-1972, 1924-12-11
TREND Of STOCKS
AGAIN DOWNWARD
Selling Not as Heavy Today.
Seasonal Issues Do Fairly
WeII-Steel Off.
By STUART u. WEST.

Special Dispatch to Tie star.
NEW YORK. December 11.-The
tendency of stocks was downward
again today Although there were
no violent declines, prices slipped
away rather easily in many direc-
tions. and as result the whole list
presented heavy appearance.
Seasoned issues among the indus
trials and rails We're fairly we'll sup
ported for a while, but the more spec
ulative stocks Were distinctly under
pressure from the outset.
Oil Shares Again Weak.
The oils continued one of the
weakest groups. The market was
Ignoring entirely the surprisingly
GOOD tonnage figures Of the United
States Steel Corporation. Profit tax
ing increased as traders acted on the
theory that stocks could be bought
to better advantage at lower levels.
and short selling played more of a
part.
There were a few exceptions TO the
downward swing. one was American
Bosch Magnetic, which was bought on
reports of the new radio device which
'he company has perfected Another
was American Water Works. and still
another May Department Stores.
still OF Three Points.
The weakness of United States Steel
was the most formidable influence
against the market. The stock was
off over points from where it was
selling when the monthly tonnage
figures came out, and these We're
admittedly as favorable as expected
Selling of the oils continued very
heavy, but there was no fresh trade
news in connection with it. The pub
lie had bought lot Of these stocks
on the idea that they would have to
participate sooner or later in the for
ward movement. What occurred to-
day was more selling of the disap-
pointed character
Pacific Oil broke we'll below so.
Cosden, around /, was within little
more than point of It's extreme low
OF the year. Texas Company was
off over point, and Houston Oil was
very weak The selling took in the
Pan-American and Pure Oil.
Railroad Shares Weak.
The termination of the boom in the
railway shares was further empha
sized. Atchison was off more than
a point, and Southern Pacific pretty
much the same The weakness in the
low-pricad non dividend payers was
pronounced, especially in such stocks
as CHICAGO Great western preleTTeu
NJ X and r., Wabash and Kansas
City Southern. The last named was
off over points.
AS more people were attracted. te
Nav Department Stores stock on ru-
mors of a stock dividend and an in
crease in the regular cash rate, the
stock rose sharply again to much its
highest for the year, across the III
level The Street was talking about
= 30 per cent stock dividend and the
raising of the regular cash rate from
SIS to 81 annually on the entire new
capitalization.
brokerage Advices.
The morning stock market letter OF
a prominent wire house which has
been right on the financial situation
since before the elections and which
was one OF the first to call attention
to the danger signs in the recent over
speculation, today advised clients &c
take some profits" though it devel-
oped there was no occasion for turn
Ing bearish.
American Bosch Magnetic ran VI
briskly on discussion of the company S
new device for supplying current for
radio sets. After getting up about
points above the previous days
close, however. Bosch Magnetic met
quite a bit of stock and fell back.