Evening star., 1924-08-19
HEAVY REALIZING
IN STOCK MARKET
Much Uncertainty Crops Out
in Trading in Many
Leading Issues.
ny STUART p. WEST.


NEW YORK, August 1s.-The stock
market again today had to take some
very heavy realizing. which produced
good deal of uncertainty in the
movement of prices.
In the railway section, few inter-
eSting features developed. one OF
these was New York Central which
crossed l1O for the first time. This
stock, of course, has been merely
getting into its proper position rela-
tive to the general investment return.
Even at present prices the yield is
nearly 6k per cent.
New Haven, which had done nothing
in the market for some time, was sud
denly. taken up. The advance con-
tnued in Texas and Pacific and in
Missouri Pacific, preferred, on better
appreciation Of what these companies
are earning, especially with the pros
pective dividend on the new Texas
and Pacific, preferred. reckoned as
mart of Missouri Pacif1c's income ac-
count
Store Stocks Popular.
Shares of the big merchandising
concerns were again prominent. A
lively demand continued for Macy
and Company and Gimbel Brothers
stocks. May Department Stores made
a new high and National Department
Stores was heavily dealt in, crossing
40 The tobacco companies being IN
fluenced by much the same consloera-
tions as the department and chain
store enterprises, the two groups OF
stocks are apt to move together.
This was the case IN the market
today. Lorillard. which many people
think out of line with Liggett & My.
ers. both paying a 50 dividend and
selling over 90 points apart, was ac-
tiyely bought. Moderate strength Tor
a time developed also IN american
Tobacco and in the Tobacco PRODUCTS
issues.
Selling Among Leaders,.
AS the day went on the selling be-
gan to be felt to greater extent IN
the leaders. With the exception Oh
Sloss-Sheffield, which had another
striking advance. the iron ana steer
shares were all heavy. Steel COM
mon was freely offered on the way
down, and Bethlehem. Republic ana
Crucible all sagged off. Baldwin Lo-
connective American Can and General
Electric were reacting, even whlie
prices were being bid up in otner
quarters.
Among the specialties White Mo-
tors was conSpicuously strong. An
estimate that earnings were running
at the rate of s14 share, made
considerable impression. The remark
able advance kept on at the start In
Nash Motors. but the stock fell back
later.
Politics Small Factor.
The Bryan speech would have been
REGARDED as reassuring for the mar
ket had Wall street been more con-
cerned over politics. But so far
Wall Street has refuesd to pay much
attention to the third party and what
il might do to bring about deadlock,
first in the Electoral College and later
in the House. Next month, when hte
speech making starts and connictlns
predictions commence to receive more
publicity, political matters may pc
come more of an influence. But tne
market Of the last two and naiI
months has certainly gone ahead as II
It were not presidential year.
Rise in Silver Important.
American Smelling having had a
rise of over points within Week
was subjected to considerable proht-
taking. United States smelling now
ever ran up sharply. The recent rise
in silver was the principal considera-
tion. American metals did nothing
further but the Street was interested
in an ANALYSIS of the companys nnan-
cial position put out by prominent
Wall street house. For the nrst SIX
months net profits amounted 10 $1.el
a share on the common stock, COM
pared with $3.50 during the same
period in 1923.
The stock market continued highly
irregular through the late afternoon.
Selling of the steels was quite per-
sistent as was that In some OF the
other recent leaders. But the advance
kept on in other quarters. ano tne
nrincipal moves in individual stocks
were nearly all upward.